Seacoast Residential Home 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, January single family sales were up 9.2% from January 2012 and the median sale price jumped a solid 6.8% from $293,000 to $313,000 from January 2012.
Meanwhile condominium sales continued what has been an uneven recovery over the past several months. Condo sales experienced a second straight month finishing behind the corresponding month from a year before and fell 17.2% from January 2012, with the median sales price slipping 8.53% to $187,500 for the same monthly period.
In 2012, condo sale values actually exceeded the previous 12month 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.
In light of all that, Seacoast Board of REALTORS President Jim Lee urged buyers ‘sitting on the fence’ to consider purchasing now instead of waiting.
“When mortgage interest rates start to rise, as they inevitably will, some buyers could be priced out of the market or end up paying more for the same home they could buy today” Lee said. “That’s especially true if the anticipated appreciation scenario materializes. Just a 1% interest rate rise could easily add over $175 a month to the monthly payment on a median priced home in the Seacoast.”
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, January single family sales were up 9.2% from January 2012 and the median sale price jumped a solid 6.8% from $293,000 to $313,000 from January 2012.
Meanwhile condominium sales continued what has been an uneven recovery over the past several months. Condo sales experienced a second straight month finishing behind the corresponding month from a year before and fell 17.2% from January 2012, with the median sales price slipping 8.53% to $187,500 for the same monthly period.
In 2012, condo sale values actually exceeded the previous 12month 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.
In light of all that, Seacoast Board of REALTORS President Jim Lee urged buyers ‘sitting on the fence’ to consider purchasing now instead of waiting.
“When mortgage interest rates start to rise, as they inevitably will, some buyers could be priced out of the market or end up paying more for the same home they could buy today” Lee said. “That’s especially true if the anticipated appreciation scenario materializes. Just a 1% interest rate rise could easily add over $175 a month to the monthly payment on a median priced home in the Seacoast.”
