Dover NH real estate is at it’s prime when considering new construction sales. Some say it’s outta reach. Depends upon perspective as always. Let’s consider just for one where new construction has gone in Dover and where it will go. Since the Great Recession, which is dubiously unconfirmed to be over, Dover NH new construction has been active for a few years with prices escalating until I discovered median asking price took a dive. It’s due to higher inventory. The Portsmouth market however, only 15 minutes over the bridge, had never known what the recession was about in terms of significant increases in values. One would always hope for that kind of appreciation but let’s be honest at how ludicrous those kinds of gains seem. The problem for Portsmouth is a lack of inventory for new homes and prices have gone out of reach for most buyers. This phenomena has boosted interest in Dover NH homes overall and led to the escalation of prices. Buyers see they can get a lot more for their dollar in Dover. But let’s remember savvy investors know the market signs just a little ahead of some of us. Builders are part of that group. When the time comes to pull back, there is no doubt builders will pull back. The inventory needs to sell off a bit before builders will go full swing again.
Dover NH New Construction
Time to buy? I will answer in a moment. Let’s first consider what is happening in Portsmouth new construction. Let’s face it, not much room for new construction around unless you want to talk about Portsmouth Condos. Have you seen the price of => Portsmouth condos? Forgetaboutit! The inventory of Dover new construction was fairly high in 2011 but when I researched 12 to 24 month new listings of new homes verses closed deals in the same period, I came up with this graph over five years. Inventory has grown verses sales and prices. Days on market are up significantly and indicates buyers have cooled off a little and most likely due to prices. New listings were down last year proving builders have cooled off a little too. The inventory needs to sell “down” so to speak, and builders will fire up the excavators, again.
Dover NH Real Estate Median Price vs. Average Price
We look at median price as the trend setter because average price can be artificially skewed by a transaction with an extremely high sales price or an extremely low one. Median sales price is the purchase price of the transaction in the middle of all the data with half the sales having a higher price and half having a lower one. More higher end homes have been selling and that’s good for Dover’s future and home values but that makes it tougher for moderately capable and first time buyers. Remember that sell off I was talking about? Last year’s median asking price was $219,000 or about $1,000 a month at today’s competitive rates not including property taxes and insurance. What is an average monthly rent in Dover? I don’t do many rentals but the active mls listings indicate landlords are asking a median of $1,650 a month. Hmmm….. Where will Dover NH home values go? Only up thanks to Portsmouth’s prices. Time to buy? You bet and do it before mortgage rates go up. Here’s a link to look at Dover NH new construction homes for sale => New In Dover
Who Should Be Your New Construction Realtor
A buyer agent who has new construction experience is your best bet. New homes between builders can be as different as night and day so a buyer should find an agent with construction experience. A buyer agent isn’t “tied in” with any particular builder and knows the neighborhoods that are in highest demand and why. Read my bio and see what my clients are saying => My Realtor