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Market Insights

Condo sales lead way in November

 

CONDOMINIUM SALES LEAD QUIET NOVEMBER

by John W. Rice, President, NHAR

PORTSMOUTH-November sales of seacoast residential condominium units surged 11.5% from October, according to the Seacoast Board of REALTORS. The 29 transactions were three more than last month and 45% more than November 2010.

            A strong showing in the $300,000 to $600,000 price range (nine sales) helped keep the totals positive. It was the second best month for sales in that price range and the highest since June (11 sales.)

            Meanwhile single family sales dipped 24.5% from October and were also off 6.1% from last year at this time. Still, pending transactions were up 14.7% for the month giving some promise for a strong December and year-end finish.

            As is typical for this time of year, active listings dropped sharply: 18.7% for single family properties and 9.4% for condominiums.

            There has been almost no change in total volume from last year with single family sales off 1.1% (678 vs. 686) and condominium units off by 3.1% (303 vs. 313.)

"It looks like the Seacoast will exceed $400,000,000 in volume in 2011, surpassing 2010 by over 10%," said James Therrien, president of the Seacoast Board of REALTORS, "even with the median selling prices off about 3%. Total volume will exceed 2009 by about 15%.  Compared to last year, total units sold on the Seacoast in 2011 will be plus or minus the number of fingers you have on hands.  It will be that close."


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