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Market Insights

SPRING SINGLE FAMILY SALES SURGE

 

by John W. Rice,

2011 NHAR President Elect

PORTSMOUTH-The Seacoast real estate market is off to a very healthy spring. March sales of single family homes in the 13 Sample Seacoast Towns surged a remarkable 88% and sales of condominium units jumped 67% as buyers took advantage of improved weather, low mortgage interest rates and attractive asking prices.

            According to the Seacoast Board of REALTORS, forty-nine of the 62 single family transactions were for less than $400,000, but there were also three sales in the $700,000 to $1 million range, the best performance for the year to date. Pending sales were off 4% from February, but the total number of transactions was 3% more than a year ago.

            Condominium sales held their own as well. Although vastly improved from February, total sales equaled last year's total of 25. Still, that number may be about to look much brighter. March was the best month by far in 2011 with pending sales almost double what they were in February. All but five of the 20 total transactions were for units priced under $300,000.

           


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