Housing inventory continues to dwindle in New Hampshire
November Realtors report: 25% drop in single-family homes for sale, 14% falloff in condo units
There are fewer and fewer homes to buy in the Granite State as housing inventory shrunk again in November, according to the latest housing market report from the New Hampshire Association of Realtors.
There were only 3,991 single-family homes for sale in November, a 25% decline from November of 2018. The number of condo units for sale also fell, by 14%, to 803.
If no more homes were to come on the market, the existing inventory would be snapped up in less than three months. And what’s on the market is being snapped up fast. The average single-family home that sold in November was on the market for 55 days, five days fewer than a year ago.
New listings were down by 8.2% from a year earlier, although though condo listings were up by 10.4%.
Despite the lack of inventory, the number of homes sold rose by 1.4% in November, though they are still down year-to-date by 0.7%. Condo sales were down for the month and year to date by over 2%. Pending home sales are up sharply, by 32.5%
According to the Realtors’ data, sellers got an average 98% of the asking price. And in November the median price of a home was $303,483, a 5.7% increase from a year ago, bringing the year-to-date median price up to $300,000, a 5.3% increase.
Condos sold for a median price of $222,450 in November, down by a half a percent. The median price for a condo is $215,000 year-to-date, nearly a 5% increase.
By county, the highest median single-home price in November was in Rockingham, $385,000 (up 2.7% from a year ago). The lowest median was in Coos County house – $90,000 a 24% drop.