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Market Insights

June Seacoast Sales Show Some New Strength

 

By John W. Rice

PORTSMOUTH-There are some signs of renewed strength in the local real estate market. June seacoast sales of single-family homes priced in the $400,000 to $700,000 range registered their best month since August 2007. The 20 transactions in the nine sample seacoast towns are almost double sales in this category last month.

            "I think for a long time that there have been some bargains in this price range, which I often refer to as the great  ‘Black Hole' of real estate," said former Seacoast Board President John Rice. "Buyers are obviously tuned in and snapping up these properties."

            Overall, however, residential sales rose a modest 6% from May, but lagged behind June 2008 by 16%. August numbers may also be modest since June pendings declined 11% from May.

 Buyers had an unusually big selection of inventory from which to choose, as active listings reached their highest number since June 2007.

             On the condo side, while pendings fell 16% fro the month, the 28 closings was the best since last October and matched figures from a year ago. All but two of the condo sales were for units priced $300,000 or below.

 


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