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1/14/2012 Dover NH Homes: A slow week for sales delivers two condos for a total of $238,000 in inventory reduction. 23 homes have successful offers and 8 sales are pending closing. View a short video of => 11 Dover NH New Listings This Week
At the beginning of the "Great Recession" in 2008, Dover NH home sales suffered yet ever since then, the number of homes sold has increased. This is mostly due to real estate values taking a hit and we'll see below how much of a hit it has been. The number of homes sold is up 7.5% over last year and up 18% from the depths of 2008.
The average time a home for sale in Dover NH spends on the market was at it's lowest in 2010 due mostly to the now expired Federal Home Buyer Tax Credit. The Tax Credit was scheduled to expire at the end of 2009 but was extended to April 30, 2010. The procrastinators decided it was time to jump into the market and I believe this is what skewed the average days on market for 2010. At the current average of 106 days, this market has come very close to "normalizing".
Average Sales Price vs Median Sales Price
Median Sales Price is said to be a better indicator of real estate value trends than Average Sales Price. Average Sales Price can be artificially skewed by a single transaction with an extremely low or extremely high sales price. In 2011, the transaction with the lowest sale price was $38,900 and the highest was $6,900,000.
Median Sales Price was at $267,000 in 2008 with 194 sales. In 2011, Median Sales Price was $226,300 with 229 sales. Average sales price is down 11% from the high of $293,754 in 2008 to $262,033 in 2011. Median Sales Price is down 15% from 2008's high of $267,500 to 2011's low of $226,300.
Dover NH Homes Market Trend
If we look at the overall volume of single family Dover NH homes sold, we can see volume jumped up 5.3% in 2011 over 2008's level and up 5.6% from 2010. This makes perfect sense knowing what we do about Average Sales Price and Median Sales Price over the last four years. The lower prices are the more homes will sell.
Dover NH Homes Market Prediction For 2012
It is my belief that home sales will continue to grow. I am predicting at least 4-5% growth again for 2012 as long as these two factors occur: Interest rates stay low and move up buyers make room for first time home buyers. Existing home owners who are looking to upgrade or up-size their homes are starting to realize that even though home values have come down significantly, they will save a greater amount on their new home purchase than they may otherwise give up on the sale of their existing home.
Interest rates will be the "IF" factor. In a study of the effects of interest rates on purchase power, we hold a certain monthly payment steady and use a mortgage calculator to determine how much purchase power is effected by a rise in interest rates. Holding payment steady, a 1/4 of 1% rise in the interest rate can mean as much as $8,800 less purchase power.
Are You In The Market or Want To Be?
If you would like to move up to a newer or larger home, or if you would like to own your own home, get to a lender now. Make sure you know how much you can afford for a mortgage and start looking before interest rates and prices start to go back up. We know they will. We just can't say when so why wait? Click here for =>NH Home Finance Options
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 email@example.com.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.