Portsmouth NH Real Estate Report August 2010

Portsmouth NH Real Estate Market Activity Report

A comparison of homes sold data for the last four years and the last 12 months will show us where the Portsmouth NH Real Estate market trends are. 2006 saw 316 homes sold with an average days on market of 92 days. In 2007, the number of homes sold grew 4% to 329 homes sold in an average of 81 days. In 2009, the number of homes sold plunged 22% to only 257 with average days on the market at 94. Another 11% less or 229 homes sold in 2009 with an average days on the market at 103. Within the last 12 months we see the number of homes gain the 11% back at 255 and the number of days on the market ease to 95.

Portsmouth NH Real Estate Average Sales Price

Average sales price for 2006 was at $337,061 and increased in 2007 at $345,089. With lessened demand in 2008, average sales price dropped a meager 2% to $341,393. With only 229 homes selling in 2009, the average sales price plunged 8.3% to $313,001. Surprisingly, over the last twelve months, the average sales price has climbed to levels exceeding the peak of the market in 2007 to chime in at $351,501.

Portsmouth Nh Real Estate Trend

There is no doubt the Federal Home Buyer Tax Credit (now expired) did its best to prop up a sluggish real estate market. Unfortunately, the Tax Credit was an artificial component of the market and had its un-natural effects. As we wait for the market to return to normalcy, the demand for Portsmouth NH real estate remains high and is out performing the state average. Buyers understand the lowest interest rates in decades and lots of inventory puts their purchase power is at its peak.

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