February Single Family Home Sales and Market Update for Dover, MA

As of February 28, 2009, there were 51 single family listings in Dover on the Multiple Listing Service (MLSPin).  Although February has been a very slow month for many towns in the Boston Metrowest area, the sales year to date for Dover have indicated a strong buyer preference to significantly discounted properties and there are no indications of interest on homes, which by Dover standards, are already selling for significantly lower prices than in prior years.  This is a clear sign that there may be trouble ahead for higher-end homes that will continue to stay in inventory, while more attractively priced homes will sell.  During February, 9 new single family listings were added to our MLSPin and an additional 2 single family homes were relisted for sale on the MLS, with an average list price of $1,479,727.   

Based on the number of active single family listings versus the number of sales during the month, there is a market absorption rate of 806 days.   That is to say, based on the volume of sales during the past month, it is estimated that it will take over 2 years to sell all of the single family homes currently in inventory and sitting on the Dover market.  Perhaps the spring market will bring buyers back to Dover, however by all indications; Dover is clearly a buyers' market right now.

The average list price for a single family home is $1,573,562.  The lowest price is $199,000 and the highest price is $8,995,000, with the largest concentration of homes (60.8%) priced in the 1,000,000 to $1,999,999 price range.  Of note, the average list price for a single family home in February 2008 was $1,717,577.

The median price is $1,350,000 and the average days on market are 237 days.  This compares to a median list price of $1,380,000 and average days on market of 243 days as of February 29, 2008.

There was 1 property that went under agreement during the month of February (February 2008- 5 properties).  2 single family homes sold during the month, with the average and median sales price being $436,250, with the average days on market being 126 days. Compare this to 1 properties sold during February 2008, with an average and median sales price of $977,500, and the average number of days on market being 148 days.

During February 2009:

4 properties experienced price changes averaging -9.51%

Sales price to original price was 88%

Sales price to (last) adjusted price was 92%

0 property listings expired