Dover NH Boasts High Inventory But Few Home Sales In March
April 7th, 2008by Michael Bean
Dover NH – Residential Home Sales Update – March 2008
There were 10 homes that sold in Dover, NH in March. The average listing price was $313,730 and the average selling price was $300,940. Dover homes sold for an average of 95.9% of the last asking price. Time on market was between six and seven months with an average of 203 days.
March saw a total of 15 Dover homes go under contract with an average listing price of $307,640 and an average time on market of just over seven months.
Dover Boasts High Inventory But Few Sales
45 homes were put up for sale in Dover in March. As of today, there are currently 169 homes for sale in Dover, NH. The average listing price is $359,749 and the average time on market is 124 days. This represents a 17 month supply of homes based on March sales and an 11 month supply of homes based on March pending sales.
How bad is the real estate market in Dover?
There were 10 homes that sold in Dover in March – this was just 43% of the home sales that closed in March 2007. Pending sales contracts were also down significantly – the 15 sales contracts that came together in March represented just 55% of the sales contract volume the previous March. The sales price to listing price ratio remains within a 5% range, but average time on market for closed sales has extended nearly 50 days.
What does it all mean?
Buyers have an abundance of homes to choose from in Dover – sellers should pay very close attention to how their properties are priced against the rest of the homes on the market.
Based on information from the Northern New England Real Estate Network, Inc. for the period March 1, 2007 to March 31, 2008.
