Portsmouth Sees Ups And Downs in Residential Market in February

by Michael Bean on March 2, 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.

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New Hampshire Real Estate Brokerage Performance Through February 29, 2008

by Michael Bean on March 2, 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.

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Recent Seacoast Luxury Home Sales More Or Less On Par With Winter 2006 - 2007

by Michael Bean on February 9, 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.

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Offered For Sale - Thirteen Pond Path In North Hampton’s Country Club Estates

by Michael Bean on 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.

13 Pond Path, North Hampton

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.

Early Spring at 13 Pond Path

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.

Kitchen

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.

wall of windows

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.

formal dining room with fireplace

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.

library or office with fireplace

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.

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Nobles Island Condominiums In Portsmouth, NH

by Michael Bean on February 9, 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 - 500 Market Street, Portsmouth NH

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.

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Home Values In Portsmouth New Hampshire Are Influenced By Recent Sales

by Michael Bean on February 3, 2008

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.

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Rye Has Average Asking Price Of Nearly $1.2MM in January

by Michael Bean on February 1, 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.

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Portsmouth Condominium Sales Prices Held Firm In January

by Michael Bean on February 1, 2008

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.

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Six Homes Sold In Portsmouth In January

by Michael Bean on February 1, 2008

Portsmouth Housing Market Report - January 2008

Last January there were twelve homes that sold in Portsmouth, this January there were six. Sold prices ranged from $212,000 for a three bedroom ranch to $405,000 for a three bedroom cape on Thaxter Road.

It took longer for them to sell - last year it was just under three months, this year they were on the market almost two months longer. For the sellers that found a buyer the homes sold for about 4% less that the asking price.

Pending sales for January were way off last year -  there were just five homes that went under contract last month - this is 29.4% of the pending activity from January 2007.

There are currently 57 homes for sale in Portsmouth with an average of 147 days on market. Fifteen homes came on the market in January with an average listing price of $441,335.

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

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Proposed Increase To Mortgage Loan Limits May Benefit Seacoast Real Estate Market

by Michael Bean on January 25, 2008

Congress and the Bush administration announced an economic stimulus plan yesterday that should will have some effect on the local Seacoast real estate market. A component of the package is the recommendation to raise the current loan limits for government backed Fannie Mae and Freddie Mac.

Under the proposal loan limits would be raised 50% from $417,000 to $625,000 for twelve months. The raised limits should have the effect of giving a boost to higher priced markets.

How would this affect the Seacoast real estate market?

24.1 percent of the 676 homes that are currently on the market have listing prices between the current loan limit of $417,000 and the proposed loan limit of $625,000. Buyers should be able to obtain better rates for those homes should the measure pass.

For instance, according to Bankrate.com this morning the national overnight average for a 30 year fixed mortgage is 5.42 percent, the rate for a jumbo mortgage that exceeds the current cap is over a point higher at 6.51 percent for a fixed jumbo mortage.

The Senate and White House sill must sign off on the plan.

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