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Market Insights

Pending seacoast sales advance



by John W. Rice, 2011 NHAR President Elect

PORTSMOUTH-Pending August sales of single family and residential condominium units climbed substantially last month according to the Seacoast Board of REALTORS. The 13 sample seacoast towns saw pending sales of single family homes jump 24% and condo pendings nudged up 12.8%.

            Sales of residential condominium units remained virtually unchanged from July, the third time in four months that the seacoast has recorded 30 transactions. Single family closings, however, fell 20.8% for the month, which was also the first month since April that no sales for more than $1 million were recorded. Still, 32% of the 57 transactions were for properties priced in $400 to $700,000 range. 

            A tumbling stock market may have been the prime reason sales of single family homes were off 24% from last year and condominiums off a nearly identical 25%. Home mortgage interest rates remain near historic lows and there is abundant inventory. Last year, of course, August closings reflected increased activity due to the federal tax credit.

            Despite the sales drop-off, total cumulative single family condominium sales remained up 14.6% for the year, while single family sales were nearly unchanged, off by 1.6%.

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