An Insider View Of The New Hampshire Seacoast Real Estate Market

Fannie Mae and Freddie Mac today announced a major initiative to provide up to $200 billion of immediate liquidity to the mortgage-backed securities market.

This move, combined with recent increases to conforming loan limits for Seacoast mortgages may help the Seacoast real estate market shake off the doldrums that it has recently experienced.

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.

Rockingham County and Strafford County FHA loan limits were raised from $417,000 to $523,750 for single-family homes - these represent the highest conforming loan limits in New Hampshire.

The Economic Stimulus Act of 2008 has allowed Fannie Mae and Freddie Mac to raise conforming loan limits for high cost areas on a temporary basis. These temporary jumbo conforming loan limits apply to loans originated from July 1, 2007 to December 31, 2008.

NH Boston-Cambridge-Quincy, MA-NH (Metropolitan Area)
Component Counties (NH): Rockingham, Strafford
Single Family Limit $ 523,750

For a one-unit property, the maximum temporary loan limit is calculated as 1.25 times the median house price for the highest priced county in the property’s metropolitan or micropolitan area or the median house price or the property’s county if it is in a rural county.

Around the country, regardless of the area median home price, the loan limit cannot, in general, exceed $729,750 (1.75 times the 2008 conforming loan limit). The 2008 conforming loan limit of $417,000 remains in place everywhere else.

Data for all areas are available on the HUD Web site at https://entp.hud.gov/idapp/html/hicostlook.cfm.

Mortgage maximums were last revised March 5, 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.

Real Estate Market Report - February 2008
Rockingham County, New Hampshire

There are currently 2,018 single family homes for sale in Rockingham County with a total listing valuation of $899,531,900 and an average listing price of $445,754. The average time on market is approaching six months at 176 days.

There were 377 new listings in February, down about 7.5% from the same period last year. Average listing price was up just a tad (less than 1%).

February closings were down slightly, with 145 closed sales - ten less than the 155 closings that occurred last February. The difference between the asking price and the home sales price remained steady (actually up 1/10th of a percent). Time on market was slightly shorter, averaging 136 days.

Rockingham County Home Sales Contracts Plunge In February

Pending sales in February were down precipitously with nearly 40% less contract volume than last year. 151 single family homes were put under agreement vs. 248 contracts last February - of the homes that went under agreement the average listing price was $337,757 - down from the average listing price of $383,276 last year. Average time on market was nearly even.

Are buyers just waiting on the sidelines ready to rush in to the market in March? We’ll know in a month.

Where do you think the market is heading in Rockingham County? Post 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.

I wonder if this article may be the beginning of a new trend where the national media starts to try to predict the bottom of the real estate market.

Anyone have an opinion? Leave a comment below!

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.

Seacoast Luxury Homes - The Million Dollar Plus Market

In the last ninety days there were ten seacoast homes that sold for a million dollars or more. Half a dozen homes sold in the $1MM to $1.25MM range including two homes in New Castle, two sales in Rye, a sale at Mill Place in North Hampton and a waterfront home in Dover. In Portsmouth a recently renovated downtown residence eclipsed the $1.3MM mark, an oceanfront home in Hampton went for $1.75MM and a classic North Hampton home with views to the ocean saw $2.2MM. An estate in North Hampton changed hands for $4,000,000 in December. This is more or less on pace with activity in the same period a year ago, when there were twelve homes that sold in this price range. The seacoast currently has a single pending sale over the million dollar mark for a home in Rye.

A glance at today’s inventory reveals sixty-one luxury properties for sale on the seacoast that top the $1,000,000 mark. Two thirds of the luxury inventory is in New Castle, Rye, and North Hampton - but a Portsmouth residence lays claim to the pricing pinnacle with a listing price of $9.5MM. Twenty-three of the properties for sale have reduced their asking price from the initial offering price by an average of ten percent.

Seacoast Luxury Properties Under One Million Dollars

There are 48 Seacoast homes on the market with asking prices between $750K - $999,999. Four homes have pending sales contracts - two new construction homes in Newfields, a North Hampton home in Country Club Estates, and a house at the beach in Hampton.

In the last ninety days there were eight homes that sold in this price range, including three in Rye, a newly built home in Newfields as well as one in Greenland, two in Hampton Falls, and a waterfront home in Durham. Activity in this price range is up a little over the same period a year ago when five homes sold in this price range.

Based on information from the Northern New England Real Estate Network, Inc. for the period November 9, 2006 to February 9, 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.