A Portsmouth penthouse condominium sold for $5.825 million, topping the list of highest-priced condos and single-family homes in the Seacoast in September.
The three-bedroom, four-bathroom condo at 233 Vaughan St. set the record for the most expensive condominium sold in Portsmouth, according to the Seacoast Board of Realtors. The 4,256-square-foot rooftop unit has views of the downtown area, the riverfront and neighboring Kittery, Maine.
The property sold for $75,000 over its listing price, according to John Rice, a Tate & Foss Sotheby’s International Realty broker who is the statistician for the Seacoast Board of Realtors. The condominium was sold by Carey and Giampa Realtors.
“It’s an incredible property, (with a) direct entry elevator, high ceilings with very commanding views from every room, and two outdoor decks. Everything about the space was custom,” said Jim Giampa, a co-founder and broker at the business.
The region’s six highest-selling condominiums in September were all located in Portsmouth.
The Seacoast Board of Realtors compiles real estate transaction data from 13 area municipalities: Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.
In September, 73 single-family homes sold throughout the Seacoast, with the highest-priced sale in North Hampton at 22 Ocean Blvd. The four-bedroom, five-bathroom home sold for $3.35 million, one of 18 residences that closed for at least $1 million.
The median price of homes sold last month was $700,000, a 6.7% decrease from September 2023. The median price of all homes sold so far in 2024 is $829,000, up 12% from the first nine months of last year.
Two single-family homes sold for less than $400,000 last month, while 34 changed hands for between $400,000 and $700,000. An additional 19 homes sold within the $700,000 to $1 million range.
Through September, a total of 530 single-family homes have sold in the Seacoast this year, according to Rice. Active single-family home inventory hit a nearly five-year high at the end of September with 168 houses on the market — the most since January 2020.
The Seacoast condominium market is similar, as September ended with 129 condominiums listed on the market, the most since February 2020.
“It’s great to see an increase in listings, however modest,” said Lynn Lagasse, president of the Seacoast Board of Realtors, in a prepared statement. “Buyers have more choices and can finance now at a lower interest rate.”
The Federal Reserve dropped interest rates by half a percentage point last month, an anticipated cut announced on Sept. 18. The central bank’s targeted benchmark range for interest rates now stands at 4.75% to 5%.
“Recent indicators suggest that economic activity has continued to expand at a solid pace,” the Federal Reserve’s announcement stated in part. “Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee’s 2% objective but remains somewhat elevated.”
Bankrate, a New York City-based consumer financial services company, reported the national average interest rate for a 30-year fixed loan was 6.25%. In May, interest rates were an average of 7.35% nationally.
Fifty-eight condominiums sold in the Seacoast last month with a median price of $568,250, a 4.4% decrease from September 2023.
The median price of all 442 condominiums sold in the Seacoast for the year through September is $595,000, a 7.4% jump from the first nine months of 2023.
Eight area condos sold for less than $300,000 last month, while 24 sold for between $300,000 and $600,000, according to Rice. Twenty units sold for within $600,000 and $1 million, in addition to the six seven-figure condos sold in Portsmouth.
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