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Market Insights

Inventory shortage is taking a toll


by John Rice 

PORTSMOUTH-Inventory shortages of single family homes and condominium units led to a modest May rally for real estate sales in the 13 Sample Seacoast towns.

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

The May monthly report is a study of ups and downs. Single family inventory reached its highest level since November 2016, but May's 367 available units was some 19.8% off last year's total. Still, May's 102 sales was the best performance for the market since last September, but once again down 25% from last year. The median sale price for the month was $422,560. That's the seventh straight month median sale prices have topped $400,000, yet well off the year's high of $430,000.

May monthly condominium sales declined seven percent from last year, even though May's 66 sales was the highest total also since last September. Condominium inventory, while at an annual monthly high, is off 26.8% from last year. The median sale price of a condo slipped to $278,000 well behind the year's high of $393,450 set in March.

For the first five months of the year, single family volume is off 9% but the median sale price of $425,000 is 6.2% ahead of last year. Condos remain in positive ground, 4.9% ahead in sales volume over 2016 on a median sale price of $250,000-20.8% better than last year.

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