Now that 2011 is over it’s time to take a look ahead and see what the new year holds for the Portsmouth NH real estate market.
As you can see from the graph below Portsmouth sales have been trending upwards for the past 2 years; no reason to think that won’t continue in 2012. I don’t believe it will be a return to the sales volumes in the mid 2000s but any upward trend is welcome in this market.
The graph below shows the average days on the market for Portsmouth NH homes for sale. The average dropped 25 days from 2009 which means houses are selling more quickly; another good sign.
Portsmouth’s absorption rate (time to sell) is also moving towards a more balanced market.
According to our Multiple Listing Service (MLS), there are currently 121 active residential and condo listings in Portsmouth NH. Total 2011 sales of Portsmouth NH single family homes and condos were 260 or 21.67 homes per month.
To calculate Portsmouth’s absorption rate (time to sell the current inventory) divide by 12 into the past years sales numbers and then divide that number into the current inventory. 21.67 homes sold per month divided into the ones current for sale (121) equals 5.58 or just under 6 months absorption time. That number does not take into account new listings coming on the market during that time which tend to make the absorption rate higher.
All in all though 2012 numbers seems to be pointing towards a more balanced market. Unknown factors like the future unemployment rates and availability of financing are both wild cards that can change the predictions either way.
If you have an questions about real estate in the Seacoast areas of New Hampshire or southern Maine my partner Ann Cummings and I would love to hear from you. Here’s what two of our recent sellers had to say about their experience working with us to get their home sold.
Visit our website, www.NewHampshireMaineRealEstate.com to see all the lovely homes for sale in our area. If you’re thinking of selling we have a spot for you in our “Featured Homes” section which will bring lots of Internet buyers to see your home online.