November real estate sales grow in Seacoast

Residential real estate sales grew in the Seacoast in November compared to October, but average prices, especially for houses, continued to struggle not only from October to November but year over year.

An analysis of data in deeds recorded at the Rockingham County Register of Deeds shows 139 houses and 53 condominiums were sold during November in the region.

The region includes Brentwood, East Kingston, Epping, Exeter, Greenland, Hampton, Hampton Falls, Kensington, New Castle, Newfields, Newington, Newmarket, North Hampton, Portsmouth, Rye, Seabrook and Stratham.

The total worth of the transactions was $71.8 million, a 19.4 percent increase over the $60.2 million recorded in October and an 83.3 percent increase over the $39.2 million recorded in November 2011.

"It is an impressive improvement from a year ago," said Seacoast Board of Realtors President Lauren Kane in analyzing the group's own data. "It's a good indicator that the Seacoast market has bottomed. For those that have been waiting, the buying party is happening. With prices starting to creep up and interest rates historically low, it's a great time to get into the market."

According to the data analyzed by Seacoast Media Group, the 139 homes sold for a total of $57.1 million. That's a 27.6 percent increase over October (with 117 house sales worth $44.8 million) and a 107.2 percent increase over November 2011 (with 72 sales worth $27.6 million).

The data for condo sales show 53 units sold in the region for a total of $14.7 million. That's a slight decrease of 4.5 percent from the $15.4 million on 64 units sold in October, but it's a 26.6 percent increase over the $11.6 million on 46 units sold a year ago November.

Most of the communities in the sample set showed gains in year-over-year total sales.

Stratham's gains, for example, were especially significant. Its total sales value on residential properties sold in November was $7.2 million, a 212.7 percent increase over the $2.3 million in total sales in November 2011.

The average prices of a house or condo that sold in the sample set in November showed less dramatic swings, however. The average price of a house was $391,172 in November versus $467,034 in October and $384,962 in November 2011. The average price of a condo was $271,128 in November, $262,532 in October, and $226,220 in November 2011.

Foreclosures continue to play a role in the housing market recovery in the Granite State, according to the New Hampshire Housing Finance Authority. According to the authority's latest data, the 267 foreclosure deed recordings in October represent an increase of 2 percent from foreclosures in October 2011. The cumulative total for January to October 2012 is 3.5 percent below the same period in 2011, and 12 percent below the same period in 2010.

The authority said it is optimistic foreclosures will continue to decline but added in a statement that "the likely pace of improvement in foreclosures will be slow. During that time period, the negative influence of foreclosed and distressed property on the housing market will continue."

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Seacoast real estate sales off to a robust 2012 start

PORTSMOUTH — Last month's single-family and residential condominium sales in 13 sample towns from the Seacoast enjoyed their best January in at least three years.

According to the Seacoast Board of Realtors, the 52 single-family sales in the month exceed 2011 totals by 40 percent, while the 29 condominium units transferred represent a 70 percent improvement from January 2011.

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

Across the board, sales exceeded last year's numbers in both categories, except for sales above $1 million. No high-end sales were recorded for the month.

January and February sales normally represent the least sales activity for the year. But spring-like weather may have helped produce March-like results. Condo totals were up 11.5 percent from December, while residential units decreased by 14.8 percent from December, when 61 units were closed.

"Without a doubt, the favorable weather conditions are helping the Seacoast real estate market, especially compared to a year ago at this time," said Lauren Kane, president of the Seacoast Board of Realtors. "The residential sales decline for January is not cause for alarm. The average sales contract takes 30 to 45 days to close, and shoppers were likely busier with the holidays than their home search in December."

January's pending sales for both single-family homes and condos are up slightly from a month ago and there are fewer condo listings, which should help values, Kane said.

"Overall, both are encouraging signs that the market is moving in the right direction," she said.

Source: http://www.seacoastonline.com/apps/pbcs.dll/article?AID=/20120209/BIZ/202090377/-1/NEWSMAP