Category — Portsmouth Condos

Portsmouth, New Hampshire Condo Market Report for April 2008

There are currently 80 condos for sale in Portsmouth, NH. The average listing price is $365,546 and the average time on market is 160 days. In April there were a total of 19 new condo listings in Portsmouth with an average price of $399,371.

A total of 21 condos were sold in Portsmouth, NH in April. The average condominium sales price was $339,029  which was 96% of the asking price. Condos that sold were on the market an average of 141 days. There were 10 pending condo sales reported in Portsmouth in April with an average listing price of $402,650.

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

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.

Portsmouth Condo Market Report - January 2008

The condo market held its own in January in some respects. The year kicked off with the sale of a recently completed luxury condominium on Bow Street for $1,150,000. At the other end of the price range a studio condo on State Street went for $186,000.

Average sale prices were up slightly over last year and the selling price remained within four percent of the the asking price for the 10 condominiums that sold last month. The average selling price was $390,700 and time on market was in the same ballpark as last January at 144 days.

There were eight pending contracts in January down from fifteen pending contracts in January 2007. Average listing price for the pending sales was $301,938.

There were 16 listings that came on the market in January, the average listing price was $278,306.

There are currently 93 condos on the market in Portsmouth with an average listing price of $360,282 and 144 days on market.

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

Tidewatch Condominiums are located in Portsmouth at 579 Sagamore Avenue. After a long hiatus in construction the development is nearing completion with the final units along the water nearly sold out.

In 2007 there were eight sales in Tidewatch with selling prices ranging from $399,000 for a two bedroom to $615,000 for a three bedroom condo. In all there were three two bedroom units that sold for an average of $454,000, three three bedroom condos that sold for an average of $518,333, and two four bedroom units that sold for an average of $494,950 in 2007.

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2006 to December 31, 2007.

Spinnaker Point Condominiums are located in Portsmouth off of Market Street Extension on Staysail Way and Spinnaker Way. There are one, two and three bedroom floor plans of varying styles. Residents receive free membership to the Spinnaker Point Recreation Center.

In 2007 there were fifteen units sold in Spinnaker Point with an average sales price of $239,707.

Here is a summary of the units that sold in 2007:

132 Spinnaker Way, 3 bedrooms, sold for $274,900.
69 Spinnaker Way, 3 bedrooms, sold for $285,000.
137 Spinnaker Way, 3 bedrooms, sold for $315,000.
14 Staysail Way, 2 bedrooms, sold for $205,000.
21 Staysail Way, 2 bedrooms, sold for $207,000.
99 Spinnaker Way, 2 bedrooms, sold for $218,000.
39 Spinnaker Way, 2 bedrooms, sold for $221,500.
90 Spinnaker Way, 2 bedrooms, sold for $225,000.
85 Spinnaker Way, 2 bedrooms, sold for $225,000.
84 Spinnaker Way, 2 bedrooms, sold for $225,000.
92 Spinnaker Way, 2 bedrooms, sold for $230,000.
100 Spinnaker Way, 2 bedrooms, sold for $235,000.
130 Spinnaker Way, 2 bedrooms, sold for $245,000.
127 Spinnaker Way, 2 bedrooms, sold for $287,200.
31 Staysail Way, 1 bedroom, sold for $197,000.

Based on information from the Northern New England Real Estate Network, Inc. for the period January 1, 2006 to December 31, 2007.

Portsmouth NH - December 2007
Condominium and Town Home Market Report

This year a combination of seasonal holiday slowdown, much higher than average December snowfall, and the mood of the market will make this a relatively short condo report.

There were 13 new listings on the market with an average listing price of $366,338.

There were 9 condos that went under agreement with an average listing price of $264,322.

There were five transactions that closed in December. The average selling price was $222,540 which was an average of 94.5% of the selling price. Average time on market was 135 days. The five closings were in a narrow price range from $137,900 for a two bedroom in The Cedars to $274,900 for a three bedroom townhouse at Spinnaker Point.

That wraps up the monthly Portsmouth condo market reports for 2007. Check back in a few days for the 2007 market summary.

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

Portsmouth NH - November 2007
Condominium and Town Home Market Report

In November Portsmouth condo closings rebounded from October levels.  There were 14 transactions that closed at an average of 95.4% of the listing price. The average selling price was $398,179 and the time on market was about six months with an average DOM of 185. The high end of the sold range was set by a three bedroom penthouse condominium in the heart of downtown that sold for $1,275,000.

While closing activity was up over the prior month newly listed activity fell off to the lowest level for 2007 - just 10 condos came up for sale in November with an average listing price of $279,160.

Pending contracts eased to the lowest level in 2007 as 6 condos went under agreement in November. The six condos that went to contract had a higher than average listing price of $505,283.

Based on information from the Northern New England Real Estate Network, Inc. for the period November 1, 2007 to November 30, 2007.

Portsmouth NH - October 2007
Condominium and Town Home Market Report

There were seven condominiums that closed in October - this was the lowest number of closings in a month since February. Sold units included a unit at Spinnaker Point, a pair at the Atlantic Pointe development and a luxury condominium in Downtown Portsmouth that sold for $685,000. These units sold for 96.6% of the listing price on average.

The average listing price of the 14 units that went under contract was $385,086.

21 condo units came up for sale with an average listing price of $363,043.

While closed sales were down in October trailing pending contracts have shown more strength so we’ll have to wait until next month to see if it is a temporary dip or a trend.

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

Portsmouth NH - September 2007
Condominium and Town Home Market Report

Over $10 Million of condominium inventory went up for sale in September. There were 30 listings that came to market at an average asking price of $353,087.

There were 11 properties that reached an agreement for sale with an average listing price of $413,009 (up from average listing price of $338K in August).

The average selling price of the 17 condos that closed was $343,829 which was 95.5% of asking price. Selling price was up from August when the sales price averaged $305,179.

A waterfront townhouse overlooking the Piscataqua River at Harbour Place set the high water mark selling for $800,000. A three bedroom luxury townhouse in Downtown Portsmouth nipped at that price when it sold for $795,000.

Based on information from the Northern New England Real Estate Network, Inc. for the period September 1, 2007 to September 30, 2007.

Portsmouth NH - August 2007
Condominium and Town Home Market Report

Condo sales in August were very similar to July numbers.

While August saw the same number of condos come on the market as in July - 26 - the average asking price of $355,977 was down significantly over the July average listing price of $406,256.

New contracts were on par with July. 13 condos went to contract with an average listing price of $338,654.

19 condo sales closed at an average of 97.4% of the asking price. The average sales price for closed units was $305,179. The average time on market hit a record low for the year at 78 days on market.

Notable sales included a Harbour Place condominium with waterviews of the Piscataqua that sold for $827,000. There were four sales at Spinnaker Point and two Tidewatch closings.

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

Portsmouth NH - July 2007
Condominium and Town Home Market Report

26 condos went up for sale in July with an average asking price of $406,256 which was up significantly over the June average listing price of $283,900.

New contracts were down nearly 50% from June. 13 condos went to contract with an average listing price of $333,154.

14 condo sales closed at an average of 97.7% of the asking price. The average sales price for closed units was $301,667.

$560,000 set the top end of the scale with the sale of a new construction downtown luxury 2 bedroom condo. Other July sales included three at Tidewatch and three at Springbrook.

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