New Hampshire and Maine Homes and Condos

Portsmouth New Hampshire Homes and Condos Real Estate Market Update - August 2008

Real estate markets are really super local, no matter what you read or hear from the media.  What’s happening in markets in other areas may not be anything like what’s happening in your own local real estate market.  Statewide reports don’t tell you about your local market, and neither do county real estate reports.  There are even pockets within any given town that will show different real estate activity than the city/town market report shows.

New Hampshire’s Seacoast towns vary widely at times in real estate activity.  To find out the broad market updates from January to August, check out the latest Seacoast real estate homes and condos update.

The homes real estate market in Portsmouth has been busy, and some areas within the city of Portsmouth are busier than others.  The condo real estate market in Portsmouth has been quite busy, as Portsmouth is a terrific condo town for those buyers looking for the lifestyles that condos and townhomes provide.

August 2008 Portsmouth NH Homes Activity (MLS):  

Total Homes For Sale:                                        79 homes
Total New Homes Listed Aug:                              15 homes
Total Homes Sold in Aug:                                   11 homes
Total Homes Sale Pending Aug:                           8 homes
Total Homes That Didn’t Sell Aug:                        9 homes

Average Selling Price of Homes Sold Aug:              $377,409
Average Days on Market for Homes Sold Aug:        62 days
Average List Price to Sold Price Ratio:                    97.27%

Average Asking Price of Homes For Sale:               $550,385
Average Days on Market of Homes For Sale:          110 days
Average Asking Price of Homes Sale Pending:        $428,062
Average Days on Market of Sale Pending Homes:   108 days

August 2008 Portsmouth NH Condos Activity (MLS):

Total Condos For Sale:                                        106 condos
Total New Condos Listed Aug:                               25 condos
Total Condos Sold Aug:                                       15 condos
Total Condos Sale Pending Aug:                           11 condos
Total Condos That Didn’t Sell Aug:                        16 condos

Average Selling Price of Condos Sold Aug:             $371,353
Average Days on Market For Condos Sold Aug:       160 days
Average List Price to Sold Price Ratio:                    95.94%

Average Asking Price of Condos For Sale:               $454,191
Average Days on Market of Condos For Sale:          130 days
Average Asking Price of Condos Sale Pending:        $278,155
Average Days on Market of Sale Pending Condos:   108 days

Now that you’re armed with all these numbers, what does it all mean to you, as Portsmouth NH homeowners?

– Thinking about selling your Portsmouth home or condo?  If you are, you can expect your home to take about 62 days to sell, and you can expect to receive about 95-96% of your asking price, assuming you’ve priced your home realistically to start with.  You can expect your condo to take about 160 days to sell, and you can expect to receive 95-96% of your asking price.

–  These numbers are showing that we have about a 7 month supply of homes currently on the market for sale in Portsmouth, and we have about a a 7 month supply of condos for sale in Portsmouth as well.  This is called the absorption rate, and means that if no other Portsmouth NH homes or condos come on the market for sale, it will take approximately 7 months to absorb the homes and condos on the market right now.  Pricing your home or condo properly in the beginning will be crucial to make sure you don’t fall into the 7 month window to sell.

– If you’re thinking about buying a home or condo in Portsmouth, you’re in a great market, both for timing and for what Portsmouth has to offer.  Your choices in housing are great and there are some great buying opportunities in the market.   And if you’ve been in the market and have found that perfect house or condo, only to have another buyer snap it up, you know that properly priced real estate is selling pretty quickly. 

Portsmouth NH is just a fabulous place to call home, and if you’d like to make it your home, too, I’d like to help you do just that!

If you’re interested buying or selling Portsmouth NH real estate, call me today at 1-888-349-5678 x 3839, or send me an email, and let’s talk real estate!

 
            
   


                                  
  Ann Cummings, New Hampshire REALTOR
  RE/MAX Coast to Coast
  Portsmouth NH
  ann@anncummings.com
  888-349-5678 x 3839
  Servicing the Coastal Areas of NH & Southern Maine                    



                                    

Real estate market information used for this report is provided from NNEREN, Northern New England Real Estate Network, the Multiple Listing System (MLS) that services all of New Hampshire and parts of Maine, Vermont and Massachusetts.