Not necessarily an issue - speaking as someone with experience in this area, you see fewer and fewer longer-term presidents. 4-7 years is now the norm. Some thrive for many years, others flame out. The quality of the school tends to endure.

Presidents change more now, just like CEO's are always changing

If there is a new president, I would look at how long the last president lasted.

In a 4-5 year time frame, not much of an impact on undergraduates. The turnover is so high because a 24/7, really high stress job, particularly in the current unsettled political/financial environment with state funding pullbacks, dip in charitable giving after recession, "arms race" with bells and whistles for the almost top tier schools to attract the top students so they move up in the USNWR rankings, etc. HORRIBLE JOB really I think! Fundraising and putting out fires.

Is this common? Should it matter to families looking at colleges? At several of the colleges my DC has researched, it appears there is either a relatively new president (Kenyon) or the current president is about to leave (Richmond, Furman). Maybe this is just coincidence. How much if at all do changes in administration affect students in their four years at a college? When I was in college I didn't have a clue who the president was or what he/she did.