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Portsmouth, NH Real Estate - March 2008 Market Update

By
Real Estate Agent with The Bean Group

Portsmouth New HampshireYou might not believe it, BUT, the National Association of Realtors stated recently that sales of existing homes rose to a 5.03 million annual rate in February which is an unexpected 2.9% increase.  Why?  The answer is that sales are being spurred by lower prices.  Falling prices improve affordability and encourage people to make purchases. 

In addition to existing home sales, new construction homes for sale at the end of February dropped to 471,000 units (in the US), the fewest since July 2005. 

Rising sales and lower prices have also stimulated the mortgage market.  This is due in part to recent Federal Reserve actions that have allowed the 30-year fixed mortgage to remain near 6% and the 15-year fixed to hang around 5.5%.

Now that your all up to date on the national market.  Here's what the real estate market looks like in Portsmouth:

14 homes sold in Portsmouth in March of 2008

-6 single family homes

-7 condos, and

-1 mobile home. 

In addition, 15 Portsmouth, NH homes went pending with active contracts in March and there are 162 active listings in Portsmouth.

Year-to-date, Portsmouth, NH homes sales are as follows:

51 homes sold in Portsmouth in the first quarter of 2008:

-19 single family homes

-29 condos, and

-3 mobile homes.

Since prices and rates are low and sales are starting to turn around, now is the time to buy to get the best value.  If you or someone you know is thinking of buying, investing or moving up, give me a call.  If you wait, it may be too late!

If you're interested in receiving new home listings by email, or getting an over-the-net price opinion on your home, call or email me today or check out my websites http://www.seacoasthomesforyou.com/ or http://www.getfreepropertyvalues.com/ .

Posted by

Sue Melhorn

SeacoastHomesForYou.com                                                                                                    Re/Max Coast to Coast

A website on avoiding foreclosure:  CanWeSellShort.com

Cell: 603-944-0186                                                                                                                 Fax:  866-431-1298E-Mail: SueMelhorn@Metrocast.net  

Oh by the way...if you know of someone looking to buy or sell a home, give me a call or drop me an email.  I'm never to busy for any of your referrals!!

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