John Rice - Tate & Foss - Sotheby's John Rice
{ INSIGHT ARCHIVE }

Market Insights

Supply and Demand: Seacoast prices rise


PRICES RISE AS SEACOAST REAL ESTATE MARKET HOLDS STEADY
by John Rice

PORTSMOUTH-Median sale prices of single family homes and condominiums in the 13 Sample Seacoast Towns continued an upward trend in April. Meanwhile, April sales volume was basically "steady as she goes."


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


Condominium sales declined 10% from last year but were up by two sales from last month. However, median sale prices soared 12% from April 2016 to $280,000, a figure well off last month's record $393,450, but still impressive. For the year, condominium sales are up 9.4% on 186 sales with a median sale price of $309,750. That's up a significant 29.1% from last year at this time.


Single Family sales volume continued to hold steady, compared to recent years. Like condominiums, the final April tally was two better than last month on 74 sales, but two sales down from a year ago. Median sales prices were up 8.1% from last year at $406,000-the fourth straight month that median sale prices have topped $400,000. Still, for the first four months of the year, sales volume is off 2.5%, although the median sale price of $425,000 represents an 11.4% improvement from last year.


As it has since the year got under way, low inventory levels have been an important side story to the Seacoast market. April 2017 residential inventory is off 25.5% from April 2016. Condominium inventory is off 29.8%.


"We continue to witness a classic example of supply and demand in action," said Seacoast Board of REALTORS President Todd Hudson. "There's no doubt that increasing prices also represent firm public confidence in a residential real estate investment."

-30-


© 2017 John Rice . All Rights Reserved