Dover Real Estate wraps up another year with values rising. The inventory of homes for sale in Dover was down a bit at the beginning of the year but a continued strong demand drove the market. And why not? Dover is a fabulous vibrant community in which to live, work, and play. There is a rich history here with interesting museums and great schools. There are thriving well established businesses and start-up companies that are giving back to the community…and they are looking to hire quality employees to grow with, right now. Entertainment? Lots of fun restaurants, live shows, and things to do and see. We measure demand by the average days on market which has been steady over the last three years. Typically, a home for sale in Dover will sell in less than 60 days. While on a volitile inventory in 2018, Dover home sales were up 2.6% from 346 homes sold last year to 355 homes sold. This picture was quite different 2017’s fall of 8.2% from 377 homes sold in 2016 to 346 homes sold on a scant inventory. How has this affected Dover home values?…A lot.
Dover Median Sales Price vs Average Sales Price
Dover’s Median Sales Price is a better indicator of price trends because Average Sales Price can be artificially skewed due to a transaction with an extremely low sales price or one with an extremely high sales price. The Median Sales Price is the sales price of the transaction in the middle of all the data with half of the transactions having a higher sales price and half having a lower sales price. The median floats up and down with the trends. Dover’s Median Sales Price gained 6.5% from $309,900 to $334,900. This was quite less than last years exceptional 19.1% gain due to the high demand and little inventory. Dover Real Estate is a prime example of the laws of supply and demand. When inventory is low and demand is high, prices will rise and vice versa as evidenced by the trend in 2016 where we had the highest inventory and prices actually fell. As the inventory tightened over the last couple of years, we see prices escalating. This will be the trend going forward into 2019 because Dover is so desirable. If you want to see all the homes for sale in Dover, use this link => Dover Homes for Sale
Dover New Construction Homes
From 2007 to 2012 builders were silent. It didn’t make sense to invest in property with values dropping and no end in sight. As property values turned the corner at the end of The Great Recession in 2012, builders saw a low inventory of homes for sale as their “wake-up” call. New construction has been steady since but jumped 33% from 54 new homes sold last year to 72 new homes sold in 2018. Checking with Dover development at the town hall, there are 105 new building permits pulled in the last 8 months. New construction homes are in high demand but they come at a premium. Most buyers find they can afford “more” home when purchasing an existing home verses a brand new one because building new is quite costly. The biggest advantages of a new home are energy efficiency and less maintenance. If you are in the market or thinking about it, you’ll want to know your => Best Home Finance Options 2019
There were 10 homes sold in Dover over $1M this year.
Here is a fun link to view them => Dover Luxury Homes In the display, click on the individual mls #’s to see all the pictures.
If you are interested in more information concerning million dollar homes for sale, click here => Dover Luxury Homes For Sale
What’s In Store For Dover Real Estate 2019
New construction will be a major factor because the overall inventory of homes for sale is low compared to the demand for Dover homes. As more and more folks discover Dover, we will see demand continue to grow. If mortgage rates stay relatively low, the demand will have upward pressure on prices unless more inventory becomes available. If rates go up, buyer’s purchase power will erode and could force some buyers out of the market. Overall, I see home sales increase by a similar margin as 2018 and inventory will remain volitile. I predict values will increase steadily between 6 and 8 percent again in 2019.
This report brought to you by Marty Patrizi
Marty is a Realtor at The Bean Group and has been helping folks buy, sell, build, and renovate property since 1988. His construction experience is his competitive advantage. Marty represents his clients with complete confidentiality and compassion. He can be reached at 603-781-4099 or email email@example.com for help acheiving your real estate goals.
See what Marty’s clients are saying => Testimonials