February 10, 2021
New Hampshire January market report:
Residential inventory hits a new low
How significant is the inventory crisis these days? We’re measuring housing supply in terms of weeks, not months.
For the first time in at least 16 years, the months’ supply of residential inventory — meaning the number of months it would take to sell off current inventory at the average rate of sales for the last 12 months — dropped in January to 0.7 months, or just about three weeks. A balanced market is considered roughly six to seven months’ supply, and by contrast New Hampshire’s January supply has been as much as 13 months, in 2009.
There were just 1,207 single family residential properties on the market at the end of January, roughly 10,000 fewer than at the same time 11 years ago.
As a result of the continued squeeze on inventory, it’s no surprise that pricing has continued to rise and days on the market continues to drop. The $350,000 median sales price in January is $65,000 higher than the previous January high, and a 23 percent jump from last year. New Hampshire homes stayed on the market for an average of 38 days in January, 42 percent lower than a year earlier.
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