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

Market Insights

Low inventory dampens sales numbers

By John W. Rice

PORTSMOUTH-December sales of single family homes and condominiums in the 13 Sample Seacoast towns declined for the fourth straight month, even though condominiums saw a new December volume record.

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

The Seacoast in general mirrored a national trend of declining inventory with the number of houses and condominiums falling for a fourth straight month for single family and fifth straight month for condominiums. Inventory has now reached its lowest level in at least five years.

Despite declining stock, the 47 Condominium sales were three more than 2017 and that was enough to set a new volume record for the month. The median monthly price of a condominium dropped to $300,000. Still, that was only the second time in 2016 that median condo sales prices reached the $300,000 level.

Single family sales were off 15% from 2015 levels, based on 77 sales. The median monthly sale price of a single family home fell to $392,000, off 8.8%
For the year, single family volume slightly improved by .9% to 1174 units on a median sale price of $410,000-up 2.9% for the year. Condominiums sales were up a healthy 8.1% and the median sale price of a condominium improved 9.5% to $268,500.

Both total volume numbers and median sale prices are new records for at least the past five years.



© 2019 John Rice . All Rights Reserved