Blog :: 11-2019

October Sees 13 Million-Dollar Home Sales on Seacoast

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Seacoastonline, Posted Nov 14, 2019 at 6:41 PM

PORTSMOUTH -- For the second time in three months a record monthly high-end sales volume of million-dollar homes was in the Seacoast Board of Realtors 13 sample Seacoast towns.

The towns are Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.

Thirteen sales topped the million-dollar mark in October, breaking the old record of 12 set in August. The transactions included two sales more than $2.2 million, both on the ocean, one in Seabrook, the other in Rye. Those closings pushed the monthly median sale price to $510,000, highest since May and the fourth time this year that median prices have exceeded $500,000.

For the first 10 months of 2019 total sales are up 3.2% as is the median sale price of $480,000, a 3.2% improvement from last year.

Still, it was the slowest month since April for single family sales, which fell 7. 8% from last month and 20.1% from last year. Condominium sales, conversely, pretty much stayed the course, with monthly volume exceeding September totals by three, but trailing last year by three.

Condo sales for the year are off 5.7% but the median sale price is up 4.2% at $333,000.

Available inventory has become an issue again with inventory off 9.9% from last year at 318 units, lowest since May.

“Despite declining single-family sales, our real estate market continues to be a solid performer,” said Kathy Ahlin, president of the Seacoast Board of Realtors. “Nothing says ‘consumer confidence’ more than record high-end sales.”

NAR Just Made a Ruling that Consumers Should Understand

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Consumers of real estate services may not know their options. 

Click here to read a recent article in Inman, an industry trade publication. 

The article states a recent ruling made by the National Association of Realtors, our governing body, whose mission is to assist its members in "becoming more profitable and successful."  The ruling is known as the Clear Cooperation Policy, which will require listing brokers to submit a listing to the multiple listing service within one business day of marketing a property to the public.

Public marketing includes, but is not limited to, flyers displayed in windows yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public. 

How will this change the way we do business? It shouldn't change things drastically. Right now, if a seller doesn't want their property listed in the MLS that is their choice and the Realtor must abide. However if this is the seller's decision, under the new rule the listing cannot be marketed to the public if it's not marketed in MLS. The best example I can think of is the "Coming Soon" sign. So, if you want to put a "Coming Soon" sign out that is fine, but the listing must now be in MLS within one business day of the sign going in the yard. 

Why? NAR board members took the position that if the property is not in MLS but being marketed in other ways then the listing agent may not be meeting their fiduciary responsibility to their client because, for example: what if the sign is in the yard and an offer comes in. And the seller accepts the offer. But the property was not fully vetted by the public. How can the listing agent assure the seller that this offer was the highest and best terms? Only with maximum exposure can they be sure. 

The opposing position is, what if a client wants privacy and therefore wishes to not list in MLS. This is fine. And it's also fine to market within a firm, an exclusive, if this is what the seller wants and understands it's not a public offering. But in this case it can't be marketed to the public, in the ways described above, without being marketed in MLS. 

The privacy concern seems a non-issue since there are public deeds, tax records, Google Maps, etc. and the MLS will not provide any additional information about the owner and location than what's already deemed public. 

As a consumer, you need to know what your options are and what your broker intends to do as a Fiduciary. Not to mention there is the option of the broker NOT being a Fiduciary.

Want to know more? Ask us!

RE/Max Rising Tide Welcomes Anthony Sillitta and AMG Property Management

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RE/MAX RISING TIDE AFFILIATES WITH PROPERTY MANAGEMENT GROU AMG

It’s my pleasure to introduce Asset Management Group (AMG) as a partner company to the Madden Group-Re/Max Rising Tide.  

Overseen and managed by Anthony Sillitta,  Anthony and AMG bring a personalized approach to investment property management.  AMG specializes in managing multi-unit properties for property owners who enjoy having the extra source of revenue but who do not wish to manage the day-to-day details of the landlord/tenant relationship.

Anthony comes to us with over 15 years of experience as a Real Estate professional in the Seacoast area. 

Before joining Madden | Re/Max Rising Tide Anthony obtained his Principal Broker’s License and operated his own brokerage in Dover NH.  Over the years Anthony has enjoyed working with buyers and sellers and has managed a number of investment properties in the Portsmouth, Dover, and Durham markets.

Anthony’s approach is to meet with the property owner to discuss their needs and over goals for their property.  From that discussion Anthony will create a personalized letter outlining the areas that AMG can help to achieve those goals.

A free service Anthony will offer during your initial conversation is a quick review of your current lease.  Many landlords are not aware of some basic State and Federal regulation that if not properly addressed in the lease can present an immediate legal issue for the property owner.

If you’d like to sit and meet with Anthony please feel free to call his personal phone at (603) 557-0537 or send an email to asillitta@gmail.com

AMG’s mission is to minimize the areas of property ownership that are not enjoyable to the landlord and to assist in navigating the difficulties of investment property management.

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Anthony Sillitta, Licensed Broker and President of AMG