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John Rice, president of the Seacoast Board of Realtors. Amy Root-Donle photo

There were 119 foreclosures last year in Strafford County, up from 40 in 2005 but a long shot from the 513 record in 1991, according to Strafford County Register of Deeds Leo Lessard. Rockingham County residential sales were down nearly 25 percent from 2005 to 2006. Statewide, the New Hampshire Association of Realtors reported a significant dip in residential and condominium sales over that time.

The "days on market" ratio crept quickly into double digits.

There were bright spots in the numbers, depending how you looked at them and how hard you looked. For example, month-to-month sales suggested a rebound in 2007. The thing is, all the statistical trend-spotting in the industry often masks another trend:

When the market hiccups, many Realtors take a step back. They reassess the market to make the best of it for buyers and for sellers. They hit the books.

NHAR and its local boards offer the more than 7,000 Realtors in the state a variety of continuing educational programs and training seminars.

Dave Cummings, communications director for the New Hampshire Association of Realtors, said the association offers several running programs, including a primer on professional standards and practices. The continuing-education classes feature everything from recertification to risk management.

They also have a project called QuickStart, an intensive four-day training program geared toward Realtors with fewer than two years' experience.

"In a market like this you really have to educate yourself constantly," said John Rice, president of the Seacoast Board of Realtors.

The challenge can be in crafting market analyses. And when the market gets soft, traditionally there is some movement among real estate professionals, notes Rice.

Fred Attalla, a licensed broker in Maine and New Hampshire with more than 35 years of experience, said Realtors take the pulse of the market in down times and often take a collective breath before studying opportunities. Training and strategizing is especially important, he said, so that they can "catch a rising star" when the economy surges or rebounds.

"We know this is a cycle," said Attalla. "We all have downturns, no matter if you have 35 years' experience or one year. The more experienced adapt to weather the storm."

The Seacoast Board of Realtors, which has an education committee, gives its members regular updates.

Rice said market research can often chart changes that are exactly the opposite of many economic assumptions. He reported in February that the Seacoast market over the past year had slowed for single-family homes, with prices dropping more than most would think.

"We have a growing affordability index," Rice said. "We've become more affordable than ever before." Though University of New Hampshire economics professor Ross Gittell and others anticipate prices to increase again in 2007, Rice's market snapshot for January and for December and November of last year found 66 active listings in the Seacoast for single-family homes, out of about 420, which were available for under $300,000. He found a similar significant inventory of condominiums listed for below $200,000. Yet, he said the Seacoast is still home to high-end condos selling for $600,000 and up.

Lessard, the Strafford County register, notes that when the market spells trouble for some it opens opportunities for others. The Strafford County real-estate market dropped in value from 2005 to 2006 by about $120 million, according to the register. It was $816 million in 2005, the highest value on record.

This spring may have all the fixings for busy real estate transactions across the Seacoast, according to Rice. He cited the inventory and the low interest rates. From a buyer's point of view, there is reason to be optimistic with soft or softer prices. Sellers need to view their property like the stock market, real estate as a long-term investment, according to Rice. While prices are not where they were a year ago, Rice said many sellers are still realizing profits.