N.H. Market Trend Report…The future isn’t what it used to be

The New Hampshire Association of REALTORS released their market trend report written by Peter Francese, as usual Peter make us really think about the future of New Hampshire’s real estate market. Most REALTORS we’ve been talking to report an increase in activity, not a lot but an increase. June traditionally is a slow month with graduations and vacations but our personal Internet hits are up and we have customers out looking at homes.

-by Peter Francese
That famous Yogi Berra quote pretty much sums up the situation. Who could have imagined a year or two ago the price of gas and heating oil rising above four dollars a gallon? Unless something is done to bring down fuel costs, housing throughout this region will become less affordable to the young people we need to assure our future economic growth.

To secure our future, we must know more about the buyers of residential real estate in NH.

Speaking of economic growth: Our economy is not exactly in the pink of health. The New England Economic Partnership recently held its spring meeting in Boston, and Dennis Delay (their New Hampshire economic forecaster) discussed the present and future economic outlook for our state.

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New Hampshire Market Trends report

Every month the New Hampshire Association of REALTORS publishes a market trends report written by Peter Francese. This month Peter talks about the aging of New Hampshire and the impact he feels it has on our real estate market. There are times that I don’t agree completely with Peter’s market summary, as I believe real estate is local and even in New Hampshire it can be as different as night and day. Sadly, this time I agree with him…the aging of New Hamphsire has an impact on all of us. I’ll let you judge for yourself as I have reprinted with permission his entire report.

What does it mean that we are now

the nation’s fifth-oldest state?

-by Peter Francese

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NH Real Estate Market Trends First Quarter 2008

The New Hampshire Association of REALTORS recently published their market trends report and this month Peter Francese looks back at the first quarter state wide activity level. As we’ve said before real estate is local…even in NH the market is very different from area to area. Market activity in our little corner of NH has picked up significantly and we’re seeing a lot of multiple offers, especially in the bank owned homes. Spring is here and many buyers are out and about looking and buying real estate. Reprinted below with permission from NHAR is Peter’s report in it’s entirety. Read more

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Nine-year New Hampshire home sales and price data

Nine-year New Hampshire home sales and price data reprinted from the New Hampshire Association of REALTORS offers some interesting reading. Be sure you open the links, they open to a PDF file, and and check out your county stats.
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New Hampshire Association of REALTORS is attempting to stress the importance of looking at long-term real estate trends, rather than the media-driven fascination with individual, year-over-year sales and price statistics. With that in mind, they’ve compiled statewide and county data beginning in 1998, when the statewide median price for a single-family residential home was $127,500. That number rose to its peak of $270,000 in 2005, a remarkable 112 percent increase (a 16 percent per year average increase), since which time we’ve seen the modest median price declines (down 1.9 percent in 2006 and 1.6 percent in 2007) that seem more dramatic primarily because of the booming market in the seven years prior.

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January and February Market Report for 2008

Real Estate is local…even in NH it is local to whatever area you reside in. Pockets of the market are very very busy but it has been a harsh winter…weather wise and real estate wise. Monika and I have had the busiest December and January that we can remember. They are usually very slow months, they were busy for us. February slowed down a bit and now that March is here…we’re busy again. That’s our take on our local real estate market! Read more

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Where is the bottom?

Peter Francese once again brings us his great insight into the state of New Hampshire’s real estate market. One thing Peter says is “ As to when we will see the bottom of the market, we are probably awfully close to it right now.”
We have to agree with him and while we don’t think we’re there yet…we’re pretty close. Certain market areas and certain price ranges are “hot” while others are getting pretty warm. Personally, we think it will be a while before we see prices increase but properties are moving, people are buying and buyers have many choices. The spring market is here…even with all the snow on the ground. Reprinted below with permission from the New Hampshire Association of REALTORS is his market report.

Where’s the bottom?
-by Peter Francese

That’s the big question. Even the Chairman of the Federal Reserve Bank, who has access to databases we can only dream about, says he doesn’t know. Perhaps it’s vain of us mere mortals to even ask the question. But we’re going to, anyway.

There are several factors that will determine when housing demand will start to rise such that prices will firm and sales will happen more quickly. High on the list of them is consumer psychology. Right now consumers in general are not very optimistic about the future. But if the buying public thinks that 2009 will be a better year than this one, then demand for dwellings will likely rise.

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