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Market Insights

Seacoast Inventory Reaches New Lows

CONDO SALES SET NEW RECORDS DESPITE DECLINING INVENTORY
by John W. Rice, SBR Chief Statistician

PORTSMOUTH-Sales of single family condominium units set a new January volume and median monthly sale price record in the 13 Sample Seacoast Towns, according to statistics recently 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.


In a statistical quirk, condominium inventory reached a five-year low last month some 21.6% behind last year at this time. Further, condo sales have declined or failed to improve each month since September's annual high of 84 sales. Still, January's 47 transactions were the most ever for the first month of the year. Further, the median sale price of $357,000 easily sets an all-time record for any month. The old mark was $334,500 set in November.


Single family sales declined for the fifth straight month, unable to shake-off a 27.3% drop in inventory. That was also the lowest inventory level in at least five years. The 60 transactions for the month were off 16.7% from last year. January's median sale price of $427,500 was slightly up from last year's $420,000.


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