Portsmouth Sees Ups And Downs in Residential Market in February
March 2nd, 2008by Michael Bean
Portsmouth, New Hampshire
February 2008 Single Family Home Market Report
The Ups: Portsmouth Residential Inventory
- 19 homes came on the market, up 73% from last February.
- Average new listing asking price up 37% over last February to $503K.
- Total new inventory of $9,562,600 up 137% from last February.
Current inventory as of 3/2/08 stands at 61 homes for sale in Portsmouth with an average asking price of $589,479 and an average of 134 days on market.
The Downs: Portsmouth Home Sales and Pending Sales
Six homes sold in Portsmouth this February down 54% from the same period last year when there were 13 closings. Average days on market for sold homes was 15% shorter than last year. The average Portsmouth home sales price was 94.3% of the asking price for the half dozen homes that sold – this was off slightly from last February when the listing price to selling price difference was just 3%.
There were just 3 pending sales contracts recorded, down 67% from last February when there were nine closings. The average time on market for the new sales contracts was shorter than last year at 164 days.
The Even: Average selling price for the homes that sold in February was just about even with last year at $255,233.
Thoughts:
Last year there were 11 new listings and 9 pending sales in February …. an evenish market. This February we just saw 19 homes come up for sale in Portsmouth with only 3 corresponding sales contracts in the same period – this is a huge percentage difference from last year. Sellers should adjust their sales strategy with the understanding that there are far fewer buyers for Portsmouth homes than there were last year.
Based on information from the Northern New England Real Estate Network, Inc. for the period February 1, 2007 to February 29, 2008.
