Dover NH Homes Sold This Week Ending 12/24/2011
$923,000 in Dover NH homes sold this week. 5 properties were delivered and 23 agreements were made. Next week, I'll post the year end report for Dover NH Homes and my predictions for 2012.
This Weeks Sales:
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Dover NH Homes Market Activity
We're looking at Dover NH homes sold data from Jan 1 to Nov 30 over the last four years to determine h0 the Dover NH Real Estate Market is doing. Since 2008, the least number of homes sold was last year at 252 and the most homes sold is this year is 280 up 11% over last year. Average Days On Market was the highest in 2008, at 122 days and this year homes are selling on average three weeks sooner.
Dover NH Average Sales Price v. Median Sales Price
It is said median sales price is a better indicator of price trends than average sales price. Average sales price can be significantly skewed by a single transaction with an extreme high or low sales price. The lowest priced home sold in Dover NH was
Where Are Dover NH Homes Prices Headed?
Average sales price and median sales price were at their peak in 2008 at $255,140 and $234,900 respectively. They are both at their lowest this year at $234,723 and $208,500 respectively. That's an 8% drop for average price and an 11% drop for median price. Let's average those figures and say that prices are down 9.5% overall.
What Does This Mean To Dover NH Homes?
Interest rates are low, inventory is high, and Dover NH Homes prices are low. This explains why more homes have sold this year and why they are selling faster. It is obvious there has never been a better time for First Time Buyers to get into Dover NH homes and start building equity for themselves instead of renting. Move up buyers are in a better position to sell their homes to First Time Home Buyers. Existing home owners wishing to up size or up grade to a new home will have to be willing to sell for a little less than they would hope for. If home prices are down 11% overall, those move up buyers will save more money on the up graded home than they will be giving up on the sale of their home to the first timers.
The Down Side Of Interest rates?
Interest rates are at all time lows and if the interest rate bumps up only 1/4 of 1 percent, purchase power goes down by about $8,000. If you are a First Time Buyer, you should be looking to buy a home now! If you would like to move up to a bigger or better home, nowis the time for that too.
About the Author:
Marty Patrizi is a full service New Hampshire Realtor at Virtual Homes, Inc. and his emphasis is on "service". Marty works as a Buyer's Agent and a Listing Agent. Marty is also a building and renovation Contractor since 1988. As a buyer's agent, Marty's extensive construction experience puts him ahead of other buyer agents because he has the ability to determine value and costs related to repairs and updates needed. As a seller's agent, he knows that buyers come from searching on line and how to generate more qualified buyers through maximum exposure of his client's properties on the internet. Marty can be reached direct at 603-781-4099 or by email marty.patrizi@virtualhomes.com.
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