New Hampshire Realtors: Home Mortgage Activity Strong

What’s the future of New Hampshire housing market?

According to The Seacoast Board of Realtors, it’s rather bright. The group has concluded that while the real estate market has changed in the last year, it is still going strong.

That announcement was made at the board’s first annual “State of the Seacoast” press conference on Friday, Feb. 9, at the Seacoast Board offices at Pease International Tradeport. John Rice, president of the SBR, led the panel that spoke about the state of the current New Hampshire mortgage market and specifically what it means to the Seacoast area.

“Given the shift in the market over the last 12 months, we felt it was important to get the word out to both our fellow Realtors and the media that the real estate market in the Seacoast is strong; different than a year ago, but still strong,” said Rice. “[Single-family home] sales are up 18 percent in nine sample Seacoast towns over the November-January time frame a year ago.”

“With 66 single-family listings under $300,000 and 99 condo listings under $200,000 - coupled with near record low [mortgage interest rates] - we are seeing a very positive affordability picture,” Rice said. “The market may be setting itself up for a strong spring.”

The four-person panel also included Dr. Ross Gittell, James R. Carter, a professor of Management at UNH; Peter Francese, founder of American Demographics magazine and well-respected demographics trends analyst; and Bonnie Guevin, president of the New Hampshire Association of Realtors.

“New Hampshire leads the New England states when it comes to the economy,” said Gittell “and contrary to public opinion we are not overbuilt.’”

Francese stressed that although, the markets are in good shape right now, “Our population is shrinking — particularly in the 35-49 age group. We need to work together to ensure that New Hampshire continues to thrive and that means providing affordable housing so that young educated professionals can afford to live here.”

Overall, the Seacoast real estate market is in line with the rest of the industry.

“Statewide, we saw a decline of 1.5 percent last year in real estate prices. In the Seacoast area, it was 1.47 percent, just slightly below the rest of the state,” said Guevin. “What we have been experiencing is a shift in a market that needed correcting. Now that has happened and it is business as usual.”

SOURCE: The Portsmouth Herald