Median home price soars on Seacoast
Inventory declines fuel January double-digit increase
With inventory approaching record low levels, January sales of single-family residences and condominiums in 13 sample Seacoast towns hit three-year highs, according to statistics just released by the Seacoast Board of Realtors.
Single-family residential sales actually slipped 8.9 percent from December numbers, but total January transactions represented an impressive 20.3 percent jump from January 2013, including the most January $1 million-plus sales since 2011.
In addition, there was an 11.2 percent drop in active listings, to 356 available units — the smallest number in January in three years, but a slight improvement over December’s 348 active units.
The single-family median sale price soared to $377,500, a 20.6 percent increase over last year and second to the 12-month high of $399,900 set in October.
Condominium sales were up an even more impressive 33 percent from 2013. The big sales month came despite condo inventory slipping to a three-year low, at 182 available units. Median sale price jumped 16.6 percent, to $225,000.
“It looks like ‘low inventory’ will be the theme of this spring's sales season,” said Seacoast Board of Realtors President Tom Heany, an agent with Keller Williams Realty . “It’s no surprise that low inventory numbers coupled with rising demand is pushing prices upward. So if you're thinking of buying, it's not a good time to stay on the sidelines as you're likely to pay more the longer you delay.”
The 13 sample towns are Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth Rye, Seabrook and Stratham.