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Market Insights

March market registers modest gain


by John Rice, President, Seacoast Board of REALTORS

NEWINGTON-The seacoast area real estate market registered a modest gain in March from February numbers. Pending sales of single-family homes increased 25% in the nine sample seacoast towns and closed sales experienced a 29.1% increase.

            Condominium pending sales were up 15.1%--the third straight month of increased pending units. Sales rebounded 12.5% in March, following a slight decline in February.

            The number of available single family and condominium units both increased by more than 9%

            Still, March single family pending sales fell by 36% from March 2007 and the first quarter total was 13.7% less than last year. Closed March residential sales were down 13.8% from March 2007 and off 27.8% for the quarter from a year ago.

            March condominium pending sales were off 44.1% from March 2007 and closed sales declined by 21.7%. Overall first quarter 2008 pendings declined 30.3% from first quarter 2007 and closed sales slid 17.4%.

            "I think the positive way of looking at things is that-so far in 2008--month to month we are showing an increased number of pendings and sales," said John Rice, president of the Seacoast Board of REALTORS. "And we've just come through the snowiest winter on record or close to it."



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