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Market Insights

March 2016 Seacoast Market Update

SEACOAST SALES COOL, BUT STILL SET NEW VOLUME RECORDS
by John Rice

PORTSMOUTH-Sales of single family homes and condominiums in the 13-Sample Seacoast Towns cooled from January's record pace, but still set new February volume records.


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


While single family sales were off 15.4% from last month, February's 60 sales were still two better than last year, which was also a record. Condominium sales slipped by just one sale from January's 35 closings, but that total was still two better than last year and thus a new February volume record.


Meanwhile February's monthly median sale price of $329,500 represented a substantial decline from last month's $410,000 and a drop of 3% from last year. The monthly condominium median sale price, however, reached $261,000 up 5.88% from last year and the second highest price since August 2014. The highest was last November's $279,999.


For the first two months of 2016, single family sales are now up 27.42% and condominium sales are up 11.2%. The median sale price for single family home stands at $380,000 (up 10.14%) and Condominiums at $245,000 (up a modest 1.76%.)


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