Here is the Portsmouth, New Hampshire Real Estate Update for November 2022. Let’s take an in-depth look at the numbers and what they mean.
The chart above is an overall look at the single-family home statistics. The median sales price is up almost 20% to $750,000. 157 sales year to date, and as the line graph shows, Portsmouth prices continue to outpace prices throughout the state.
The above graph shows how long it would take to sell all the single-family homes and condos currently for sale. That number is 2.3 months; any number below 6 months indicates a seller’s market.
The median price paid in November for a single-family house was $850,000. That was a 27.3% increase from the same period in 2021 and a big jump.
One factor I found interesting was how buyers paid for their new homes. The pie chart below breaks it down for you. Almost half of all the 157 condo purchases year to date were for cash; 72 vs. 84 were financed, so higher interest rates don’t affect those sales. 1031 is a tax-deferred exchange for moving the capital gains bill to a future date. Ann and I have done many of those over the years.
Below is the financing for 156 single-family Portsmouth homes, year to date.
The cash sales are around 30%, conventional 63%, and FHA, VA, and others make up the balance. Again, a high percentage of cash sales. In our business, many buyers come to the table with cash because they have typically sold another home somewhere and are using those proceeds to buy their new home.
And finally, the pending sales for both single-family homes and condos. Pending sales are a good indicator of near-term future sales. Pending sales will become closed sales in the next 30 to 60 days. November shows a big drop in pending sales, but if you look back historically, pending sales usually decline as we approach the winter months, so there is not much to be concerned about here.
That’s the story for the Portsmouth, New Hampshire, real estate market for November 2022. If you have questions or would like to know the numbers for your New Hampshire town, we’re happy to provide them. Contact us here. If you’re thinking of buying or selling in the new year, we would love to talk to you about representing you in your purchase or sale; you can find our credentials and qualifications here.
