will likely see Dover NH home values continue to escalate. It certainly depends on your perspective. Dover real estate owners are happy to see values rise and buyers are frustrated to the point of deciding not to buy. Looking across the bridge at the Portsmouth market, one easily sees the affordability index decreasing for most and it’s looking like Dover will see it too. When I look at the sales data for all the towns going north up the Spaulding Turnpike, it is obvious there is a migration to the north in search of more affordable homes. Dover NH home prices are on the rise because the proximity to the seacoast and the demand for homes near the seacoast is exceeded by the availability of homes for sale. In my chart below, new listings are off 20% from four years ago. Homes sales are down 20% from last year. Days on market shows demand is on the rise. And why not? Dover is a very vibrant community in which to live, work, and play. Your money goes further in Dover => Luxury Costs Less
There are less buyers in your future. I don’t have a crystal ball but I can see from the data about 30% of sales today are by first time buyers verses about 50% a few years ago. This will have a ripple effect and it will be directly upward. There are hardly any “entry level” homes available and when one comes to the market, it is sold very quickly. With inventory at a ten year low, demand is forcing prices upward. Since there are less first time buyers in the market buying up “entry level” homes, there is less opportunity for move up buyers as well. Oh, did I mention mortgage rates are on the rise too? Rising mortgage rates will also eliminate some buyers. Consider that now or very soon may be “the” best time to sell especially if you are looking to move up. Downsizers will be frustrated going forward.
Sorry buyers, not likely. Median Sales Price is said to be a better indicator of trends than Average sales price because the average can be artificially skewed by a transaction with an extrememly low or extremely high sales price. Median Sales Price is the sales price of the transaction in the middle of all the data with half the sales having a higher price and half having a lower price so it tends to “float” with the data. In my chart below, we see the Median Sales Price generally exceeding the Median Asking Price this year. This is direct evidence competition between buyers is fierce and bidding wars are prevalent. This doesn’t mean buyers should walk away from buying a home. A home is not only a domicile but an investment and normally a sound one with the right information and guidance. Dover NH home buyers with a licensed agent on their side will have an advantage over those who don’t. Click here to see my mls access for what is available today and good luck => Dover Homes and Condos For Sale
This Report Brought To You By Marty Patrizi
Marty is a Realtor at The Bean Group Dover NH. He has been helping folks buy, sell, build, and renovate homes since 1988. If you are looking for a compassionate, client centric professional with integrity to help you achieve your real estate goals, call or text Marty at 603-781-4099 or email email@example.com. See what Marty’s clients are saying => Testimonials