Real Estate market conditions…not so local after all!
February 15, 2008 by Monika McGillicuddy
Filed under General R.E. Information, Market Reports
Picking up a newspaper this morning far from home… a screaming headline “Fourth-quarter home sales fall in 45 states” of course caught my attention. I was curious to read a firsthand local slant on the real estate market. Sales were down in New Hampshire for the last quarter as well … except for the last month in December, which was the best December for us personally in many years. Then January hit and it started to get really busy for us in Hampstead. Many of my fellow REALTORS said the same thing…it was if someone turned on the buyer tap. Interestingly, New Hampshire was one of the states that did not report their fourth quarter sales figures to the National Association of REALTORS but I know we were way down as well. It was a miserable 2007 real estate market for many in NH. This local (Florida) newspaper reports that something changed the first week of January and suddenly they got busy. In New Hampshire prices are down, interest rates are excellent…all the ingredients are there for the making of a most excellent spring buyers market plus we’re already seeing multiple offers. Real estate agents in Southwest Florida report more sales in the 1st month of 2008 than they’ve had in the entire previous year and that sounds just like my New Hampshire real estate market.
Spring market in New Hampshire has started early this year and I think it’s going to be a pretty good one in more ways than one.
Hope you are having a fabulous Birthday Week Moni, very glad you are somewhere warm. And thanks for the Florida news as well!
Carole…We’re having a blast!!!
Happy Belated Birthday Monika! Enjoy that warmth and sunshine as it’s a bit chilly here. Today is a beautiful sunny NH day!
Most of the areas here in my Seacoast market showed better numbers for 2007 than did a number of other parts of NH, and southern Maine Seacoast showed the same thing. So, even though that report was talking states, what goes on in real estate really is still very local, even more local than the state level. Several of our towns here had better numbers for 2007 than 2006, and just a short drive away, is a town or 2 that showed numbers down just slightly.
And you’re right about buyers jumping back in the market – all the pieces to the puzzle of a buyer’s market, or a balanced market as some are calling it, have come together. Spring is going to be a flurry of activity if what’s going on right now is any indication.
Enjoy Florida!
Ann,
All the pieces are here and I do think it is more a balanced market. I’ve seen way too many multiple offers to be a true buyers market.
Thank you for my Birthday wishes. We went out last night to celebrate as the 14th being V day was impossible for reservations. Today we went looking for alligators…my god are they ugly and very scary looking. I can’t believe they just crawl about like that all loose!
Keep the numbers up and send them across the nation. The press still has prices and sales falling for another year. Hope this is not just a short spurt to even out some who have to move at any cost. Spring is in the air, hopefully for real estate and the gators.
I think it’s more than a short spurt. Our prices have come way down which has motivated the buyers for sure.
Spring is in the Air and I’ll root for your gators.
Monika – I agree with you that it’s not just a short spurt. Perhaps in some parts of the country it might be, but we’re seeing investors getting back into the market at this point. And we all know that once the investors start sniffing around and buying properties, other buyers follow.
Can’t root for gators – too many Seminoles in my family for that!