If you’re interested in getting the latest Seacoast area sales figures for your town or even neighborhood just shoot me an email or phone call; happy to do them for you.
We’re about a week into May of 2011 now and at a great time to take a look at the numbers for the Portsmouth, New Hampshire real estate market.
The number of new listings coming on the market is up slightly compared to previous Aprils and that can be interpreted as sellers gaining some confidence in their ability to sell. Sold listings are up slightly which is almost always good, but pending listings (under agreement but not closed) are down a bit which can lead to fewer sold homes in the following month. We’ll see how that worked out next month.
Next is year to date as of yesterday, May 7, 2011
Bigger numbers here since this is 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 does it take a listing to sell. The absorption rate is calculated by taking the total number of sales for the past 12 months, 265 in Portsmouth, 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 months 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 and I a call to see it soon.
If you’re selling here’s 10 ways to make your house show like a model home in only one weekend that will make your home look better to potential buyers and sell faster.
To ‘spring’ into a home of your own this year visit our website at Portsmouth New Hampshire Homes.com .
Please give us a call or email with any real estate questions you may have; always happy to help.