Seacoast real estate shows big gains in October | SeacoastOnline.com

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November 25, 2012 2:00 AM

What a difference a year makes in October total sales and average prices of residential real estate in the Seacoast.

While improvements in those categories were spotty in a comparison of October to September, the improvements are dramatic for last month versus October 2011, according to an analysis of data from the Rockingham County Registry of Deeds.

Data was gleaned for single-home and condominium sales in Brentwood, East Kingston, Epping, Exeter, Greenland, Hampton, Hampton Falls, Kensington, New Castle, Newfields, Newington, Newmarket, North Hampton, Portsmouth, Rye, Seabrook and Stratham.

The total value of sales for this region in October was $60.1 million, a 17 percent jump over September and a 51.2 percent leap over October 2011.

The number of transactions also jumped: There were 117 house sales and 64 condo sales in October; 99 house sales and 50 condo sales in September; versus 85 house sales and 25 condo sales in October 2011.

"The Seacoast Board of Realtors is encouraged by the continued market improvement, considering how far we've come," said Lauren Kane, board president.

With what she called "continued soft sales prices," she expressed concern that future deficit-cutting measures in Washington, D.C., could harm the housing market.

"We are hopeful that the president will work with Congress to support the continuation of the mortgage interest deduction and allow for loosening of credit standards, both of which will ensure continued market recovery," she said.

Communities that saw significant increases in both home and condo sales values include Exeter, Hampton and Stratham in the year-over-year numbers.

In Exeter, the total value of sales in October was $7.2 million. In October 2011 it was $4.1 million. Stratham's total was $4.4 million in October and was $1.7 million the previous year. Average prices were also on the uptick for both homes and condos in year over year comparisons.

The average price of a home that sold in the region in October was $467,034, while the average price of a condo was $262,532. That compares with $393,830 for a home in October 2011 and $213,559 for a condo.

In September, the average price of a home was $421,229 and the average price of a condo was $318,581.

There were ups and downs through specific communities. In Portsmouth, for example, average prices in October were lower than they were in September and in October 2011.

The Seacoast Board of Realtors' analysis of its 13 sample towns showed a 47.5 percent increase in single family sales over a year ago. It said October was the fourth straight month that sales exceeded 2011 levels and the eighth of 10 months that registered gains. The towns are Seabrook, Hampton Falls, Hampton, North Hampton, Rye, New Castle, Portsmouth, Newington, Greenland, Stratham, Exeter, Newfields and Newmarket.

It noted the number of active single-family listings reached the lowest total for the year, a statistic that could forecast increased prices over the winter.

On the foreclosure front, according to the N.H. Housing Finance Authority, there were 263 foreclosure deed recordings in New Hampshire in September, a decrease of 13 percent from foreclosure deeds in September 2011, and a decrease of 6.7 percent from the prior month.

The cumulative total for January through September 2012 is nearly 4 percent below the same period in 2011 and 13 percent below the same period in 2010.

"With signs of improvement in overall economic conditions, as well as some improvement in the statewide and regional housing markets, there is reason to believe the number of new foreclosures in New Hampshire will continue to decline," the authority said in a statement. "However, the likely pace of improvement in foreclosures will be slow. During that time period, the negative influence of foreclosed and distressed properties on the housing market will continue."

SALES data

For a searchable database of property transfers and real estate transactions for the Portsmouth region and southern York County, visit www.seacoastonline.com/property-transfers.

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Source: http://www.seacoastonline.com/articles/20121125-BIZ-211250325

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