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Market Insights

November market smashes recordbook

AS PRICES RISE, NOVEMBER RE MARKET SETS NEW RECORDS

by John Rice

PORTSMOUTH-Median sale prices and volume in the 13 Sample Seacoast towns reached record levels last month 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.


While volume declined from October, November single family total sales were up 14.6% from a year ago and condominium sales were up almost the same at 14.5%. The 86 single family sales and 48 condominium sales were both new November records. They were matched by the highest monthly median sale prices recorded in at least the last five years, $455,200 for single family and $334,500 for condominiums. It was the first month ever that condominium median sale prices have exceeded $300,000.


Significantly, it was also the first time in at least five years that there were more monthly single family sales in the $400-$700,000 price bracket than all sales below. Similarly there were more condominium sales in the $300-$600,000 price range than all sales below, another history making statistic.


For the year, total single family volume is up 2.1% from 2015 on a median sale price of $410,000, also up 3.79% from last year. Condominium volume is up 7.8% and the median sale price climbed 9.1% to $267,500.


"Another remarkable month for Seacoast real estate," said Seacoast Board of REALTORS President Linda Ruppe. "To have both volume and median sale prices rise simultaneously to record levels is mute testimony to how strong our market remains."

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