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Portsmouth NH Homes Condos - Real Estate Market Update November 2008

Portsmouth New Hampshire Real Estate Market Update - November 2008

Everyone, it seems, is always interested in how the local Portsmouth real estate market is doing, even if they aren't in the market, either buying or selling homes or condos. How the real estate market is doing seems to have great impact on many other aspects of local economies, and we all care about that.

Someone is always looking to buy or sell real estate, and/or they know someone who is thinking about buying or selling real estate. I get asked about real estate and the local real estate market all the time. I love helping people achieve their real estate goals, so I never tire of these conversations!

So, how did the real estate market for homes in Portsmouth NH do for the month of November 2008?

Currently, we have 69 homes offered for sale through the Multiple Listing Service (MLS), and 7 of those homes were new listings this month. The average asking price was $326,150, and the average days on the market for these homes has been 112 days.
During the month of November, we saw 9 Portsmouth homes go under agreement/sale pending. The average asking price of those homes was $302,978, and the average days on the market for those homes was 138 days.
We saw 11 homes in Portsmouth sell/close during November, and the average sold price of those homes was $384,491. The average days on the market for those homes was 78 days. Those sellers who sold their homes in November received, on average, 96% of their last asking prices.
During the month of November, the listings on 7 Portsmouth NH homes expired without selling. The number one reason most homes don't sell during their listing period is they were priced incorrectly for the market and/or condition of the home. And most likely, these 7 homes didn't sell because they weren't priced correctly, and buyers didn't see them as a good value for the money.

When thinking about selling your home, one very important fact to know about your market is the absorption rate. The absorption rate will tell you how long it will take for the current inventory of homes in Portsmouth NH to be absorbed by the market if no other homes come on the market. The absorption rate for November 2008 was just over 6 months, which is a little higher than last month and a little less than the month before. If you want your home sold, you need to know this number to help you price your home accordingly.

Portsmouth NH Historic Homes - Ann Cummings 2008 Portsmouth NH Prescott Park - Ann Cummings 2008

Thinking about making Portsmouth New Hampshire your home? Call me today at 603-431-1111 x 3839, or send me an email at ann@anncummings.com, and let's talk real estate!

Pricing Your Portsmouth NH Homes and Condos Correctly for Todays Market

Pricing Your Home To Sell

RE/MAX New Hampshire


Ann Cummings, New Hampshire REALTOR
RE/MAX Coast to Coast
Portsmouth NH
  ann@anncummings.com
  1-888-349-5678 x 3839
Servicing the Coastal Areas of NH & Southern Maine

Posted by Portsmouth NH Homes Condos - Ann Cummings New Hampshire REALTOR® on 11/30/2008 05:54 AM

Comments (10)

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10 Comments on Portsmouth NH Homes Condos - Real Estate Market Update November 2008

NOV

2008

An average listing time of 117 days sounds like things are moving ... if slowly ...

A six month absorption rate is not bad at all...in my town, Hampstead it is 12 months <sigh>.

We do get asked a lot about real estate huh? I hope that this finds it's way into the hands of the Portsmouth Herald. This is good news, and it really should be shared.

Hi Ann, I love the pictures of your area. I have never visited that part of our country and can see it is very beautiful. Have a great week!

Ann I love your graphics and the fact that you have explained what is going on with the statistics. Far too many agents just throw a graph together and don't explain what the statistics mean. You have given consumers an understanding of how the numbers correlate to the market.

Hi Will - yes, things are selling here, a little slower than we'd like, but selling nonetheless! Thanks for your messages, will do!

Hi Monika - I'll take our absoprtion rate over yours, but would love to see ours be less. I know there are other towns in the area where the rates are higher than here in Portsmouth. Hopefully soon, all towns will be showing lower absorption rates - Christmas wish!

Hi Josh - I would love for the media to get the real scoop on our local numbers. The Portsmouth Herald has been pretty good lately, it's all the other media that seem to not realize how very local real estate really is!

Thanks for the comments!
Ann

Hi Ann - some day you will have to take a trip up here! It's a very pretty part of the country, and I'm here along the tiny coast of NH, where it is just beautiful. Come on up and see for yourself!

Hi Bill - thanks so much for that great comment! Market updates can be very boring, so I try to make the numbers be a little more interesting by explaining them and showing off some pictures of my area. I'm glad you liked what I did - thanks!

Many thanks for the comments!
Ann

DEC

Ann, I always appreciate reading your market recap. Short, full of facts ... couldn't ask for more. Your photo collage is great, and don't think I've seen it anywhere else on the web so thanks for that idea, and someday I'll do something similar.

DEC

Great stats on portsmouth, always loved that little city.... well worth the trip

Hi Tina - thanks for the compliment on my market report. I try to make them interesting to those reading them - numbers can be so boring if there's no explanation with them. I love that collage as well. I did a few of them with different themes.

Hi Kevin - Portsmouth is an awesome city! Did you used to live here?

Ann

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