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Market Insights

Seacoast NH Pending Homesales Improve

 

February Seacoast New Hampshire pending home sales improve

 

PORTSMOUTH, N.H. -Pending sales of single-family homes and condominiums showed marked improvement in February over January numbers, according to statistics released today by the Seacoast Board of REALTORS.

            Pending sales of single-family homes in the nine sample seacoast towns jumped 33% in February while Condominium pendings improved a more modest 10%. But actual closed sales of single-family homes declined 14% and condominium sales experienced a very slight drop of 11%.

            Inventory of single-family homes grew by 2% and condominiums by 3%. Available inventory on the Seacoast remains at or near 12-month lows, keeping home prices relatively stable.

            Pendings and sales were markedly down from February 2007 numbers. Single-family pendings declined by 25% and closed sales by 33%. Condominium numbers were almost the reverse, showing a 39% decline in pendings and a 24% decline in closed sales.

            "I think our market reflects the general Greater Boston real estate scene right now," said John Rice, President of the Seacoast Board of REALTORs. "While our financials are not as robust as 2007, we have showed a marked increase in activity over the last 30-days.  That's impressive considering all the negative economic news, coupled with record snowfall."

            Rice feels that pent-up demand, low interest rates and an increase in spring inventory could well produce a reasonable spring market.

            "Everyone tells me that activity is picking up," Rice said. "All we need is a little boost in consumer confidence."

 

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