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Market Insights

High End surge again leads Seacoast Market

by John W. Rice, 2011 NHAR President-elect

HIGH END REAL ESTATE SALES SLOW RETREATING JULY TOTALS

PORTSMOUTH-The Seacoast's higher end real estate market continued its remarkable rally in July with eight sales exceeding $1 million dollars. That would be two more than last year, according to the Seacoast Board of REALTORS, adding up to a three month total of 21 $1 million-plus sales. There were just nine in the same three months last year.

            But overall, though up 20% from last year, July sales retreated 32% from last month. July is very often the slowest of the four summer months. Still, it was the best month this year for sales in $400,000 to $700,000 category. The 20 sales in that price range were the most since last October.

            Condominium sales fell 19% from July, although the 30 total transactions were 30.4% better than July 2010. The story on this side, however, was the 34 pending sales for the month, the highest monthly pending total in more than a year and good news for oftuggling condo market.

Be that as it may, condo sales were off 11.6% for the year, while the seacoast single family market-with no tax incentive to help as there was through June 30 last year-- remains up a healthy 4%.

            Inventory was at its highest level in more than a year, giving buyers ample choices to take advantage of still-record-low mortgage interest rates. 


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