Portsmouth Condo Sales Fared Better Than Single Family Homes Last Month

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.