Dover, NH Home Sales Outlook

Dover, NH Homes Sold

We are looking at homes sold data to determine what is happening with the Real Estate Market in Dover, NH.  2008 experienced some drastic changes as we headed into the "Great Recession".  Home sales dropped off of 2007's high of 397 homes sold to just 292 in 2008 with the average length of time homes were on the market climbing three weeks.  The number of homes sold has stayed steady at around 295 for the last three years.  What is interesting is the average time on the market.  From 123 days in 2008 to just 96 days in 2010.

Average Sales Price

Average sales price can be the real defining "gage" of the market.  The now expired Federal Home Buyer Tax Credit was established in 2009 to prop up a sagging national real estate market.  However, the Tax Credit was an artificial component of the market and had it's un-intended results driving home values down farther in 2009 and early 2010.  Now that the market is free again, we are seeing an increase in demand indicated by the average days on market at only 96 and we see average sales prices have turned the corner and actually posting a 1.2% increase.  The increase in values is not entirely significant although at least is headed in the right direction.

Market Heating Up

96% of home buyers start their search on the internet.  We are seeing 47% more activity on our web sites since Christmas 2010 and interest rates are holding good around 4.5%.  Inventory for buyers is still quite good.  Looking at Dover's absorbtion rate (active lisitngs divided by the number of closed listings in the last 30 days) is about 10 months of supply.  Last years absorbtion rate for the same time period was 14 months.  Taking this into consideration and with days on market at 96, we are seeing demand is picking up and so are values.

Is NOW a good time to buy Dover, NH Real Estate?  You bet!  That's good news for sellers, too.

About The Author:  Marty Patrizi is a Realtor with Virtual Homes, Inc. making home ownership a reality.  Marty can be reached at 603-781-4099 or by email at marty.patrizi@virtualhomes.com.  For free access to search the MLS system for your next real estate deal, visit TheNHRealtor