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Market Insights

January residential market roars back

by John W. Rice. 2013 NHAR Immediate past President

SEACOAST RESIDENTIAL SALES MARKET OFF TO RECORD START

 

PORTSMOUTH-After a slow December, the Seacoast residential sales market in the 13 sample Seacoast towns has bounced back with the best January numbers in at least three years, according to the Seacoast Board of REALTORS.

 

The 13 sample towns are Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth Rye, Seabrook and Stratham.

Amidst a sales environment that some are calling the most affordable time to buy real estate in 40 years, single family sales were up 9.2% from the 2012 and the median sale price jumped a solid 6.8% from $293,000 to $313,000.

Meanwhile condominium sales continued what has been an uneven recovery over the past several months. Condo sales experienced a second straight month behind the year before and fell 17.2% from 2012, with the median sales price slipping 8.53% to $187,500.

In 2012, condo sale values actually exceeded the previous 12-month period on seven different occasions.

Inventory levels also drew attention, slipping to the lowest numbers in at least three years and prompting speculation that appreciation on the single family side may be more persistent in 2013.

 


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