Condo sales help spur growth in July real estate | SeacoastOnline.com

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A home for sale along Livermore Street in Portsmouth?s South End.Rich Beauchesne/rbeauchesne@seacoastonline.com

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The Seacoast saw a healthy increase in the number and value of residential real estate sold in July versus June and a year ago.

Data compiled from real estate transactions filed with the Rockingham County Registry of Deeds show $72 million worth of houses and condominiums sold in the region during July.

The data comes from transactions in the Seacoast communities of Brentwood, East Kingston, Epping, Exeter, Greenland, Hampton, Hampton Falls, Kensington, New Castle, Newfields, Newington, Newmarket, North Hampton, Portsmouth, Rye, Seabrook and Stratham.

According to the analysis, the $72 million represents a 6.6 percent increase over June sales ($67.5 million) and an $8.6 percent increase over July 2011 sales ($66.3 million).

The Seacoast Board of Realtors, in an analysis of its own data for July, noted the month had the best sales performance in three years in what is typically the slower month of the summer season.

"We are certainly pleased," said Lauren Kane, president of the Seacoast Board of Realtors. "It is an encouraging sign as we look toward the fall market."

Data shows 148 house sales totaled about $52 million, while 72 condo sales accounted for $20 million. And the data shows the positive performance was propelled by condo sales.

The $20 million in condo sales represents a 41 percent increase over June and an 80.6 percent increase over July 2011.

Condo sales were especially strong in Hampton, Newmarket and Seabrook.

Condos also led the way in average sale prices in the region.

The average price for a unit that sold in the region in July was $284,545, which is up from $241,666 in June and up from $192,040 in July 2011. Since these are strict averages, they can be skewed by units that sold very low (foreclosures, distressed sales), as well as those that sold for very high prices. For example, New Castle saw two condos sell for an average of about $1 million.

The average price of a house in the region during the month was $373,546 compared to $436,617 in June and $501,147 in July 2011. The same law of averages applies here, too.

Nationally, analyst CoreLogic reported July home prices, including distressed sales, will rise by at least 0.4 percent on a month-over-month basis from June 2012 and by 2 percent on a year-over-year basis from July 2011. Excluding distressed sales, July house prices are also poised to rise by 1.4 percent month-over-month from June 2012 and by 4.3 percent year-over-year from July 2011.

In June, CoreLogic said, home prices nationwide, including distressed sales, increased on a year-over-year basis by 2.5 percent compared to June 2011. On a month-over-month basis, including distressed sales, home prices increased by 1.3 percent in June 2012 compared to May 2012.

CoreLogic said the June 2012 figures mark the fourth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis.

SEACOAST SALES

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/20120819-BIZ-208190321

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