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Market Insights

April residential sales set new records

By John W. Rice 

PORTSMOUTH-Residential real estate sales in the 13-Sample Seacoast towns set new April marks for volume and monthly median sales price, 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.
There were 79 sales in the month, 8.2% ahead of last year and a solid 31.6% better than March. The properties transferred at a median sales price of $390,000, the highest monthly sales price since July 2014 and also a record for April, besting last year by $60,000 or 5.7%.
Interestingly, given the recent dearth of active listings, listing numbers were also up 2.5% for the month.
By contrast, it was not a good month for condos, possibly exacerbated by a 2% decline in listings from last year. Condo sales declined by 25% from last year and 16.7% from March. The median monthly sales price remained essentially flat from last year at $221,900-an insignificant $700 better than 2014.
With an impressive 95 sales pending as May began, the current residential hot streak shows every sign of carrying on at least through the end of this month. Condos, too, should rebound as April's 74 pending sales are closed.
Cumulative totals for the first four months of the year remain modest, however, with residential sales off 3.9% , but median sale prices were up 8.5% to $370,000. Condo sales and median sales prices were essentially unchanged from 2014. The cumulative condo median sale price stood at $225,000 at month's end, $200 less than last year.

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