Portsmouth, 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

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 Portsmouth market in October:

19 homes sold in Portsmouth in October:

- 5 single family homes, and

- 12 condos, and

- 2 mobile homes.

Year-to-date, 236 homes have sold in Portsmouth, NH:

-107 single family homes

-120 condos, and

- 9 mobile homes

In addition, 18 Portsmouth 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.

The Portsmouth Book Club

This coming Tuesday we will be meeting at the Coat of Arms at 7pm to discuss The Great Gatsby by F. Scott Fitzgerald. You still have time to read it! It is a short read so pick it up and come along! Everyone is invited and encouraged to participate.

You don't have to be a member, but if you would like to sign up and receive regular announcements as to book selections and changes in venues, please visit the Portsmouth Book Club home page.

Our meetings are very relaxed, free and open. You may come just to listen in and you may voice your own opinions and thoughts on the subject matter. The meeting is meant to be stimulating and thought provoking, but also very easy going and friendly.

Book lovers unite! We read from different genres each month so there will always be a different group of people showing at the meetings. For those of you who love pure literature, I give you The Great Gatsby. More than a captivating story, F. Scott Fitzgerald delights the reader with his rich and poetic vocabulary and delivers delicious prose to inspire. This is the kind of book that will inevitably cause the reader to reread some of his passages out loud, just so you can hear how they sound to the ear. It truly is a magical book. That is just my opinion! Undoubetdly, you have your own.

What your home was worth two years ago, one year ago and even six months ago may not apply today. When you get ready to sell your home, call me for a FREE CMA (Comparative Market Analysis).

Before I create your report, I will ask you a few basic questions to get what I need to base the report on. I can have a full report prepared for you in a matter of hours if needed. The report will take into consideration similar or "comparative" homes in your area which have recently sold. These homes will match the important characteristics of your home as closely as possible. The report will also take into consideration comparable homes which have recently gone into contract and those which are still on the market.

Your report will be personal and be based on your home and your neighborhood.

The CMA will identify the market price range for your home. This range can change on a monthly basis as comparable homes in your area sell at higher or lower prices dictated by the market. The market price is what the market is willing to pay for your property at that time. This is why it becomes very important to properly price your home as soon as you decide to list it.

The market price is not a set rate across the country. The rate varies by state, county, town and even neighborhood. And not all market rates have been decreasing. The market price on your home will be as unique as your neighborhood.

If you would like to put your house on the market, give me a call for your free report. I will deliver the report personally and go over the highlights line by line. I look forward to meeting you!

As a proud new-ish mother of an 18 month old precious boy, and as someone who is planning 'family addition number two' VERY soon, I understand the concern of families who are new and families who are growing. You start out with plenty of room. Then the new baby room takes place of the office. Toys accumulate left and right. You never knew you could accumulate so much STUFF. Your home used to be neat and tidy with everything in its place. But now walking through your home is like navigating the gauntlet. Trust me, I'm there.

- Joshua - Our Real Life Miracle Baby -

Now you might be growing again, or want to grow, but you need more room. Maybe you need another baby room, or a play room, or just more room for all of your STUFF. But the problem is, how can you get more room right now? Times look tough.

Real estate agents understand this dilemma better than anyone. Fear can be a difficult hurdle to pass. But you should know that if you are in the position to buy up, now is the time to do so. Buying a home right now is like shopping in the blue light isle at Kmart. THIS IS A BUYER'S MARKET.

New home buyers: give me a call. I understand the needs for families and I can help locate the perfect home for you in the Seacoast area of your preference. If you need to sell your home and buy a larger one to accommodate the growing needs of your family, I can help you there as well. Explain your situation to me and let me take care of you. I will do the best I can to provide you with the highest level of service for your family.

Wishing you many happy years, from my growing family to yours.

Rebecca, Joshua and Baby Josh.