PORTSMOUTH—The double whammy of low inventory levels and high interest rates combined to produce the slowest November for sales of single-family homes in the 13 Sample Seacoast Towns since 2011.

The 13 Sample Seacoast Towns are Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook, and Stratham.

Single-family sales were off 23.6% from a year ago while the monthly median sale price climbed to $822,500, the second highest behind July’s record $911,500. Almost 38% of the 58 transactions were for a $1 million dollars or more. Those 22 transactions tied a November record set last year. There were only 33 pending sales in the month, the fewest ever for November.

The biggest single-family sale for the month came at 255 Gosport Road in Portsmouth, a 6,838 s.f. residence which closed at $3.8 million dollars. A sale at 183 Portsmouth Ave., New Castle, also topped the $3 million mark, closing for $3.25 million dollars.

For the first 11 months of 2023, single-family sales are now off 23.7% while the median price is a hefty $740,000, up 17.4% from a year ago.

The 49 condominium sales for the month are off 18.3% from a year ago and is the lowest November sales total since 2018. Like single-family sales, a hefty 13 of those transactions (26.5%) were for $1 million or more, a new monthly record. The monthly median of $679,000 is a new record as well, up 16.1% from a year ago.

The biggest sale for the month came in Portsmouth, a waterfront 5,618 s.f, unit at 117 Bow Street for $5.69 million dollars. Sales at 175 Market Street, Portsmouth and 167 Little Harbor Road, New Castle, closed at $3.15 million and $4.6 million dollars, respectively.

For the year condominium sales are off 14.2% from a year ago, while the median sales price is up 8.8% at $561,889.

“Despite contrasting numbers, the confidence buyers have in Seacoast real estate remains obvious,” said Jessica Ritchie, president of the Seacoast Board of Realtors. “Prices remain strong, and demand is high, especially for cash buyers.”