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Market Insights

August condo prices reach 3-year high

by John Rice

PORTSMOUTH-August median sales prices of single family condominium units in the 13 Sample Seacoast towns reached their highest level in at least three years, according to statistics recently released by the Seacoast Board of REALTORS.

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

While monthly sales volume dropped 6% from last year and 29.2% from July's all-time record volume, the median sales price of the 46 condominium units sold was $294,527. That was more than 21% higher than this year's previous high and at least a three-year all-time record. In fact, half of the month's sales were for more than $300,000, the best performance in the higher-end price category of the year.

Meanwhile, single family sales volume fell 10.6% from last year and 31.2% from last month's all-time high. The 101 units sold went for a median sales price of $360,000, well off last month's record $409,950.

The first eight months of 2014 have modestly outpaced last year in total number of units sold for homes, 721-716 and for condominiums, 347-328. The cumulative median sale price for homes reached $369,000, up 6.3% from last year. The cumulative median sale price for condominiums was $239,000, up almost the same as single-family residences at 6.4%.

 


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