How Does NH Compare to the Rest of New England?

First, lets look at the trends here in the past: Between 1990 and 1994 it was not a pretty picture. Median home prices in NH dropped over 12 percent during that period. And it was not until 1998 that statewide median home purchase prices went over their 1990 levels. The last several years certainly look infinitely better by comparison. The lack of price appreciation in 2206 is in sharp contrast to the robust growth in the 2000-2005 period. But flat looks pretty good when compared to the early 1990s. And when compared to the recent steep declines in some markets in Florida ( up to 18% in some towns) and elsewhere ( a 9% drop in Reno, NV and a 5% loss in Worcester, MA) it looks even better. The combination of low interest rates, financially stronger lenders and more buyers here in our state means that 22997 real estate sales and home values are more likely to be an improvement over 2006 than a continuation of the 2005-2006 flatness. Perhaps the most important reason New Hampshire is likely to have more buyers and more price stability in 2007 then elsewhere in the region is very simply that economic conditions are much better here than in other New England states. The monthly report on New England economic conditions ( from the New England Public Policy Center) shows that New Hampshire is the only state in the region with job growth above 1%. Most of these positions are in the retail trade and services such as education, healthcare, leisure and hospitality.
No question about it, the weather has been a major factor in the Seacoast region real estate activity. The continuing rain through the last 2 months has slowed buyers..... and made sellers reluctant to put their homes on the market. When the sun shines, the phones start ringing again! Historically, in June, the market slows a little during th end-of school days and picks up the last week of the month. The sooner we dry out - the better.

Portions of this blog were obtained from the New Hampshire Association of Realtors, inc Market Trends newsletter 2007