About Rockingham County, NH

Portsmouth New Hampshire Real Estate Market Update - November 2008

Everyone, it seems, is always interested in how the local Portsmouth real estate market is doing, even if they aren't in the market, either buying or selling homes or condos. How the real estate market is doing seems to have great impact on many other aspects of local economies, and we all care about that.

Someone is always looking to buy or sell real estate, and/or they know someone who is thinking about buying or selling real estate. I get asked about real estate and the local real estate market all the time. I love helping people achieve their real estate goals, so I never tire of these conversations!

So, how did the real estate market for homes in Portsmouth NH do for the month of November 2008?

• Currently, we have 69 homes offered for sale through the Multiple Listing Service (MLS), and 7 of those homes were new listings this month. The average asking price was $326,150, and the average days on the market for these homes has been 112 days.
  
  
• During the month of November, we saw 9 Portsmouth homes go under agreement/sale pending. The average asking price of those homes was $302,978, and the average days on the market for those homes was 138 days.
  
  
• We saw 11 homes in Portsmouth sell/close during November, and the average sold price of those homes was $384,491. The average days on the market for those homes was 78 days. Those sellers who sold their homes in November received, on average, 96% of their last asking prices.
  
  
• During the month of November, the listings on 7 Portsmouth NH homes expired without selling. The number one reason most homes don't sell during their listing period is they were priced incorrectly for the market and/or condition of the home. And most likely, these 7 homes didn't sell because they weren't priced correctly, and buyers didn't see them as a good value for the money.
  

When thinking about selling your home, one very important fact to know about your market is the absorption rate. The absorption rate will tell you how long it will take for the current inventory of homes in Portsmouth NH to be absorbed by the market if no other homes come on the market. The absorption rate for November 2008 was just over 6 months, which is a little higher than last month and a little less than the month before. If you want your home sold, you need to know this number to help you price your home accordingly.

Thinking about making Portsmouth New Hampshire your home? Call me today at 603-431-1111 x 3839, or send me an email at ann@anncummings.com, and let's talk real estate!

Related Reading:

Seacoast New Hampshire Real Estate Market Reports
Absorption Rates and Why They're Important to Know

Pricing Your Portsmouth NH Homes and Condos Correctly for Todays Market

Pricing Your Home To Sell

Ann Cummings, New Hampshire REALTOR
RE/MAX Coast to Coast
Portsmouth NH
ann@anncummings.com
1-888-349-5678 x 3839
Servicing the Coastal Areas of NH & Southern Maine

Thanksgiving is that time of year for me to reflect what I am most thankful for. The Pilgrims celebrated the first Thanksgiving to give thanks for the bounty they had harvested and as a way their community to come together. Today we come together as family and friends to celebrate this tradition, so in this spirit here is what I am thankful for:

1) I have a wonderful wife, three boys, my mother and two dogs living with me in a nice house in a wonderful neighborhood.

2) We all have our health.

3) We have great friends who we care about and who care about us.

4) I love my job and enjoy helping people.

5) I've reconnected with a nephew I lost contact with and he is over my house for this Thanksgiving.

6) I'm almost 46 and still have all my own hair!!

There are more things that I could probably list, but these five items are the things I'm mostly thankful for, so what are you thankful for?

The best way to try and show you what the Hampstead NH real estate market is doing is to create an Absorption rate chart for you. Hampstead NH Absorption rate Oct 2008... not a pretty picture. Currently there is a 21.7 month supply of homes on the market. This is based on sold data with no price range or size restrictions. If you narrowed it down to a specific price point and size it would narrow significantly.

For example using the same time frame but adding the price range of $250,000 to $299,900 the chart would narrow down to 13 + months of inventory. 13 plus months is still pretty high. If you compare it to a year ago we're doing a little better. Which is a good thing!

disclaimer....

All reports presented are based on data supplied by the Massachussets Real Estate, Boston Real Estate and New Hampshire Real Estate or their MLSs. Neither the Associations nor its MLSs guarantee or are in anyway responsible for its accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed. COPYRIGHT © TRENDGRAPHIX, INC

When it comes to agricultural fairs, the community of Stratham, New Hampshire, takes theirs very seriously.

This year July 24 - 27 at Stratham Hill Park the 41st annual Stratham Fair will be held and attendance is expected to be over 25,000 people.

The fair started out as a small lobster bake to thank the volunteer fire department and has become a huge charity event that benefits many local organizations.

Entertainment, in addition to the usual games and rides of the midway, include performances on two stages, baking competition, pie eating contest, Miss Stratham Fair pagent, a Fine Arts and Crafts exhibit, a road race, and a Fireworks display on Sunday night as a finale to the fair.

In traditional fashion, you will find 4H Shows and agricultural exhibits.

In addition to the food delights of the Midway and the traditional lobster bake, a barbeque and a lasagna supper are also scheduled.

The very reasonable price of admission is $7 daily. Children 6-12 and Seniors 65+ are just $4 daily.

Children under 6 are Free.

Grandparents get in Free on Thursdays.

Military personnel and dependents get in free on Fridays. Group rates and discounted tickets for Stratham residents are available.

Parking is Free.

For info including Event Schedule, Admission Specials, directions and more visit the Stratham Fair website.

Lawrence Yun, NAR chief economist noted in October that, "A trend away from subprime mortgages to FHA loans, which often carry much lower interest rates, is a positive development for consumers and the house market going forward. Still, it will take some time for the change to yield a measurably higher closed sales volume in the aftermath of the subprime collapse. In the near term, we expect home sales to remain fairly stable." As real estate markets are local, here's what happened in the Hampton market in October:

19 homes sold in the Hampton area in October:

- 8 single family homes,

- 10 condos, and

- 1 mobile home.

Year-to-date, 234 homes have sold in Hampton:

-126 single family homes

- 93 condos, and

- 15 mobile homes

In addition, 16 Hampton area homes are pending with active contracts.

For more real estate information, check out my website www.SeacoastHomesForYou.com , or to receive a FREE on-line market analysis on your home check, out www.GetFreePropertyValues.com.