John Rice - Tate & Foss - Sotheby's John Rice

Market Insights

April seacoast condo sales set new record


by John Rice, SBR Chief Statistician 

PORTSMOUTH-Sales of single family condominium units in the 13-Sample Seacoast Towns set a new April volume record, surging a remarkable 84% ahead of last year's numbers.

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

The 57 condominium sales included 20 units priced between $300,000 and $600,000 along with 35 units that sold for less than $300,000. Sales last month matched an all-time March volume record. The substantial volume of mid "High End" units was reflected in the monthly median sale price which reached $250,000 up 16.5% from last year. The four-month cumulative median sale price for condominiums now stands at $238,900, up 6.2% from last year.

Meanwhile, April single family sales recorded a modest yearly high of 73 units, but this was down 6.41% from 2015. The monthly median sale price almost matched last year, coming in at $390,000, off $4,500 from last year's $394,500. For the year, the median sale price of a single family home is $383,000, up 3.51% from 2015, while cumulative volume is up 8.9% on 267 units.

Inventory levels were up more than 8% from last month for both condominium and single family sales, but total active single family units were off 4.2% from last year and off 10.5% for condominiums.

"Obviously the condo market is red hot," said Linda Ruppe, president of the Seacoast Board of REALTORS. "And the single family market remains steady, as it has right through the winter months. Consumers continue to see local residential real estate as a sound investment. Its been a busy time for REALTORS. I expect that trend to intensify through the spring."

© 2019 John Rice . All Rights Reserved