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Market Insights

April 2018 Market Update

MARCH STORMS CAN'T SUPRESS RESURGENT SPRING MARKET
by John Rice

PORTSMOUTH-Despite unrelenting snow and cold, real estate sales in the 13-Sample Seacoast Towns bounced back from a lean winter, according to statistics just released by the Seacoast Board of REALTORS.

The 13 Sample Seacoast Towns are Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.

The 72 single family sales basically matched last year's 73 transactions and was more than double last month's 33 sales. Notably, the volume increase comes even though inventory remains at record low levels. The median price of a single-family home fell to $417,000, off 1.8% from last year, the lowest median price since April 2017.

Condo sales improved 31.7% from last month on 54 transactions, four more than a year ago. Unlike single family sales, however, the median sale price reached its highest point of the new year at $307,900. That's also the highest finish since October, but off $52,600 from last March's record $360,500.

Year to date, single family sales are off 18.75% with median sale prices up 4% to $447,400. Condominium sales are off 7.2%, while the median sales price declined 6.6% to $307,900.

"Despite the year-to-date totals, we seem to be heading into a robust spring market," said Seacoast Board of REALTORS President Karen Kulberg. "I sense there is healthy listing activity, so we should have improved available inventory. At the same time, moderating appreciation on the single-family side is good news for buyers."

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