We've compiled some highlights from the Q2 2015 New Hampshire real estate market data, recently released by the New Hampshire Association of REALTORS®, to provide some insight into what's happening in the NH real estate market this year.
All of New Hampshire
For the second quarter this year, the whole state of New Hampshire saw another positive increase in residential closed sales compared to Q2 2014. Closed sales were up 9.5% this quarter compared to 2014. We also had an increase in median sale price, pending sales, and sales volume compared to last year. Additionally, the days on market decreased by 4.2% from Q2 2014 resulting in an average of 91 days on market for single family residential homes in the state.
Let’s take a look at the local real estate market in Sullivan County and Grafton County.
Sullivan County Single Family Residential Sales
Unlike the market for the entire state, Sullivan County saw a decrease in residential home closed sales from Q2 2014 to Q2 2015. Closed sales were down 6.7% to 125 closings in the county.
Median sales price and pending sales also decreased this quarter compared to last year, 0.5% and 3.1% respectively. However, the days on market also decreased 2.7% from Q2 2014 to an average of 145 days on market for single family homes in Sullivan County.
Looking at the first half of 2015 compared to the first half of 2014, Sullivan County is down 7.8% in residential closed sales resulting in 188 total homes sold so far this year. However, for the second quarter in a row, the sales volume has increased. The total sales volume this year-to-date totals nearly $40 million in Sullivan County. That’s up 6.4% compared to 2014.
Although fewer homes have sold so far this year in Sullivan County, they are being sold at higher prices.
Grafton County Single Family Residential Sales
Grafton County, on the other hand, experienced a large 24.4% increase in closed residential home sales in Q2 2015 compared to Q2 2014, resulting in 291 total single family residential closed sales for the quarter.
The county also saw a positive increase in the number of pending home sales, from 239 in Q2 2014 to 284 in Q2 2015. Median sales price was up 9.3% from last year to $205,000, and the days on market was increased by only one day to 129 average days on market for Grafton County single family residential homes.
Grafton County continues it’s trend upward in 2015. This year-to-date, Grafton County is up 17.1% from 2014 at this time with a total of 439 closed residential home sales so far this year. It is a good year to be selling your home in Grafton County.
NH County Condo Closings
Let’s not forget about condominium sales. Condo closed sales were up 11% for the entire state of New Hampshire in Q2 2015 compared to the same time last year. While Grafton County experienced some of this with a 7.7% increase to 112 condo closed sales this quarter, Sullivan County experienced a 50% decrease in condo closed sales resulting in only 6 closings in Q2 2015.
Although the condo closings in Sullivan County dropped significantly this quarter, so did the average days on market. The Q2 2015 days on market for condos decreased 33.2% from 322 days in Q2 2014 to 215 days this year. Fewer condos sold, but those that did sold much more quickly.
Inventory Needed to Meet the Demand
The recurring theme for this year seems to be high demand and low inventory. In a recent news release from the National Association of Realtors®, NAR chief economist Lawrence Yun referred to the effect of this trend on sales prices. "Steady rent increases, the slow rise in mortgage rates and stronger local job markets fueled demand throughout most of the country this spring," said Yun. "While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas."
In New Hampshire, we continue to see month after month of decreased inventory of both homes and condos for sale when compared to the previous year. In the second quarter alone, there were 6% fewer NH homes on the market than in 2014.
If you’re considering listing your home for sale in the Dartmouth-Lake Sunapee Region, contact CG Shepherd Realty, LLC to speak with one of our licensed REALTORS® about the regional real estate market.
View previous NH real estate market data from NHAR.