Dover NH Real Estate Report September 2010
We are looking at homes sold data for the last four years verses the last twelve monhts to date (9-15-2010) to determine the state of the market in Dover. There were 438 homes sold in 2006 with average days on market of 84 indicating a pretty hot market. 2007 saw a 12% decrease in homes sold to 386 and average days went up to 102. Amid recessionary pressures in 2008, there were only 281 homes sold and those homes spent 122 days on the market. While the Federal Home Buyer Tax Credit was established to prop up a sagging national market in 2009, 286 homes sold with less time on the market at 106 days. In the last twelve months we have seen a nice increase in homes sold at 302 and days on market were a respectable 95.
Dover NH Real Estate Average Sales Price
The average sales price was $241,475 in 2006 and rose 13% to $273,627 in 2007. 2008's prices fell 5% to $259,075 and another 8% in 2009 to $237,467. In the last twelve months average sales price has risen slightly to $240,429. This in not a giant gain but at least prices appear to be heading in the right direction for todays buyers looking to gain equity. Comparing Dover's ASP chart on the left to the State's ASP chart on the right, Dover's market hasn't suffered the decline that the State has. Both charts show improvement over 2009.
Dover NH Real Estate Market Trend
There is no doubt the now expired Federal Home Buyer Tax Credit has had an effect on our market. Unfortunately, the Tax Credit was an artificial component of the market and had it's un-natural results. As the market heads back to normal we see activity is up and prices are along for the ride.
There are 284 active listings for homes and condos in Dover NH as of 9-15-2010 and 24 sales are pending. Buyers understand they have to act now to take advantage of the lowest interest rates in decades, reasonable home prices, and lots of inventory. Dover and all of New Hampshire is piosed to give todays buyers much upside potential for equity gains over the near future.
Is now a good time to buy Dover NH Real Estate? You bet! That's good news for sellers, too.
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Your comments on this study are welcome.
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