Welcome to the New Hampshire and Southern Maine real estate website.
This data is the latest Portsmouth NH sales figures. Happy to provide you with the same numbers for your town or even neighborhood if you live in the New Hampshire or southern Maine Seacoast area, just shoot me an email or phone call.
The first week of May 2011 is gone now so it’s time to take a look at the past few months to see how Portsmouth is doing for real estate sales.
As the graph below shows, new listings just coming on the market are up slightly compared to previous April’s and that can be seen as sellers gathering some confidence in their ability to sell. Solds are up just a bit which is a good thing but pending listings (sold but not yet closed) are down slightly which can be an indicator of fewer sold homes in the months to come.
Next is the year to date as of yesterday, May 7, 2011
Bigger numbers here since this is the year to date. In this bigger-picture view, we see new listings dipping versus the same time period last year. Sold listings are up but that downward trend in sales pending is still there which could translate into a slower market in the coming months.
Another indicator of the health of the Portsmouth market is the absorption rate; that is, how long it takes a listing to sell. The absorption rate is calculated by taking the total number of sales for the past 12 months, 265 in Portsmouth, and dividing that number by 12 which equals 22.08 sales per month. Next, we take the current number of active listings for the same area, 178, and divide the 22.08 sales per month into that figure. The answer is 8.06 which means it would take 8.06 months to sell all the current active listings in Portsmouth. And that figure assumes that no new listings would appear on the market during that time which is unrealistic.
Generally over a 6-month supply means we’re in a buyers’ market, under 6 months is a sellers’ market, and 6 months means a balanced market. So it appears we’re still in a slight buyers’ market but pretty close to the middle.
The trend map from the Northern New England Real Estate Network, our MLS, uses a color code to indicate where the greatest and lowest numbers of active listings are. Portsmouth is the yellow section and that includes the 03801 zip code. The trend map doesn’t include condos and mobile homes which is why the number above is much higher.
The conclusion here is that we’re still in a modest buyers’ market but getting pretty close to balance. I’ll keep an eye on the numbers and report again next month.
I’m happy to crunch the real estate numbers for your neighborhood or town if you live in the Seacoast area.
Here’s our real estate buy of the month. The sellers of this beautiful Cape-styled home setting on a private 5-acre lot have instructed us to reduce the price by $20,000 so they can get it sold and move south. Take a look at the virtual tour below and then give Ann or me a call to see it soon.