Record inventory shortage limits February real estate sales on Seacoast
Modest sales volume stems from record inventory lows
February single-family and condominium inventory fell to record lows in the 13 Sample Seacoast Towns resulting in modest sales volume, according to statistics just 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.
With a paltry 42 active listings at month’s end, February produced just 34 sales, the fewest since 2018. Still, million-dollar-plus sales continued to buck the trend with nine closings, the most ever in February and the second straight record month for this price bracket.
For the month, sales fell 34.6 percent from last year at a median price of $612,000, up 9.7 percent from 2021. For the year, single-family sales are off 31.3 percent and the median sale price of $565,000 is off 3.9 percent from 2021.
At month’s end, there were just 45 active condominium listings. The 24 sales represent a nine-year low, off 52 percent from last year. The monthly median of $447,500 is 20.7 percent ahead of 2021. For the year, condominium sales are off 33.3 percent, but the monthly median is up 39.5 percent at $530,000.
“Our market continues to be difficult and challenging for buyers,” said Seacoast Board of Realtors President Jessica Ritchie. “It’s obviously a great time for potential sellers to step up.”