2011 is in the history books now so how did Portsmouth New Hampshire real estate sales compare against previous years?
Here’s the numbers for Portsmouth NH’s houses and condo sales for the past 10 years.
As you can see from the graph above the Portsmouth’s volume bottomed out in 2009 and has been on a gradual upswing since then but we’re still far below the peaks in the early 2000s.
The average days on the market in Portsmouth NH took a nice dip in 2011 versus 2010 but still far above the quicker sales times that were happening in the early part of 2000.
So what does all this mean for 2012 and the future of Portsmouth New Hampshire Real Estate Sales?
Currently in Portsmouth there are 121 single family homes and condos for sale. For all of 2011, total sales of single family homes and condos were 260 units or 21.67 per month.
Divide last years monthly sames number of 21.67 into the current inventory of 121 homes and the time to sell them (Portsmouth’s absorption rate) is 5.58 or just under 6 months.
Generally over 6 months is considered a buyer’s market and under 6 months is a seller’s market. This close to 6 months indicated a balanced market.
Rising sales numbers and declining time to sell (days on market) are also indicative of move towards a more balanced market.
My predictions for 2012 in Portsmouth New Hampshire real estate sales? 2012 will bring more of the same as 2011. Interest rates should stay close to current ranges at least near term, consumer confidence will rise a little more than now, and if all goes well we’ll see an continued but gradual improvement in Portsmouth New Hampshire real estate sales for 2012. Don’t look for a quick return to early 2000 levels anytime soon.
Visit our website, www.NewHampshireMaineRealEstate.com to see all the Portsmouth and Seacoast NH homes for sale as well as southern Maine listings too.
Questions or comments? All are welcomed and answered. My partner Ann Cummings and I would love to hear from you especially if you’re planning on buying or selling a home in the Portsmouth New Hampshire Seacoast area. We also cover the southern Maine market of Kittery, Eliot, Kittery Point, and most areas within a 20 mile radius of Portsmouth.
email or call us at REMAX Coast To Coast Properties 603-431-1111, extension 3839 for Ann and extension 3801 for Jim.