Seacoast Market Watch 2018 YEAR IN REVIEW
Portsmouth NH
Welcome to another edition of Seacoast Market Watch. We are very proud and pleased to provide you with this comprehensive look at the Seacoast real estate market. We are also appreciative of the positive feedback these semi-annual reports have generated. Starting with this issue, we have added another micro market, the Greater Seacoast Lakes Area. This market segment has become a very popular region for consumers who are looking for a ‘country’ lifestyle and/or lakeside living. The marketing time (Days on Market) in this region shrank by 22%, most of any micro market. If you did business here in 2018, then you likely are familiar with its intense bidding wars. For all these reasons and more, we felt it was important to acknowledge this area as an entity all its own. Tate & Foss Sotheby’s International Realty offers exceptional buyer and seller representation in all of these markets. We understand that peer competition is keen. We know that, to succeed, we have to be better in everything we do. For this reason, we are constantly learning and growing as we strive to attain the highest levels of professionalism and customer satisfaction, regardless of price point. I am particularly proud of our accomplishments this past year. The company logged the biggest sales in six Seacoast towns. We had the highest sale in the state of New Hampshire on Wild Rose Lane in New Castle, brought the buyer to the biggest sale in North Hampton and set both a 10-year record in Exeter and 9-year mark in Durham. We brought the buyer to the largest sale in modern history in Rollinsford and logged the highest sale in Portsmouth, representing both buyer and seller in the latter. The current year is presenting itself as one that will have multiple challenges. Consumer Confidence is bombarded daily, interest rates inch up and inventory levels are at best modest. Still, we remain bullish on the Seacoast and understand, just as you do, what a unique and wonderful place in which we live. Enjoy this issue of Seacoast Market Watch and may I be the first to wish you every success in 2019, Anthony Jalbert Principal Broker
1 • MARKET WATCH
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SOLD
209 Marcy Street, Portsmouth NH
Sections 3 5 7 9 11 13 15 17 19 21 23 25 27 29
Key Observations
SEACOAST OVERVIEW PORTSMOUTH AREA THE HAMPTONS EXETER AREA DOVER AREA DURHAM AREA SEACOAST LAKES AREA ELIOT & THE BERWICKS SO. YORK COUNTY COAST LUXURY WATERFRONT HISTORIC & ANTIQUE FARM & EQUESTRIAN
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
• Year opens with record low inventory levels, although some of this is seasonal. • Inventory levels in 2018 did not fall appreciably behind 2017, but were still about 20% behind 2016 and beyond. • Interest rates are creeping up. • Consumer confidence flagged in the second half of 2018 for a variety of reasons. • Median sales prices fluctuated with no clear-cut trend. • The year finishes with sales slightly down and median sales prices slightly up.
OUR TEAM
Pictured on Cover: 23 Harborview Drive, Rye NH Photography pictured within this report courtesy of Mike Barron Photography and Clear Eye Photo
Special thanks to Chief Statistician/Sales Associate John Rice for his significant contribution. Data sourced from New England Real Estate Network (NEREN), analyzed by Tate & Foss Sotheby’s International Realty. NEREN does not guarantee nor is in any way responsible for its accuracy and the data maintained may not reflect all real estate activity in the market. All reproduction of data requires TFSIR’s written consent. BROWSE ALL MLS LISTINGS AND LEARN MORE ABOUT THE MARKET AT LIVESEACOAST.COM
MARKET WATCH • 2
Seacoast Overview
Exeter • Greenland • Hampton • Hampton Falls • New Castle • Newington • Newfields Newmarket • North Hampton • Portsmouth • Rye/Rye Beach • Seabrook • Stratham
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$489,394 Number of Homes Sold
1670 Days on Market
58 3 • MARKET WATCH
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Activity in the “13 Sample Seacoast Towns*” concluded 2018 with a bit of a slowdown. The region experienced the slowest December in at least eight years and the slowest month since February. Inventory levels decreased to 223 available units, the fewest since 2010. The median sales price slipped 3.3% from December 2017 to $454,450. There were 28 condominium units sold in December, the lowest volume month since February 2014 and the slowest December in six years. Condominium sales were off 4.9% for the year, but median sales prices improved a healthy 5.3% to $315,000. Single-family sales were off 8%, while median sales prices appreciated 3% to $459,950. December threw cold water on a second-half rally that registered three separate months with sales volume better than the year before. This after six straight months lagging behind. The monthly median single-family sales price reached $525,000 in May, but broke $500,000 only once (August, $510,000) in the second half of the year. Condominium prices in the final six months came no where close to June’s high of $370,000. There’s no question the region’s market has been affected by unstable economic news. Consumer confidence has flagged, especially after the fierce bidding wars the year has seen. As the curtain rises on 2019, market forces would seem to be setting up a Seller’s market, tempered by buyer reluctance to experiment at higher price levels. *Exeter, Greenland, New Castle, Hampton, Hampton Falls, Newington, Newfields, Newmarket, North Hampton, Portsmouth, Rye, Seabrook, Stratham. BROWSE ALL MLS LISTINGS AND LEARN MORE ABOUT THE MARKET AT LIVESEACOAST.COM
MARKET WATCH • 4
Greater Portsmouth Area
Greenland • New Castle • Newington • Portsmouth • Rye • Rye Beach
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$647,353 Number of Homes Sold
542 Days on Market
64 5 • MARKET WATCH
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Greenland
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
84 101 $546,879 $579,900 $1,150,000
92 65 $542,253 $553,750 $1,650,000
Change 10% -35% -1% -5% 43%
New Castle
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
17 164 $1,548,794 $1,250,000 $4,100,000
17 134 $1,404,059 $1,032,000 $5,200,000
Tax Rate: $15.79 Newington
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
12 115 $717,325 $709,450 $1,475,000
7 48 $674,407 $577,500 $1,800,00
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
97 82 $840,851 $661,000 $4,600,000
85 91 $916,282 $700,000 $4,950,000
Tax Rate: $10.60
0% -18% -9% -17% 27%
Tax Rate: $6.00 Change -42% -58% -6% -19% 22%
Portsmouth
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
331 57 $553,823 $459,000 $3,056,000
341 55 $561,992 $482,500 $3,697,500
Tax Rate: $9.27 Rye
Change
Change 3% -4% 1% 5% 21%
Tax Rate: $15.84 Change -15% 10% 9% 6% 8%
Rye Beach
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
8 150 $1,440,236 $1,149,288 $3,438,450
3 7 $1,109,667 $1,075,000 $1,850,000
Change -63% -95% -23% -6% -46%
Tax Rate: $10.60
By year’s end, inventory in the six towns that comprise the Greater Portsmouth Area had dwindled to nearhistoric lows. With less to sell, total sales volume was bound to shrink, and shrink it did to 542 sales, or 1% less than last year. Still, Portsmouth and Greenland emerged on the positive side, while Newington, Rye and Rye Beach all were substantially behind last year. The area was by far the region’s most expensive on either shore of the river with a median sale price of $552,650. Small wonder that total volume lagged behind four of the seven other major market areas. Portsmouth, with its amenities, walkability and “small city” feel, enjoyed a 3% gain in sales. The median price of a single-family home climbed 5% to $482,500. Tate & Foss SIR enjoyed the city’s highest sale at 10 State Street, which closed at $3,697,500. Fierce bidding wars in the downtown and South End neighborhoods remained the order of the day. But at year’s end, those battles seemed to cool, as buyers resisted escalating prices. New Castle had exactly the same number of sales as last year. But one of them, a Tate & Foss SIR listing at 149 Wild Rose Lane, produced the state’s largest transaction, closing at $5.2 million. It was also the biggest sale in New Castle going back at least 10 years. Newington also had an all-time record shattering $1.8 million sale. Every town in this market enjoyed at least one sale in excess of $1.6 million—mute testimony to the popularity and draw of the Seacoast region.
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MARKET WATCH • 6
The Hamptons
Hampton • Hampton Falls • North Hampton • Seabrook • South Hampton
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$447,511 Number of Homes Sold
540 Days on Market
64 7 • MARKET WATCH
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Hampton
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
442 80 $359,770 $349,950 $1,630,000
335 60 $382,626 $365,000 $2,100,000
Change
Hampton Falls
2017
2018
-24% -25% 6% 4% 29%
Number of Sales Days on Market Average Price Median Price Highest Price
31 72 $503,535 $400,000 $1,270,000
30 52 $569,106 $575,000 $1,145,000
Tax Rate: $17.02 North Hampton 2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
77 101 $733,789 $610,000 $2,840,000
86 59 $714,363 $602,500 $5,476,343
2018
Number of Sales Days on Market Average Price Median Price Highest Price
11 50 $557,600 $595,000 $750,000
13 146 $423,500 $409,000 $825,000
-3% -27% 13% 44% -10%
Tax Rate: $19.90 Change -10% 72% 3% 1% -48%
Seabrook
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
86 83 $390,894 $344,777 $1,275,000
87 53 $388,137 $365,000 $1,395,000
Tax Rate: $16.24 South Hampton 2017
Change
Change 1% -36% -1% 6% 9%
Tax Rate: $16.25 Change -15% -66% 32% 45% -9%
Median Sales Price in Hampton Falls Up by
Tax Rate: $16.67
44%
Significant Sale: North Hampton $1,200,000 | August 2018 Sold by Tate & Foss Sotheby’s International Realty
The Hamptons have always been noted for their “commutability” and proximity to the state’s finest beaches. With the exception of North Hampton, the area is known for lower sales prices compared to northern neighboring towns. However, at year’s end, Hampton’s $386,000 median sales price was the second highest of the eight micro markets. Consequently, bargain hunters went elsewhere and sales fell 18%, most of any region. On the high end, North Hampton had three of the region’s largest sales. We were involved with two of those, selling 34 Willow Avenue at $2,840,000, tops for any town in this market area and 74 Ocean Boulevard at $2,200,000. Tate & Foss SIR represented both the buyer and the seller sides of the latter. Median sales prices were higher in all of the Hampton market towns than they were in 2017. However, unlike other micro markets, there were no record-breaking sales. BROWSE ALL MLS LISTINGS AND LEARN MORE ABOUT THE MARKET AT LIVESEACOAST.COM
MARKET WATCH • 8
Greater Exeter Area
Brentwood • East Kingston • Exeter • Kensington • Newfields • Stratham
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$406,361 Number of Homes Sold
584 Days on Market
46 9 • MARKET WATCH
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Brentwood
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
70 41 $393,214 $385,000 $799,000
73 56 $390,350 $385,000 $660,000
Change 4% 36% -1% 0% -17%
East Kingston
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
47 87 $377,057 $367,000 $992,000
32 34 $400,375 $404,500 $672,000
Tax Rate: $25.83 Exeter
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
267 63 $336,701 $326,000 $1,085,000
244 46 $367,574 $339,000 $1,555,000
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
32 69 $450,878 $457,500 $665,000
19 40 $490,550 $502,000 $710,000
Tax Rate: $19.85
-32% -61% 6% 10% -32%
Tax Rate: $26.05 Change -9% -28% 9% 4% 43%
Kensington
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
28 71 $433,261 $427,500 $635,000
27 54 $473,650 $405,000 $944,410
Tax Rate: $27.50 Newfields
Change
Change -4% -23% 9% -5% 49%
Tax Rate: $18.55 Change -41% -42% 9% 10% 7%
Stratham
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
170 46 $427,069 $422,000 $1,350,000
189 45 $445,557 $425,000 $1,650,000
Change 11% -4% 4% 1% 22%
Tax Rate: $21.00
Significant Sale: Exeter $1,555,000 | December 2018 Listed by Tate & Foss Sotheby’s International Realty Tate & Foss SIR logged the largest sale in Exeter in 10 years at 45 Pine Street, which sold at $1,555,000. This occurred in one of the most difficult towns to move property priced above $1 million. To be sure, Exeter had the third most sales of the 29 NH and ME towns we track. Only Portsmouth and Hampton had more. Slow to come out of the Great Recession and burdened with higher property taxes, Exeter offered advantageous pricing that spurred a hot market. The area itself finished second in total volume only to Greater Dover. Homes took just 46 days to sell, the fastest anywhere and a 21% improvement over 2017. Important sales prices were a new theme in this popular area. There was a huge transaction in Stratham at 34 Raeder Drive for $1,650,000. It was Stratham’s second biggest sale on record, and the largest since 2015. Newfields had the highest median price at an impressive $502,000, although the number of sales there plummeted 41%. Total sales in this region declined by 5%, mirroring an overall lack of inventory. BROWSE ALL MLS LISTINGS AND LEARN MORE ABOUT THE MARKET AT LIVESEACOAST.COM
MARKET WATCH • 10
Greater Dover Area
Dover • Rochester • Rollinsford • Somersworth
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$272,957 Number of Homes Sold
1204 Days on Market
48 11 • MARKET WATCH
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Dover
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
456 51 $308,766 $282,763 $2,835,000
507 50 $336,028 $304,000 $1,775,000
Change 11% -2% 9% 8% -37%
Rochester
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
489 46 $196,898 $195,900 $458,000
510 46 $221,218 $220,000 $683,000
Tax Rate: $24.92 Rollinsford
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
39 35 $244,263 $235,000 $403,900
39 62 $296,676 $255,000 $875,000
Tax Rate: $24.14
Change 4% 1% 12% 12% 49%
Tax Rate: $27.55 Change
Somersworth
2017
2018
0% 78% 21% 9% 117%
Number of Sales Days on Market Average Price Median Price Highest Price
157 43 $217,278 $216,000 $457,500
148 46 $228,939 $220,000 $408,600
Change -6% 7% 5% 2% -11%
Tax Rate: $33.41
Significant Sale: Dover $1,140,000 I September 2018 Listed by Tate & Foss Sotheby’s International Realty
With the lowest median sales price on either side of the Piscataqua, the Greater Dover area was second to the Maine coastal communities for the heaviest sales volume among our micro markets. This was also one of only two market areas that experienced more sales than 2017. The other was Greater Durham. Amenities abound in the Dover area. There’s an Amtrak stop, renovated high school and three excellent private schools (St. Thomas, Portsmouth Christian Academy and nearby Berwick Academy). Dover has proximity to UNH and a buzzing downtown district. Coupled with low prices, the region stayed hot and defied trends elsewhere with a 6% sales increase in 2018. Open houses were well attended and aggressive multiple offers were the rule. Just how long this buyer-friendly mecca will hold is up for debate. All four towns in the region saw median sale price increases. Rochester, tied with Somersworth for the lowest median sale price ($220,000) of any town in our market area, was also the most active town with 510 transactions. Dover was this micro market’s only town to log any $1 million-plus transactions and had several. Tate & Foss SIR brought the buyer to an $875,000 sale in Rollinsford—the town’s most significant sale since 2003. Rochester also experienced its biggest sale in four years. BROWSE ALL MLS LISTINGS AND LEARN MORE ABOUT THE MARKET AT LIVESEACOAST.COM
MARKET WATCH • 12
Greater Durham Area
Durham • Lee • Madbury • Newmarket
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$369,916 Number of Homes Sold
356 Days on Market
50 13 • MARKET WATCH
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Newmarket
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
145 48 $321,548 $298,900 $725,000
147 48 $324,361 $292,500 $980,000
Change 1% 0% 1% -2% 35%
Durham
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
99 55 $378,820 $363,500 $899,000
108 42 $411,509 $366,250 $1,750,000
Tax Rate: $29.24 Lee
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
55 47 $369,092 $340,000 $800,000
70 63 $361,300 $348,117 $1,160,000
Tax Rate: $30.57
Change 9% -23% 9% 1% 95%
Tax Rate: $26.80 Change 27% 34% -2% 2% 45%
Madbury
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
32 46 $430,763 $358,500 $1,000,000
31 56 $460,490 $399,900 $997,500
Change -3% 22% 7% 12% -0.3%
Tax Rate: $29.98
Significant Sale: Durham $659,000 | September 2018 Listed & Sold by Tate & Foss Sotheby’s International Realty
Durham may soon become the retirement center of the Seacoast, if it isn’t already. The Riverwoods complex is rising at the intersection of Route 108 and Route Four. When these units are ready, we should see a significant migration out of local existing single family and condominium units onto the Riverwoods campus. That fact alone should keep supply plentiful and prices moderate. UNH remains the big draw here, along with an Amtrak stop. The Oyster River School system is often cited as best in the state. If Durham could moderate its property taxes, the area would become a whitehot real estate market. Not that it already isn’t. This was the only region that compared positively to 2017 in every category with the exception of a minor increase in DOM. Sales jumped 8% over last year including a 27% increase in Lee. Lee, in fact, saw its biggest sale in modern history at $1.16 million and Newmarket, its largest in two years. Durham recorded a $1.75 million transaction on Wine Cellar Road, the biggest sale in nine years there. It also happened to be a Tate & Foss SIR listing. Only Madbury saw median prices decrease and that by a modest 3%. Still, for all its sales activity and relatively affordable median sales price of $344,500, the region only appreciated by a collective 1%--least of all our market areas. For that we will blame abundant inventory, caused in part by the Riverwoods phenomena and higher local property taxes. BROWSE ALL MLS LISTINGS AND LEARN MORE ABOUT THE MARKET AT LIVESEACOAST.COM
MARKET WATCH • 14
Greater Seacoast Lakes Area
Barrington • Northwood • Nottingham • Strafford
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$311,961 Number of Homes Sold
406 Days on Market
50 15 • MARKET WATCH
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Nottingham
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
99 58 $326,796 $335,000 $699,900
100 46 $326,439 $323,000 $713,000
Change 1% -21% -0.1% -4% 2%
Northwood
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
85 67 $231,849 $235,000 $465,000
82 62 $273, 143 $255,950 $690,000
Tax Rate: $22.64 Strafford
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
66 53 $269,359 $258,900 $750,000
53 27 $337,449 $309,900 $695,000
Tax Rate: $23.63
Change -4% -7% 18% 9% 48%
Tax Rate: $25.68 Change -20% -48% 25% 20% -7%
Barrington
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
165 71 $288,393 $290,525 $592,475
171 55 $314,209 $310,000 $875,000
Change 4% -24% 9% 7% 48%
Tax Rate: $24.78
Significant Sale: Strafford $405,000 | August 2018 Sold by Tate & Foss Sotheby’s International Realty
We introduce a new market area with this issue of Seacoast Market Watch. Having experienced some 406 transactions, this region was fifth busiest of our eight micro markets. The area has become home port to buyers seeking affordable property and both “country” and lakeside living. The in-migration from pricier markets, has spawned infrastructure development that has taken away the inconvenience of rural living. Here, perhaps more intensely so than in other markets, bidding wars were a summer-long staple. Days on the market dropped 22% from last year, third biggest drop among all our markets. Rural Strafford saw homes sell at an average of 27 days, fastest anywhere among our micro market towns except Rye Beach which had only three sales. Strafford, in fact, posted a median sales price jump 20% to a still-modest $309,900 even though sales volume plummeted 20%. With median sales prices up a combined 9%, the region broke sales records of anywhere from five to 16 years in Barrington, Northwood and Nottingham.
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MARKET WATCH • 16
Eliot and The Berwicks
Berwick • Eliot • North Berwick • South Berwick
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$305,349 Number of Homes Sold
404 Days on Market
49 17 • MARKET WATCH
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Berwick
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
117 44 $230,139 $230,000 $449,000
114 40 $251,186 $236,500 $460,00
Change -3% -9% 9% 3% 2%
Eliot
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
101 63 $355,353 $338,515 $850,000
112 62 $387,236 $350,00 $1,100,000
Tax Rate: $17.15 North Berwick
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
90 34 $235,399 $229,750 $499,000
68 63 $263,230 $264,500 $670,000
Tax Rate: $12.90
Change 11% -2% 9% 3% 29%
Tax Rate: $14.70 Change
South Berwick
2017
2018
-24% 83% 12% 15% 34%
Number of Sales Days on Market Average Price Median Price Highest Price
112 48 $277,686 $275,000 $605,000
110 38 $304,144 $290,500 $700,00
Change -2% -21% 10% 6% 16%
Tax Rate: $19.30
Significant Sale: South Berwick $490,000 | September 2018 Listed by Tate & Foss Sotheby’s International Realty
As we noted back in July, this micro market was probably hardest hit by the Great Recession and has been slow to recover. At mid-year, the buying public had noted the huge delta in median sales prices between this area and Greater Portsmouth. With a regional median sales price of $284,950, the area is priced $267,700 less than Greater Portsmouth and about $100,000 less than Greater York. Nevertheless, the general second-half slowdown affected every town but Eliot which finished 11% ahead of 2017. With the outstanding Marshwood School system and the aforementioned price difference, buyers couldn’t resist this attractive alternative. A $1.1 million waterfront sale established a 12-year high for the community. North and South Berwick, despite being off in sales volume, respectively experienced 15 and six percent median price increases. Important transactions in these communities set new six-year highs. On the down side, North Berwick’s DOM expanded to 63 days, or 83 percent, the worst setback in that category of any micro market town. The region, as it always has, continues to battle Maine’s income taxes versus New Hampshire’s taxfree environment. Still, every town saw median price increases as the region continues to shake off the ravishes of the Great Recession. BROWSE ALL MLS LISTINGS AND LEARN MORE ABOUT THE MARKET AT LIVESEACOAST.COM
MARKET WATCH • 18
Southern York County Coast
Kennebunk • Kennebunkport • Kittery • Ogunquit • Wells • York
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$467,893 Number of Homes Sold
1247 Days on Market
78 19 • MARKET WATCH
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Kennebunk
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
246 70 $381,534 $321,500 $2,200,000
247 73 $390,228 $351,500 $1,540,000
Change 0.4% 5% 2% 9% -30%
Kennebunkport 2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
89 112 $693,973 $650,000 $2,412,500
100 110 $718,358 $584,000 $3,550,000
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
136 46 $448,320 $359,950 $3,475,000
131 49 $440,768 $388,400 $2,625,000
Change -4% 7% -2% 8% -24%
Ogunquit
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
64 90 $562,955 $509,900 $2,250,000
76 66 $599,737 $568,750 $1,500,000
Tax Rate: $16.80 Wells
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
384 89 $322,860 $307,865 $2,310,000
390 77 $363,923 $303,600 $2,800,000
Tax Rate: $10.32
-11% 2% -3% 11% -32%
Tax Rate: $8.76
Tax Rate: $17.50 Kittery
Change
Change 19% -26% 7% 12% -33%
Tax Rate: $7.91 Change 2% -14% 13% -1% 21%
York
2017
2018
Number of Sales Days on Market Average Price Median Price Highest Price
327 79 $485,845 $395,000 $3,700,000
314 91 $573,446 $454,500 $5,470,000
Change -4% 16% 18% 15% 48%
Tax Rate: $11.15
Significant Sale: Kittery $852,000 | May 2018 Sold by Tate & Foss Sotheby’s International Realty The region got off to a strong start in the first half of 2018 but finished with an overall 1% dip in sales volume. Ogunquit was the clear exception with 19% more sales despite a 12% hike in median sales price to $568,750—second to Kennebunkport’s $650,000. Ogunquit, with a thriving nightlife, beaches, theater and strong seasonal market is the economic engine to surrounding communities. Abutting Wells had the second most sales of any micro market with 390 transactions. Both of these towns saw decreases in Days on the Market, while other communities were taking longer than 2017. There were huge sales in all of these towns, four in excess of $2 million. Yet only Wells and York had individual high sales prices exceeding 2017. Both were modern records for each town. York, a bellweather community in this market, had the second most sales and the biggest at $5,470,000. With good schools, first rate golf and tennis, beautiful beaches, a strong seasonal population and a sheltered harbor, the area has thrived in the post-recession era. York’s median sales price jumped 15% to $454,500, the biggest improvement for this area. BROWSE ALL MLS LISTINGS AND LEARN MORE ABOUT THE MARKET AT LIVESEACOAST.COM
MARKET WATCH • 20
Luxury
Offered for Sale
151 Atlantic Avenue, North Hampton, NH
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$1,558,040 Number of Homes Sold
175 Days on Market
138 21 • MARKET WATCH
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NUMBER OF SALES DAYS ON MARKET AVERAGE PRICE MEDIAN PRICE HIGHEST PRICE
2017
2018
Change
147 128 $1,662,386 $1,350,000 $5,476,343
175 138 $1,558,040 $1,325,000 $5,470,000
19% 8% -6% -2% -0.1%
Significant Sale: Portsmouth $1,400,000 | July 2018 Listed by Tate & Foss Sotheby’s International Realty
Significant Sale: Portsmouth $1,950,000 | May 2018 Listed by Tate & Foss Sotheby’s International Realty
Significant Sale: Portsmouth $3,697,500 | January 2018 Listed & Sold by Tate & Foss Sotheby’s International Realty
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Number of Luxury properties sold by TFSIR in 2018 Average sales price
$2,004,853
37% of all Luxury sales were in the
Greater Portsmouth Area
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MARKET WATCH • 22
Waterfront
Offered for Sale
120 Wild Rose Lane, New Castle, NH
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$792,848 Number of Homes Sold
317 Days on Market
92 23 • MARKET WATCH
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NUMBER OF SALES DAYS ON MARKET AVERAGE PRICE MEDIAN PRICE HIGHEST PRICE
2017
2018
Change
334 111 $752,452 $508,373 $5,476,343
317 92 $792,848 $560,000 $5,470,000
-13% -16% 10% 16% -0.1%
Significant Sale: Rye $2,460,000 | September 2018 Listed by Tate & Foss Sotheby’s International Realty
Significant Sale: North Hampton $2,200,000 | November 2018 Listed & Sold by Tate & Foss Sotheby’s International Realty
Significant Sale: Portsmouth $1,025,000 | August 2018 Listed by Tate & Foss Sotheby’s International Realty
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Number of Waterfront properties sold by TFSIR in 2018 Average sales price
$1,634,625
34% of all Waterfront sales were above $750,000
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MARKET WATCH • 24
Historic & Antique
53 Austin Street, Portsmouth NH
Offered for Sale
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$435,081 Number of Homes Sold
378 Days on Market
81 25 • MARKET WATCH
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NUMBER OF SALES DAYS ON MARKET AVERAGE PRICE MEDIAN PRICE HIGHEST PRICE
2017
2018
Change
385 70 $430,406 $330,000 $3,700,000
378 81 $435,081 $323,500 $5,200,000
-7% 13% 4% -0.5% 41%
Significant Sale: New Castle $5,200,000 | September 2018 Listed by Tate & Foss Sotheby’s International Realty
Under Contract: Portsmouth Listed by Tate & Foss Sotheby’s International Realty
Significant Sale: North Hampton $2,840,000 | July 2018 Sold by Tate & Foss Sotheby’s International Realty
10
Number of Historic & Antique properties sold by TFSIR in 2018 Average sales price
$1,456,611
42%
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of all Historic & Antique sales above $700,000 were in the Greater Portsmouth Area
MARKET WATCH • 26
Farm & Equestrian
Exeter, New Hampshire
Coming Soon
2018 At a Glance
Number of Sales
Days on Market
Average Price
Median Price
Highest Price
Average Sales Price
$450,931 Number of Homes Sold
125 Days on Market
72 27 • MARKET WATCH
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NUMBER OF SALES DAYS ON MARKET AVERAGE PRICE MEDIAN PRICE HIGHEST PRICE
2017
2018
Change
141 77 $495,714 $365,000 $5,476,343
125 72 $450,931 $383,000 $1,750,000
-18% -4% -6% 5% -68%
Significant Sale: Durham $1,750,000 | December 2018 Listed by Tate & Foss Sotheby’s International Realty
Coming Soon: Newfields Listed by Tate & Foss Sotheby’s International Realty
Offered for Sale: Exeter $975,000 Listed by Tate & Foss Sotheby’s International Realty
3
Number of Farm & Equestrian properties sold by TFSIR in 2018 Average sales price
$1,118,483
47%
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of all Farm & Equestrian sales above $500,000 were along the Southern York County Coast
MARKET WATCH • 28
Our Team
Karen Butz Webb Sales Associate c 603.475.1135
Cindy Gunn Sales Associate c 603.966.6031
Katie Fontana Sales Associate c 603.502.6890
Robyne Harrison Sales Associate c 603.918.6093
Heather Heigis Sales Associate c 603.817.5605
Mary Beth Hixon Sales Associate c 603.548.5380
Travis Holland Associate Broker c 207.240.7499
Tony Jalbert Principal Broker c 603.498.6241
Lynne Joyce Associate Broker c 603.591.8489
Manuela Kutzer Sales Associate c 603.828.2195
Inge E. Milde Sales Associate c 603.301.5115
Brett Mulvey Sales Associate c 603.396.6098
Carol Parker Sales Associate c 978.407.0670
Jenifer Parker Sales Associate c 603.498.0555
Sharon Parker Sales Associate c 603.828.1705
John Rice Associate Broker c 603.498.4034
Barb Shea Sales Associate c 603.498.2115
Andrea Swanson Sales Associate c 603.498.8978
Ned Tate Associate Broker c 603.531.1040
Jaynee Whitney Sales Associate c 603.380.5140
29 • MARKET WATCH
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TOP 10 REASONS TO LIST WITH TATE & FOSS SOTHEBY’S INTERNATIONAL REALTY
1
2
LEGACY
BRAND
Sotheby’s has been uniting collectors with worldclass works of art since 1744. That legacy is alive in the collaboration that exists between the auction house and realty, and all that is done to leverage our brand’s rich history, heritage and sophistication within the global markets we serve.
Sotheby’s is a rare brand that instantly evokes quality, service and an appreciation of truly valuable items. This positioning allows us to connect with affluent consumers who share in our brand vision and commitment to excellence.
3
4
PEOPLE
NETWORK
Our sales associates, staff and partners contribute to our success every day. Our team is exceptionally experienced and our associates are highly qualified advisors who go above and beyond to facilitate all of our clients’ real estate needs.
Sotheby’s International Realty represents the only true, worldwide real estate network. Thousands of office-to-office referrals are processed every year and many events are held to ensure that our associates establish great business relationships within the network.
5
6
MARKETING
REACH
Sotheby’s International Realty has an extraordinary domestic and international marketing plan, which incudes. partnerships with leading media such as the Wall Street Journal, New York Times and Architectural Digest to provide the best exposure for SIR listings.
With an outstanding brand, a robust marketing plan and a strong network, we have unparalled reach to qualified home buyers. Tate & Foss Sotheby’s International Realty associates are able to tailor their plans to target an array of unique buyer profiles.
7
8
STANDARDS
SERVICE
Our property marketing is developed with the highest standards in mind. High-resolution imagery, eloquent description writing and impeccable presentation are essential to every Tate & Foss Sotheby’s International Realty listing.
Our high standards are not marketing specific. Tate & Foss Sotheby’s International Realty sales associates pride themselves in offering white-glove service from beginning to end, establishing longlasting relationships with their clients.
TRACK RECORD
9
OVERALL EXPERIENCE
Over the last 40+ years, Tate & Foss Sotheby’s International Realty has developed an impressive track record, closing many significant sales. We have a reputation for selling a majority of the Seacoast’s unique, luxury and waterfront properties across all price points.
All prior points combine to create an outstanding, seamless client experience. For hundreds of years, the Sotheby’s brand has grown and excelled due to its respect for tradition and focus on innovation. Tate & Foss Sotheby’s International Realty is no exception.
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MARKET WATCH • 30
566 Washington Road • Rye, NH 03870 603.9 64.8028|LIVESEACOAST.COM