North Hampton home, New Castle condo top Seacoast sales in record-slow market: Here's why
NEW CASTLE — The number of condominium sales in the Seacoast exceeded local single-family home sales for the third straight month in March, bolstered by a $3.5 million condo sale in New Castle.
The single-family home market in the region saw a record-low March for sales volume with just 37 home closings, while 44 condominiums were sold, according to data compiled by Seacoast Board of Realtors statistician John Rice.
During the first three months of the year, 94 single-family homes changed hands, compared to 109 condominiums in that same period.
“Our market continues to be constrained by lack of single-family inventory and stubbornly high mortgage interest rates,” said Lynn Lagasse, president of the Seacoast Board of Realtors, in a prepared statement. “Interest in Seacoast real estate remains as strong as ever, and multiple-offer scenarios are abundant.”
On Wednesday, consumer financial services company Bankrate reported the national average interest rate for a 30-year fixed mortgage was 7.2%.
The Seacoast Board of Realtors follows single-family home and condominium transactions in 13 local municipalities: Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.
$3.5 million condo sale sets New Castle record
The $3.5 million sale of a four-bedroom, four-bathroom condominium at 30 Ducks Head in New Castle led the way among the 44 condominium units that closed in March. The 4,654-square-foot condominium built in 1987 sold in an off-market deal, and its association amenities include a clubhouse and an exercise facility, landscaping services, a golf course, an in-ground pool, tennis courts and pickleball.
The unit is among the three highest-selling condominiums in New Castle history, according to Rice’s research.
The median price for Seacoast condominiums sold last month was $592,500, a 3.9% year-over-year price jump. Through March, overall Seacoast condominium sales have increased 22.4% compared to the first three months of 2023, and the median price of those units through three months is $600,000, a 9.1% increase over last year.
Only four condominiums in the Seacoast sold for under $300,000 last month, Rice noted. Eighteen units sold for $300,000 to $600,000, while 16 sold for between $600,000 and $1 million, and the remaining six closed for over seven figures.
North Hampton home tops 10 Seacoast single-family sales of $1 million-plus
The $2.9 million sale of a five-bedroom, five-bathroom home at 3 Park Circle in North Hampton led all Seacoast single-family home sales in March. The residence on 28 acres features a stone fireplace in the family room, a recreational room, a private gym, a 4,000-bottle wine cellar, an outdoor fireplace and a heated pool, among other amenities.
“With 28 acres, a 3-car heated garage, central (air conditioning), and more, this property offers elegance, functionality, and outdoor beauty, perfect for luxury home buyers,” a listing for the property states.
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In March, the median home sale price in the Seacoast was $795,000, the highest total in four months and an 11.9% increase from March 2023. At the end of the month, the year-to-date median sale price of all Seacoast single-family homes that had sold was $769,900, a 19.5% increase from the first three months of last year, despite the volume of sales being off by 17.3% from that same period, per Rice’s report.
Home sales data: Seacoast real estate market report
One single-family home in the Seacoast sold for under $400,000 in March. Thirteen closed between $400,000 and $700,000, with another 13 selling for between $700,000 and $1 million. Ten homes exceeded the million-dollar mark last month.
This article originally appeared on Portsmouth Herald: North Hampton home, New Castle condo top slow Seacoast real estate
