Another year has passed and I am sure that a few years from now we will not be longing for times like we had in 2006. Despite the unseasonably warm December weather in New Hampshire, the real estate market is still chilly.

2006 was a continuation of adjustment in the real estate market with sales down 23% from 2005 coupled with lower prices. The most significant adjustment we have seen is in the attitudes of the buyers and sellers. It appears that buyers and sellers are acclimating to the "new" market.

Sellers now accept that their homes are going to sell for less than they would have hoped for and they understand that they may have to give some concessions to buyers to get their home sold. Homes have stayed on the market much longer than in the past, averaging 137 days in 2006. Prices all around have dropped due to decreased home buying demand and homes have to be in "good" or "very good" condition to even get the attention of a buyer, otherwise the property has to be priced exceptionally low to compensate.

Buyers are also acclimating to the market. They have a lot of choices and can take their time to find the home that is right for them. Buyers are no longer interested in a home they have to "work on" because there is so much to choose from. The decreased home prices mean that many buyers who had been priced out of the market in 2004 and 2005 can now afford a home. The interest rates have decreased from their high in August which increases the purchasing power of buyers. There is still some hesitation by buyers because they are not sure if home prices and interest rates will drop further, but there is a growing sentiment that it is a good time to buy a home here in New Hampshire. Thus, we are seeing signs of increased activity.

In October and November we had month over month increases in the number of homes sold which was not typical for the time of year. The number of homes under agreement in December was at the same level as the 2 previous years. Furthermore, October and November showed an upward trend in the number of homes under contract. This is a good indication that the buyers are becoming more confident and ready to make offers on homes.

Market Notables Single family home sales for 2006 were down 23% from 2005.

The number of single family homes on the market was down in December to 691 from 768 homes in November. This is a 10% decrease in the supply of homes on the market.

The number of homes put under agreement in October and November showed an increasing trend. This is unusual for the time of year and an indication of increasing buyer confidence.

This data is based on information from the Northern New England Real Estate Network for the periods shown for the towns of Amherst NH, Bedford NH, Brookline NH, Francestown NH, Greenfield NH, Greenville NH, Hollis NH, Lyndeborough NH, Mason NH, Merrimack NH, Milford NH, Mont Vernon NH, Temple NH, and Wilton NH.

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