How's the Market Doing in Dover, MA? Get the Latest Market Update - 10/31/2008

As of October 31, 2008, there were 52 single family listings in Dover on the Multiple Listing Service (MLSPin).  Sales of single family homes are down only 13.5% for the year which is lower than many neighboring communities.  However, properties priced over $2,000,000 are moving much more slowly and are weighing down the days on market statistics. During October, 6 additional single family listings were added to our MLSPin, (3 of which were back on market) with an average list price of $1,470,500. 

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of a staggering 13 months.   That is to say, based on the volume of sales during the past month, it will take 390 days to sell all the single family homes currently sitting on the Dover market.

The average list price is $1,771,857.  The lowest price is $309,900 and the highest price is $9,500,000, with the largest concentration of homes (59.6%) priced in the $1,000,000 to $1,999,999 price range.  Of note, the average list price for a single family home in October 2007 was $1,660,774.

The median price is $1,414,000 and the average days on market are 261 days.  This compares to a median sales price of $1,299,000 and average days on market of 195 days as of October 31, 2007.

There were 6 properties that went under agreement during the month of October (October 2007- 7 properties).  4 single family homes sold during October, with the average sales price being $2,478,750 and the median was $2,180,000, with the average days on market being 120 days. Compare this to 4 properties sold during October 2007, with an average and median sales price of $2,393,750 and $1,2480,000, respectively, and the average number of days on market being 222 days.

In October 2008:

11 properties had price changes averaging -6.36%

Sales price to original price was 94%

Sales price to (last) adjusted price was 95%