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Market Insights

November Residential Sales Improve



by John W. Rice, President, Seacoast Board of REALTORS

PORTSMOUTH, NH-November sales of single-family homes improved 25.9% from October as bargain hunters closed on 22 properties under $400,000 in value. There was little change in the other price categories. It was the lone bright spot in a month that reflected the national financial crisis.

            Pending residential sales fell 16.6% and closed sales were off 29% from 2007 levels.

            On the condominium side, pending sales were up 11.7 percent from last month, but the other numbers are also poor. There were only 12 closed sales in the month, some 58.6% behind October, well below the 32 sales recorded in November 2007. It was the worst month for condos since February 2007.

            "Condos are having a hard time competing with single-family homes at lower prices, " said Seacoast Board of REALTORS President John Rice. "Condo values are also more directly sensitive to short sales and foreclosures within a given complex."

            "Buyers may still want to take a second look at both residential and condo offerings," Rice added. "Interest rates are very attractive and there are good buys to be had."

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