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Market Insights

October Seacoast Sales Surge

OCTOBER SEACOAST RESIDENTIAL AND CONDO SALES SHOW BIG GAINS

by John W. Rice, 2011 NHAR President Elect

PORTSMOUTH-October Seacoast single-family home and residential condominium sales in the nine sample seacoast towns recorded significant and surprising gains last month, according to the Seacoast Board of REALTORS.

            Single-family home sales were up 21% from September and up 19% from a year ago. In fact the 51 closings represented the best October totals in at least three years. The Seacoast market showed strength across the board with 29 sales going for less than $400,000.  An additional 22 transactions ranged from $400,000 on into the million-dollar-plus level, There were three transactions that topped $1 million, the first sales to break that price point since July.

            Condo sales came roaring back from a weak September, as October totals represented exactly twice last month's finale. Still, the 18 condo sales for the month were 38% off last year at this time.

            The surging October totals, fueled by moderated prices and low interest rates, contrasted with the rest of the state, which experienced declining sales totals. It was the third straight month that residential sales exceeded 2009 totals.


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