Real Estate Sales Continue to Slump, Upswing on the Horizon

PORTSMOUTH, N.H. - April 7, 2014 - PRLog -- The Seacoast Real Estate Investors’ Association announced the March numbers and they are not pretty.  Closings in every single county were significantly down from year ago numbers.  The cold February kept people home instead of looking at houses and making offers for March closings.

On the brighter side, just since last month, inventory dropped by about a months worth of supply in every single county, and usually, inventory is rising at this time of year. We can infer from this observation that pending sales have risen sharply.  The break in weather mid-march started releasing pent up demand and buyers scooping up houses.  I predict that we’ll see strong April numbers.

Surprisingly, closing prices continued to creep up.  We see a huge 24% jump in Merrimack County but I suspect that this is a statistical anomaly of the low volume and not a market price trend, or at best, an exaggeration of a milder upward price trend.

The Associations' founder, Bert Cox, says: we're already seeing a big jump in traffic and offers now that the weather warmed up and the snow is starting to melt.  Of course, now it's time to get ready for yard work and spring cleanup.

As in all recent months, the seacoast continues to be the shining star in the New Hampshire market.  Notice the Rockingham County sold price to list price ratio – average discount of only 0.2%.  In other words, most houses are getting full price offers or above.  Nothing signals a hot market more than high sell price ratios and multiple offers.

Contact the Real Estate Investors’ Association at www.SeacoastREIA.org or the writer at Bertcox.net