Portsmouth condo, Seabrook beach home sell for millions amid record-low sales volume
SEABROOK — Condominium sales in the Seacoast outpaced the single-family home market out of the gate in 2024. Thirty-six condos changed hands in January, a handful more than the 32 single-family home sales.
Though not unexpected, the Seacoast real estate market as a whole got off to a sluggish start in the new year with its lowest January performance in at least 14 years, according to the Seacoast Board of Realtors.
“January volume, and for that matter February, is traditionally among the lowest for the selling year,” said Lynn Lagasse, president of the Seacoast board. “We continue to see the law of supply and demand push sale prices upward.”
The highest-selling home of the month was a $3.425 million condo on the Portsmouth waterfront, a three-bedroom unit in the Granary Condominiums building on Market Street, a luxury condo hotspot.
The property is now among the four highest-priced condominium sales on record in Portsmouth.
The region’s top single-family home sale in January was a four-bedroom, four-bathroom waterfront property at 219 Atlantic Ave. in Seabrook, which closed for $3,393,500. The residence features gas fireplaces, a covered porch, deck, two-car garage and an outdoor hot tub.
The board reports the sale of the Atlantic Avenue home cracked the list of the five costliest homes to ever sell in Seabrook.
“(This is a) rare opportunity to buy on the beachfront on Seabrook with this shingle-clad, 1997 custom-built waterfront home sited in the exclusive Atlantic Avenue neighborhood of custom homes and multi-million dollar waterfront estates,” read the listing for the now-sold home.
The Seacoast Board of Realtors collects single-family home and condominium sale data from 13 local communities: Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.
Will Seacoast home sales rise in 2024? Here’s why real estate pros are optimistic
Tate & Foss Sotheby’s International Realty associate broker John Rice, the board’s statistician, noted the 32 Seacoast homes sold last month was the lowest January total since the board’s data collection began in 2010. The median cost of a Seacoast single-family home for the month was $683,750, a 12% increase over all homes sold in January 2023, while the volume of sales was down 33% year-over-year.
At month’s end, there were only 22 pending single-family home transactions, the all-time record low for any month dating back to 2010.
“The Seacoast board had just 56 active single-family listings at month’s end, a January record low,” Rice’s report states.
The condominium market had a banner month, with 36 units selling and the median price landing at $670,450, a 1.2% price increase year-over-year. Sales were up big relative to January 2023, with last month’s sales representing a 71.4% increase.