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Market Insights

Strong May boosts Seacoast sales

By John Rice, Broker  

MAY CLOSINGS REFLECT STRONG SPRING MARKET

 

PORTSMOUTH-The Seacoast Board of REALTORS reports another strong month for single family and condominium sales. With single-family inventory at its highest level since July 2009, there were 49 closings in the nine-sample Seacoast towns last month, a jump of almost 20% from April and still the best since June 2009.

            Of the 49 closings, some 31 were for less than $400,000 as homebuyers rushed to take advantage of the Federal home buying credit. It was the strongest performance in this price range for the year by far and the best since last May.

            Condominium sales were up 43% from April and an eye-popping 65% from last year. It was the strongest month of the year for condos thus far.

Probably the most interesting number to immerge from last month was the 10-condo sales in the $300,000 to $600,000 range. This represents a significant jump over every month thus far in 2010 and the best month since October 2008.

"May was an outstanding month for our area," said Joanna Rousseau, president of the Seacoast Board of REALTORS. "We are pleased with the numbers and we still have the month of June to close those taking advantage of the tax credit. The MLS statistics show 37 pending transactions and that makes us very excited.  But it's not just about the closing numbers it's about consumer confidence and we are really starting to feel that grow as well."  


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