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Market Insights

Seacoast sales continue rally over 2011

 

SEACOAST  RESIDENTIAL SALES CONTINUE  TO SHOW IMPROVEMENT

by John W. Rice, President, New Hampshire Association of REALTORS

PORTSMOUTH-Local sales of single-family and condominium residential units continued to show improvement from 2011 numbers, according to the Seacoast Board of REALTORS.

February sales of single-family homes were up 8.5% from a year ago, while condominium units were up 6.6%.  For the first two months of the year, single family sales are now up 31.4% over 2011 and condo transactions are ahead 40.6%.

Buyers apparently took advantage of what NAR Chief Economist Lawrence Yun recently called the best affordability rate in 40 years. The vast majority of the sales were in the popular price ranges below $400,000. Only one sale for the month exceeded $700,000.

The headline news was clearly the continued solid recovery of the condominium market. There were exactly twice the pendings (26) as last year.

Warm weather quite possibly played a role in decreased month to month numbers, though, as some spring buyers may have come out three months early. Single family sales declined 29.6% from January, while condo sales fell 44.8%. Pending sales for the month were also down 20.5% from 2011, but up 21.8% from last month, suggesting another strong month ahead.

"Based on what we're seeing on the Seacoast, recovery of the real estate market could be imminent," said Seacoast Board of REALTORS President Lauren Kane. "New Hampshire has low unemployment, and jobs are directly linked to the housing market. All real estate is local and locally we are off to a good start."

"I encourage potential buyers to seek out the services of the network of professional affiliates and REALTORS that make up the membership of the Seacoast Board of REALTORS, " Kane said. "As National Association of REALTORS Chief Economist Lawrence Yun said two weeks ago in Boston,  we are enjoying the best affordability conditions in 40 years."


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