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Market Insights

May Seacoast Residential Sales Rebound

by John W. Rice, Broker, Tate and Foss, Inc. 

PORTSMOUTH-For the first time since last September,  Seacoast single family monthly sales totals exceeded what they were a year ago. May totals improved 14% from May 2008 and an eye-popping 63% from April.

            Buyers purchased 34 homes priced less than $400,000 in the month, eleven in the $400-$700,000 category, three between $700K and $1million and there was one million dollar-plus sale, an ocean-front property in Rye. As the month closed there were 51 pending sales, two more than April, but a 20% decline from last year.

            "I can't prove it, but I am sure that the $8K first-time home-buyer tax credit has got to be playing a part here," said former Seacoast Board of REALTORS President John Rice. "

            Condo sales improved 25% from last month, but still trailed last year by 17%. The number of pending sales declined 16% from a month ago.

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