NH single-family inventory falls in April as prices rise

Total sales drop over 12 percent from a year ago

With declining inventory still dogging the New Hampshire residential real estate market, year-over-year sales of single-family homes fell by over 12 percent in April, with the median price rising by over 5 percent, according to the NH Association of Realtors.

The Realtors also reported that sales of condominium units dropped by nearly 6 percent, with the median price also falling by 2.7 percent.

In April, single-family home sales totaled 1,129, down from 1,284 in April 2016. Median sales price was $260,000 for the month, compared to $246,250 a year ago. Despite the increase in price, single-family sales volume was $330.8 million, 7.5 percent lower than the $357.8 million reported a year earlier.

On the condo side, sales totaled 337 in April, compared to the 358 reported a year earlier. Median sales price was $180,000, down from the year-earlier $185,000. Sales volume was $71.5 million for the moth, down from $75.6 million a year ago.

In addition, single-family inventory measured by monthly supply dropped by a third from a year ago – from 5.4 months worth to 3.7 months. Condo inventory fell to 3 months from 4.2 months a year ago.

There were 5,275 single-family homes for sale in April, down over 31 percent from the 7,726 reported a year ago. On the condo side, the number of units for sale totaled 1,127, down over 27 percent from the 1,551 on the market a year earlier.

The residential market remains a difficult one, “especially for first-time buyers,” said the Realtors in their report:

“Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers … And yet, prices will continue to rise amidst strong demand.”