We are looking at the market activity for Dover NH Real Estate for the first six months of the year compared to the same time period for the last three years. In the first half of the Great Recession in 2008 we saw 131 homes sold. In 2009, sales dropped off 21% to just 103 homes sold. This plunge occurred even though the now expired Home Buyer Tax Credit of $8,000 was in effect and average home prices dropped almost 15% from $263,256 to $224,166. By the time folks realized that prices had fallen so far and that the Tax Credit was about to expire in April of 2010, the number of homes sold jumped 36% to 141 homes in 2010 and average sales prices perked up slightly to $231,375.
In the first six months of this year, we have seen another 13% uptick in the number of homes sold to 160 and prices have stayed steady at an average of $231,679 which tells us that demand is still strong. The average days on the market for sold listings was at it's lowest, 96 days, in first half of 2010 to 110 days in 2011. This may mean the market was a bit hotter in 2010 or that the inventory of homes is not what it was a year ago. Is the Dover NH Real Estate market cooling off? I don't think so because the data says "no".
- What does this mean to home buyers? The time to buy is now. I don't say this because I am a Realtor and want to sell more homes. I am saying that prices are low, interest rates are low, and there are 263 condos and homes for sale in Dover NH so NOW is a good time to buy especially for first time buyers.
- What does this mean for sellers? Home sales in Dover NH are on the rise and home prices are coming up even if only slightly. Now is a good time to sell because buyers are hungry for a good home against all the foreclosures out there and a rise in interest rates will only lessen purchase power. If you are looking to move up, you may be taking less for your home than you would really like but you are also taking advantage of the fact that the $400K home you were looking at is now 21% cheaper.
Comments(0)