Twenty-eight single-family homes Seacoast sold for at least $ 1 million in June, breaking a record set in May.
A $ 2.35 million four-bedroom, four-bathroom home at 2 Pond Path in North Hampton was among the highest-selling. Sitting on a 3.2 acre property, the oceanfront home has been modified this year, has a three-car garage and overlooks the 10-hole Abenaqui Country Club golf course.
“This home offers the best finishes and details,” reads a listing for the property. “The designer’s kitchen and fabulous four-season porch overlook the private backyard. The living and formal dining rooms have high ceilings, special trims and hardwood floors. ”
Jim Giampa, co-owner of Carey & amp; Giampa Realtors in Rye, and a listing agent for the sale of the 2nd Pond Path residence, gave his assessment of the current state of the Seacoast real estate market.
“This market is still hot depending on location, home condition and competitive prices,” he said.
Recorded by the Seacoast Board of Realtors, the number of million-dollar homes sold was not the only real estate record to be broken in June. The median home sale price of $ 750,000 is a new record for Seacoast each month.
“Despite the financial uncertainty around us, our real estate market continues to function very well,” said Seacoast Realtors Board Chair Jessica Ritchie. “We continue to see signs of strong consumer confidence – especially as manifested in high-end sales.”
The Seacoast Board of Realtors examines monthly home and condominium sales data from 13 municipalities: Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket , Portsmouth, Rye, Seabrook and Stratham.
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Lack of inventory remains an issue in Seacoast real estate
John Rice, a Seacoast Board of Reators statistician and broker with Tate and Foss Sotheby’s International Realty, said only four homes sold for less than $ 400,000 in June in 13 communities. Read also : Inflation in the UK hits the new highest level in 40 years at 9.1% as food and energy prices continue.
A total of 41 homes sold for between $ 400,000 and $ 700,000 in June.
Rice noted that the million-dollar home sales volume exceeded the domestic market below $ 400,000 by seven times last month, despite increases in interest rates and inflation, indicates continued demand for Seacoast real estate.
“It makes my jaw,” he said. “I can’t understand that some of these houses take the prices they are taking. It only shows the demand and is driven by the lack of inventory. “
Ninety-nine Seacoast homes sold in June, the highest monthly total recorded so far in 2022. In early July, Rice noted that there were 116 properties on the market – the highest amount starting a month since August 2021.
In the middle of the year, the volume of home sales in 2022 on Seacoast has decreased by 12% since the first six months of 2021. The median monthly home sales price, however, has risen by more than 9% within a year, and it hurts. $ 657,500 for the year to date.
Referring to the median record home sales price of June of $ 750,000, Rice commented on the rising cost of Seacoast homes.
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“Every time you say, ‘The sky is falling, here comes the great downturn in real estate,’ we have open houses where the property is overrun and we have multiple offers,” he said. “I am just amazed at how strong the median price is. Three-quarters of a million dollars, that’s a lot of money. “
Condominium inventory low, month-over-month prices drop
Sales of 69 condominium units across the Shore Coast last month were the most since November, although inventory reached a record low monthly. See the article : Four major food trends highlighted in BEMA 2022.
The median monthly sales price of condominiums in June was $ 490,000, the second lowest monthly figure in 2022 but a 38% year-over-year price increase.
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Seacoast condominium sales volume decreased by almost 22% compared to the 2021 midpoint. However, this year’s median cost of $ 525,000 over six months increased more than 38% during the first half of 2021.
