Spring Market Heats Up In Portsmouth

Portsmouth NH - May 2007
Single Family Home Market Report

In May the spring market continued to heat up along with the weather … more homes came on the market, more properties under contract and more closed sales.

Real Estate for sale signs were popping up all over Portsmouth as 33 single family homes hit the market with an average offered price of $393,811.

Incidences of “meetings of the minds” between buyers and sellers increased as 24 pending contracts came together at an average listing price of $434,167 with an average time on market of 77 days. This was 50% more pending contracts than in the preceeding month.

When you added up the selling price of all the homes that closed in May the final total came to $7,307,250 - more than triple the total dollar number in April. There were 18 closed sales at an average selling price of $405,958. The selling price was 94.89% of the asking price on average - this is the first month in 2007 where the difference between the average selling price and the asking price was more than 4%. Average days on market was down to 98 days.

The sale of a circa 1858 Greek Revival for $950,000 in Portsmouth’s South End set the top of the price range for May.

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