Portsmouth NH Condo Market Report – May 2008
This is a bit of a tough number to swallow for sellers – but there were just 5 condos sold in Portsmouth, NH in May, down nearly 65% from the 14 sales reported in May 2007. As a month to month comparison there were 21 condos sold in April. The average sales price of the 5 condos that sold was $315,320 which was 95% of the average sold price a year ago. The average time on market was 104 days. Condos sold for an average of 96% of asking price. Pending condo sales in May were down 65% from a May 2007 levels with just 7 new contracts reported.
Condos & Townhomes Sold in Portsmouth NH – May 2008
737 Islington Street, Unit 5, sold for $149,100
152 Dennett Street, sold for $240,000
537 Islington Street,, sold for $270,000
36 Columbia, sold for $335,500
250 Market Street, sold for $582,000
Current Condominium Inventory For Sale In Portsmouth
There are currently 89 condominiums and townhomes for sale in Portsmouth, NH. The average condo price in Portsmouth is $363,089, down slightly from April’s $365,546 average. The average days on market are down from 160 DOM in April to an average time on market of 126 days.
Portsmouth saw 30 new condo listings in May with an average asking price of $366,737, down from the average asking price of $399,371 in April. Overall, a third less condo inventory came on the market last month then the previous May, but the average asking price increased about 14%.
There are currently two condos for sale over the one million dollar mark – one in the Strawberry Banke neighborhood of Portsmouth and a downtown penthouse at Harbour Hill on Hanover Street. There are several condos for sale on Bow Street with views overlooking the Piscataqua River waterfront ranging in price from $649K to $800k.
The lull in the Portsmouth condo market, as in other parts of the country, can be attributed to a general consumer sentiment of ‘wait and see’ coupled with significantly stricter criteria from the mortgage market.
The fundamentals in Portsmouth, particularly the downtown and waterfront areas are all robust, with ample evidence of a thriving community. This spring the city continues its makeover of downtown with new, more pedestrian friendly streetlamp lined brick and granite sidewalks from Market Square to Bow Street. Boston-based developers Cathartes Private Investments will break ground on the massive multi-use Portwalk project this fall, extending downtown out towards the northern tier of the city.
Well qualified buyers may want to take advantage of a strong selection of condominium inventory to choose from, at prices that haven’t been seen in some time.
Based on information from the Northern New England Real Estate Network, Inc. for the period May 1, 2007 to May 31, 2007 and May 1, 2008 to May 31, 2008.
