Portsmouth New Hampshire Condo Market Update (YTD-10/31/09)

Single Family Homes - There are 68 homes on the market with a DOM (average days on market) of 110 days. The average listing price is $612,362. 9 homes are under contract and the average listing price was $351,711. This statistic continues to reflect the activity in the lower end of the market where the first-time home buyers are taking advantage of the $8000 tax credit. Visit Portsmouth NH Homes for Sale for a map based search of real estate currently on the market.

Condominiums - 93 Condominiums are currently on the market with an average listing price of $474,648 and a DOM of 166. 13 units are pending at an average listing price of $538,804 and a DOM of 135. An interesting comparison is the average listing price for pending condos is higher than single family homes.

There were 76 condos sold YTD in Portsmouth with an average selling price of $274,199 and a DOM of 158. The list-to-sell percent was 95% as the average iisting price was $288,916. This is a 29% decline in units sold as compared to 2008.

The average sales price dropped sharply from $321,385 in 2008 as buyers are taking advantage of Portsmouth NH foreclosed condominiums which are more available than in past years. 

Condiminium financing continues to be a major issue in the sale of units.  FHA financing is the preferred option for entry level buyers and there are a number of condo developments that do not qualify.  Investor concentration and under capitilized associations are contributing to underwriters approval ratios.