Seller’s market continues in most of New Hampshire
RE/MAX Integra report sees continued inventory shortfalls in most regions
New Hampshire’s residential real estate market remains tight, with traditional and luxury average sale prices both up and some offers for properties priced under $300,000 being accepted in two to three days, according to RE/MAX Integra’s 2018 Spring Market Trends Report.
The report, which includes looks at eight New Hampshire submarkets, found that average sales prices for traditional residential homes rose about 6 percent in the last year, to $279,586, and average sale price of luxury homes were up 7 percent, to $1,495,178. In addition, the highest decrease in average days on market was in New Hampshire, at 13 percent from 99 days to 87.
The continued rise in prices and drop in days on market are a result of limited inventory, but there may be light at the end of the tunnel. “Inventory is going fast, though it seems there may be more on the way as construction projects begin to wrap up,” according to the report’s authors.
Broken out by submarkets, the picture varies somewhat across the state:
Greater Manchester:
• Average days on market for the first quarter stood at 68.68 days, down 4.64 percent
• Number of units sold in the first quarter: 2,092, up 2.15 percent
• Average first-quarter residential sale price: $279,307, up 5.85 percent from 2017
Lakes Region:
• Average days on market, first quarter: 99.48 days, down 18.81 percent
• Units sold, first quarter: 454, down 3.81 percent
• Average first-quarter residential sale price: $251,687, down 7.46 percent from 2017
Merrimack Valley:
• Average days on market, first quarter: 62.12 days, down 19.74 percent
• Units sold, first quarter: 2,918, up 1.39 percent
• Average first-quarter residential sale price:
$333,298, up 21.93 percent from 2017
White Mountains:
• Average days on market, first quarter: 88.4 days, down 20.82 percent
• Units sold, first quarter: 446, down 2.19 percent
• Average first-quarter residential sale price: $223,580, up 15.84 percent
Great North Woods:
• Average days on market: 184.31, down 0.95 percent
• Units sold, first quarter: 182, unchanged
• Average first-quarter residential sale price: 141,074, up 14.52 percent
Monadnock Region:
• Average days on market, first quarter: 115.5, up 10.71 percent
• Units sold, first quarter: 320, down 12.57 percent
• Average first-quarter residential sale price: $228,250, up 15.06 percent
Dartmouth (Grafton and Sullivan counties):
• Average days on market, first quarter; 138.45, down 9.46 percent
• Units sold, first quarter: 774, down 1.02 percent
• Average first-quarter residential sale price: 221,205, up 14.23 percent
Portsmouth:
• Average days on market: 76.92, down 25.26 percent
• Unit sold, first quarter: 1,780 down 1.77 percent
• Average first-quarter residential sale price: $334.249, down 0.75 percent
The annual RE/MAX INTEGRA annual report evaluated data from most regions across Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont, looking at pricing, volume, and general trends in residential real estate and luxury markets.
Other regional highlights in the RE/MAX Integra report are:
• Connecticut was the only state in which a property's average days on market increased, from 94 to 104 days, had the highest decrease in total units sold, and the highest decrease in total sales volume.
• Maine had the highest percentage increase in average sales price for both traditional and luxury properties at 10 percent to $237,295 and 13 percent to $1,709,313, respectively. The Portland area is seeing an influx of buyers seeking second homes; this type of market is not typical of cities.
• Massachusetts has the highest average sales price of any New England state, coming in at $470,016.
• Rhode Island's average luxury sales price dropped 30 percent, the most in New England. However, its traditional market is holding steady with the average sales price up about 8 percent and the lowest average days on market in New England at 64 days, down about 13 from last year.
• Vermont had the lowest increase in average sales price of all New England states, 3.25 percent.
The full report is available at remaxintegra.com.
