John Rice - Tate & Foss - Sotheby's John Rice

Market Insights

Seacoast sales year-long rally continues



by John W. Rice, President, New Hampshire Association

PORTSMOUTH-October sales of single family homes and condominium units continued an impressive rally, according to statistics released by the Seacoast Board of REALTORS. The 13-sample seacoast towns saw a 47.5% increase in single family sales over a year ago. October is the fourth straight month that sales exceeded 2011 levels and the eighth of 10 months that registered gains.

          Condominiums registered an impressive 69.2% jump from October 2011, also the 8th month this year that sales exceeded the previous year.

          Further, the 90 October single family transfers exactly matched September totals, while condominium units were up 33% from last month. All this coming at a time of year when the market "normally" should be cooling.

          Noteworthy, also, was that the number of active single family listings reached the lowest total for the year, a statistic that could portend increased prices over the winter. Still, the median sale price for the past 12 months was $325,000, down a negligible 1.51% from the previous 12-month period.

          For the year the single family market is now up 27.2% and the condominium market up a robust 35.2%.  

          "The Seacoast Board of REALTORS is encouraged by the continued market improvement," said Lauren Kane, president of the Seacoast Board of REALTORS. "Considering how far we've come, but our continued soft sales prices, we are concerned that future deficit cutting measures in Washington, DC, do NO harm to the housing market"

"We are hopeful," Kane adds, "that the President will work with Congress to support the continuation of the mortgage interest deduction and allow for loosening of credit standards, both of which will ensure continued market recovery."


© 2020 John Rice . All Rights Reserved