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Home Buyer's Credit spurs October sales

 By John W. Rice

1st-time homebuyer's tax credit sustains solid October sales


PORTSMOUTH-First-time homebuyers, looking to beat the November 30 first time homebuyers tax credit deadline, were out in force last month. 

According to the Seacoast Board of REALTORS, the government tax stimulus helped the Seacoast sustain a solid October of residential sales. The nine sample Seacoast towns saw sales up more than 10% from September. Twelve of the 43 properties that closed did so for less than $300,000. Twenty-two of the transactions were between $300,000 and $400,000. The 34 total sales under $400,000 matches May for the best performance of the year in that price range.

          It was a far happier month for the area's real estate industry than last year.  Then, only 27 sales were recorded following the record collapse of the stock market. Normally a slower month, October was the third-best for total residential sales to date. October also broke a streak of three consecutive months of declining sales.

Condo closings were also up by an eye-popping 61% with 8 of 29 transfers being for less than $200,000. The month's condo sales totals matched 2008 and were the second-best of 2009 to date. The eight sales in the $300,000 to $600,000 price range matches July for best month in that category.




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