Category — Market Reports

Durham, New Hampshire
April 2008 Housing Market Report

There are currently 34 homes for sale in Durham, NH. The average listing price is $488,879 and the average time on market is 122 days. In April there were a total of 10 new residential home listings in Durham with an average price of $690,270.

6 homes sold in Durham, NH in April. The average sales price was $277,833  which was 95.8% of the asking price. Homes that sold were on the market an average of 130 days. There were twelve pending residential home sales reported in Durham in April with an average listing price of $369,425.

Based on information from the Northern New England Real Estate Network, Inc. for the period April 1, 2008 to April 30, 2008.

North Hampton, New Hampshire
March 2008 Single Family Home Market Report

There are currently 50 homes for sale in North Hampton, NH. The average listing price is $884,322 and the average time on market is 205 days.

4 homes were put up for sale in North Hampton last month with an average listing price of $892,450. As a point of comparison in March 2007 there were 10 new listings.

There was only one home that sold in North Hampton last month. The sales price was $314,000, which was 95.2% of the asking price and the home was on the market for 287 days. Last March saw 3 homes sell in North Hampton with four pending sales contracts.

There were no homes that went under contract for sale in North Hampton in March. A year ago there were four pending sales in March.

Based on information from the Northern New England Real Estate Network, Inc. for the period March 1, 2007 to March 31, 2008.

Durham, NH - Single Family Home Sales Report For March 2008

How Many Homes Sold In Durham, NH Last Month?

There were three single family home sales in Durham in March, the same volume as last March. The average sales price was $519,633, which was an average of 94.8% of the listing price. There were six homes that went under contract last month, again even with March 2007, however the average listing price of new contracts was up 20% to $340,783.

There are 35 homes for sale in Durham today with an average listing price $487,689 and an average time on market of nearly four months.

Based on information from the Northern New England Real Estate Network, Inc. for the period March 1, 2007 to March 31, 2008.

Dover NH - Residential Home Sales Update - March 2008

There were 10 homes that sold in Dover, NH in March. The average listing price was $313,730 and the average selling price was $300,940. Dover homes sold for an average of 95.9% of the last asking price. Time on market was between six and seven months with an average of 203 days.

March saw a total of 15 Dover homes go under contract with an average listing price of $307,640 and an average time on market of just over seven months.

Dover Boasts High Inventory But Few Sales

45 homes were put up for sale in Dover in March. As of today, there are currently 169 homes for sale in Dover, NH. The average listing price is $359,749 and the average time on market is 124 days. This represents a 17 month supply of homes based on March sales and an 11 month supply of homes based on March pending sales.

How bad is the real estate market in Dover?

There were 10 homes that sold in Dover in March - this was just 43% of the home sales that closed in March 2007. Pending sales contracts were also down significantly - the 15 sales contracts that came together in March represented just 55% of the sales contract volume the previous March. The sales price to listing price ratio remains within a 5% range, but average time on market for closed sales has extended nearly 50 days.

What does it all mean?

Buyers have an abundance of homes to choose from in Dover - sellers should pay very close attention to how their properties are priced against the rest of the homes on the market.

Based on information from the Northern New England Real Estate Network, Inc. for the period March 1, 2007 to March 31, 2008.

Dover NH Real Estate Update - February 2008.

There are currently 157 homes for sale in Dover, NH with an average list price of $363,964.

Overall the real estate story in Dover is similar to other Seacoast communities. Transaction volume in February was down about 30% from last year. There were a total of 13 homes that sold in Dover - the average sales price remained in the same range as last year and the list to sell ratio stayed in the same general range at 97% of sales price.

There were just 12 new sales contracts in February, down over 40% from last year, and the time on market stretched over the six month mark.

40 homes came on the market in Dover last month which was just over twice as many new listings as came on the market last year. The average asking price was up slightly with a 3.6% increase.

Twelve Months Supply Means Buyers Market

Dover’s current inventory of 157 homes for sale represents a twelve month housing supply - a strong buyers market. Sellers should do everything possible to make their property attractive and available to buyers.

Where do you think the Dover market is headed? Leave a comment below!

Based on information from the Northern New England Real Estate Network, Inc. for the period February 1, 2007 to February 29, 2008.

The condominium market in Portsmouth, NH fared better than the single family home market in February.

While condos weren’t exactly flying off the shelves in Portsmouth the 11 condominium units that sold this February topped the 7 units sold last February. For the condos that sold the sales price was 4.3% less than the last asking price on average and the time on market was just under three months at 84 days. The average sales price however was $236,273 which was significantly lower than last February’s average condo sale price of $345,114.

Pending contracts were up over last year with 16 sales agreements recorded in February vs. 12 last year. It should be noted that the average days on market for pending contracts bumped up nearly 30% to 203 days.

Based on last months pending sales we are looking at about five to seven months supply of inventory as we prepare to enter the spring market. There are 83 condos for sale in Portsmouth today with an average listing price of $369,364 and an average of 151 days on the market. There were 17 condos that went on the market in February with an average listing price of $316,214. Last year 20 units hit the market in February with an average asking price of $466,545. The higher average listing price can largely be attributed to two luxury condo projects that were selling in downtown Portsmouth.

Where do you think the Portsmouth condo market is heading?

Based on information from the Northern New England Real Estate Network, Inc. for the period February 1, 2007 to February 29, 2008.

Portsmouth, New Hampshire
February 2008 Single Family Home Market Report

The Ups: Portsmouth Residential Inventory

• 19 homes came on the market, up 73% from last February.
• Average new listing asking price up 37% over last February to $503K.
• Total new inventory of $9,562,600 up 137% from last February.

Current inventory as of 3/2/08 stands at 61 homes for sale in Portsmouth with an average asking price of $589,479 and an average of 134 days on market.

The Downs: Portsmouth Home Sales and Pending Sales

Six homes sold in Portsmouth this February down 54% from the same period last year when there were 13 closings. Average days on market for sold homes was 15% shorter than last year. The average Portsmouth home sales price was 94.3% of the asking price for the half dozen homes that sold - this was off slightly from last February when the listing price to selling price difference was just 3%.

There were just 3 pending sales contracts recorded, down 67% from last February when there were nine closings. The average time on market for the new sales contracts was shorter than last year at 164 days.

The Even: Average selling price for the homes that sold in February was just about even with last year at $255,233.

Thoughts:

Last year there were 11 new listings and 9 pending sales in February …. an evenish market. This February we just saw 19 homes come up for sale in Portsmouth with only 3 corresponding sales contracts in the same period - this is a huge percentage difference from last year. Sellers should adjust their sales strategy with the understanding that there are far fewer buyers for Portsmouth homes than there were last year.

Based on information from the Northern New England Real Estate Network, Inc. for the period February 1, 2007 to February 29, 2008.

Well, the first two months of 2008 have come and gone and it is time to assess the state of the New Hampshire Real Estate market.

I am proud to announce that Bean Group’s 2008 year to date sales volume qualifies us as one of the top five real estate brokerages in the NNEREN MLS (there are more than 1700 NNEREN member firms).

This is an improvement over 2007 when Bean Group ranked as the sixth largest Real Estate Broker in New Hampshire by total dollar sales volume. In 2007 Bean Group ranked in the top four New Hampshire Brokerages for closed buyer side transactions.

New Hampshire Real Estate Brokerage Performance

It is interesting to note that as of March 2nd nearly two thirds of member firms in the NNEREN MLS have not reported a single sale yet in 2008.

The average total closed sales for the 572 firms that have reported a sale is $1,691,525. The median is less than $1,000,000 at $968,130. On average those firms have closed on just 7.1 transactions year to date.

These numbers are the average sales for real estate firms. What is a real estate firm? It is the entire broker organization - whether a brokerage has a single office or 20 offices, whether the firm has 1 agent or 100 REALTORS.

So when you look at the 2008 year to date numbers you begin to understand that there are many real estate companies in the Northern New England region that may be in danger of not making it through the year.

Thank you.

As principal broker of Bean Group I would like to thank all of our customers and clients that have allowed us to serve them. I would also like to thank our entire team of agents as well as our talented and hardworking operational staff and management team for putting Bean Group so close to the top of the ladder in such a short time.

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2007 to March 2, 2008.

13 Pond Path is a Southern Georgian Colonial Reproduction located in Country Club Estates, a mature neighborhood comprised of custom built homes located in the Little Boars Head Village District of North Hampton. Sited in close proximity to the Atlantic Ocean, Rye Beach Village and Abenaqui Country Club, this location has much to offer.

Originally developed approximately 20 years ago, the homes that populate the neighborhood all subtly exude the styles of their original owners. If you are searching for a comfortable neighborhood to settle into but eschew the cookie cutter McMansion feel of more recent forays into neighborhood development then Country Club Estates may be just the vintage you are looking for.

13 Pond Path was custom built in 1985; the original owner is now offering it for sale. The home is perched on a slight elevation and is set just far enough back from the road that casual passers by may still appreciate the level of exterior detail that this Southern Georgian Colonial endears.

The lot choice was of the utmost importance to the current owner. It engenders the familiarity of a neighborhood but allows the privacy that nearly everyone desires. The lot itself is substantial with an area of 2.6 acres. There is abundant natural screening on either side of the home as well across the road from the property. The generous grassy yard backs up to a densely wooded area providing additional privacy. If you were to make your way through the woods you would find yourself on the grounds of the estate of a standing United States Senator, or just back and to the east on the fairways of Abenaqui Country Club, one of the most highly regarded golf courses in the region.

It is generally a safe assumption that many colonials, either original or reproductions, by definition, must be dim and dowdy, with low ceilings and tiny rooms. This is simply not the case here. The home itself is well laid out, effortlessly evoking the spirit and classic charm of the colonial era - yet the abundance of windows, gleaming pegged pine floors, and smoothly flowing spaces allow the home to feel spacious and bright.

There are well thought out spaces for gathering, relaxing, working or thinking, wining, dining and entertaining.

There is a breakfast room where a wall of three arched windows rises from gleaming pegged pine floors to a cathedral ceiling, guaranteeing the room will be bathed in early morning brightness.

The kitchen is thoughtfully designed and centrally located. The floors are pegged pine, the cabinets custom, and the counters are newly topped with granite, as is the island which has recently been fitted with a new gas cook top.

The kitchen flows into a capacious space that easily lends itself to use as informal dining or more general entertaining. The room is defined by seven floor to ceiling 32 pane windows and a glass door to the deck. The wood burning stove nestled in a corner opposite the windows lends an added comfort factor to the room.

A formal dining room is special enough to garner use even with todays typical hustle and bustle lifestyle. Located just off the kitchen, the raised panel wainscoting, the wood burning fireplace and built in china cabinet just may be enough to tempt the use of this room.

Across the hall from the dining room is the formal parlor. The detailed paneling, polished pine floors and wood burning fireplace invite both the casual or frequent guest.

The design of the library proves itself an ideal room to tuck into to work or just relax. The wood burning fireplace is complemented by raised paneling and the symmetrical floor to ceiling built in shelving is ideal for display of books or trophys of any sort. An abundance of windows, French doors to the outdoor deck, and newly refinished pegged pine floors make this a true destination room.

The media room is intelligently located just off the main wing of the house, where a little overzealous use of the volume control may be less noticeable than in other residences. This is a sizable room, perfect for large scale HD viewing. The room is pre-wired for audio and has substantial custom built in cabinetry.

The center stairs rise to the second floor where there are two bedrooms that share a full bath with double vanities. Each bedroom benefits from a floor to ceiling 32 pane window.

Also on the second floor, the master suite has wonderful natural light, pegged pine floors, a fireplace with raised panel detailing, dual closets, and attached master bathroom with dual vanities, shower and separate whirlpool bath.

Additional living space awaits on the third floor which would serve equally well as a master suite or guest suite. There is a separate bedroom area and sitting area, both of which boast full dormer windows with window seats and built-ins. There is a full bath with multiple vanities off the bedroom area.

There is a three bay garage that is conveniently accessed via a tiled mudroom. Just around the corner from the mudroom is a 3/4 bath. The bath happens to be ideally placed should a future owner desire to install a swimming pool. The basement provides a wine cellar as well as tremendous storage capacity. There is an invisible fencing system installed as well as an irrigation system.

Recent renovations and updates made by the owner surpassed the six figure mark, documentation is available upon request.

This outstanding home represents an extraordinary opportunity for a turn-key residence in an exceptional neighborhood.

Thirteen Pond Path is exclusively brokered by Michael Bean, Principal Broker of The Bean Group.

To schedule a tour of this property or other fine Seacoast properties contact Michael Bean directly at (603) 661-0021 or michaelbean.com.

Nobles Island Condominiums are privately owned residential condominiums located on a tidal basin and just minutes from historical downtown Portsmouth at 500 Market Street. Many of the town homes at Nobles Island have water views. All are just a short walk to the shops and restaurants of downtown Portsmouth.

There were three sales at Nobles Island in 2007 - all were two bedroom town homes sold for $260,000, $299,000 and $315,000. The property values can change within Nobles Island from unit to unit primarily based on view orientation and overall condition.

Nobles Island Condominiums are located at 500 Market Street, Portsmouth NH.

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2007 to December 31, 2007.

So you live in Portsmouth, you are thinking of putting your home on the market this spring, you don’t know what to make of everything you hear in the media, and you are wondering where Portsmouth home values are sitting right now.

First, remind yourself that you are a New Hampshire resident - property values in California, Florida and Arizona are nowhere near as important to you as property values in Portsmouth, NH. Keep your focus on the local sales numbers rather than national averages.

Here are the facts based on local sales numbers in Portsmouth in the last six months, broken down by number of bedrooms:

5 Bedroom Homes in Portsmouth

There were four 5 bedroom houses that sold. Values ranged from $250,000 for a fixer upper on a busy road to a completely renovated single family in the South End that sold for $1,301,500.

4 Bedroom Homes in Portsmouth

4 bedroom homes in Portsmouth sold from $215,000 up to $1,400,000 for a waterfront home in Tuckers Cove. In all there were eighteen 4 bedroom homes that sold - the average sales price was $494,219 and the median sales price was $363,650.

3 Bedroom Homes in Portsmouth

Thirty-nine 3 bedroom homes were sold in Portsmouth. The price range stretched from $203,000 to $985,000 for a waterfront home in the South End. The median price was $350,00 and the average sales price was $365,324.

2 Bedroom Homes in Portsmouth

There were 15 two bedroom homes in Portsmouth that sold for an average of $272,260, the median price was $250,000.

In all, home values in Portsmouth ranged from $203,000 to $1,400,000 with an average sales price of $388,233 and a median sales price of $320,000.

Is there other information that would be helpful for you? Feel free to leave a comment!

Based on information from the Northern New England Real Estate Network, Inc. for the period August 3, 2007 to February 3, 2008.

January 2008 Housing Market Report - Rye, New Hampshire

If you are looking for luxury homes in Rye you have a quite a few options right now - eighteen of the fifty-two homes for sale are listed for more than $1,000,000. Last month four new listings came on the market with an average asking price of $1,004,975. The current average listing price is currently $1,176,738.

Four homes sold in Rye last month. The average sale price of $326,000 was 92.2% of the last listing price. There were three pending sales in January with an average listing price of $467,967.

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2007 to January 31, 2008.