COVER STORY

Joseph Shanley. Courtesy photo

The Seacoast real estate market for residential and commercial properties may not be as brisk as it was two or three years ago, but there are still plenty of local highlights, realtors say.

While sales volumes dropped year-to-year, prices in the residential market did not drop as much as in other parts of New England, according to statistics from the Northern New England Real Estate Network.

Though the trouble with subprime mortgages at the national level is not as dramatic a problem locally, the question becomes a matter of consumer confidence and one of perception.

State regulators are taking steps to help or protect consumers in the lending and foreclosure crisis.

"Real estate has been what's kept our economy going the past couple of years," said Joe Shanley of Shanley Realtors. "Not just in the Seacoast but across the country."

While the Seacoast is not insulated from economic forces playing out across the land, Shanley points to strong retail and office markets.

Once again, however, not as strong as they were three years ago.

Shanley refers to current conditions as an overall market correction.

"These things don't turn around in a matter of months," he said.

The region still has issues with affordability for the growing Seacoast work force.

As 2007 wrapped up, the days on market for listings actually reversed direction and dropped in a number of towns in southern Maine and southeastern New Hampshire, according to regional statistics on realtor Shannon Aldrich's blog: realestateseacoast.com.

Aldrich, a realtor with Keller Williams Coastal Realty, calls it the story of three markets: The luxury housing and condo market remains stable. Properties $250,000 and lower are selling strong. And some sellers continue to overprice their properties.

Aldrich is looking forward to 2008. She notes that the Seacoast is still a desirable place for people to live and to work.

"I see 2008 remaining in a stable to slightly buyers' market," she said.