DESPITE VIRUS, SEACOAST REAL ESTATE MARKET SURGESApril 08, 2020 / Local News, Real Estate Trends
PORTSMOUTH—Despite the onset of the Covide-19 pandemic and a free-falling stock market, March real estate sales in the 13 Sample Seacoast Towns surged.
The 13 Sample Seacoast Towns are Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.
To be sure, inventory levels reached record low March monthly totals for both condominium and single-family sales. Still, single-family sales more than doubled from last month to match last year’s 79 transactions. It was even the best March since 2014 for homes priced in the $400,000-$700,000 range. The March median sale price of $510,000 is the highest thus far for 2020 and the highest since last May.
Condominium sales saw the best March ever for units priced from $300,000 to $600,000 as total sales were up 80% from last month and 44% from last year. The March monthly median sale price was $350,000, up $15,000 from last year.
For the first three months of the year, single-family sales are off 5% while the median sale price is up 6% to $489,500. Condominium sales have improved a robust 30.3% and the median sale price came in at $349,000, up a solid 18.3%.
“It’s nice to have something to cheer about in these difficult times,” said Seacoast Board of REALTORS Adam Gaudet. “The numbers speak for themselves and for the confidence consumers have in seacoast real estate. To be sure, the sales process is bound to be more difficult in the weeks ahead, but we will continue to persevere as safely as we can and as long as conditions allow.”