Real Estate Trends – Dover, Massachusetts #2

Introduction:

Welcome back again for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward.

Today we are highlighting the market in Dover, MA in Middlesex County

 Dover MA Soldiers' Memorial - Dover Massachusetts Real Estate

We have first looked at Dover a couple months ago back in January of 2016.

Market Trends in Dover, MA – July 2015 and 2016:

The Dover, MA market has fallen off some since last year.   The average prices were down a lot and the median prices were down almost as much.  The days on market were down a pretty sizable amount though.  Inventory was pretty stable with 35 sales in July of 2015 up to 37 in July 2016. 

Average Listing Prices:

We will first start off by looking at the average listing price.  In Dover, MA the average listing price in July 2015 was $1,329,973.  This was down to $1,107,112 in July 2016.  This gives a very large decrease of 16.76% year over year. 

Looking at the median prices we see that it was higher in both years.  For July of 2015 the median listing price for Dover, MA was $1,330,000 and in July 2016 it was $1,099,000 which now gives a larger decrease of 17.36%.

Average Sale Prices:

The next thing we will be looking at is the average sale prices.  The average sale price for in Dover, MA in July of 2015 was $1,285,704 and in July 2016 that was down to $1,061,685.  That gives another large decrease of 17.42%, a bit higher than the average list price. 

We see a different pattern as we did for the median list price.  In this case it was still lower in 2016 but now is higher in 2015.  For July of 2015 the median sales price for Easton, MA was $1,225,000 and in July 2016 it was $1,052,000 giving another large decrease of 14.12%.

Prices are down for Dover, MA this month.  The range for all four metrics was pretty small going from about 14-17.5%.  There was a much tighter range with 3 of the metrics all being within 1% at the top of the range.  However these were the 2 average prices and the median listing price.  While we like to look at these and they all have some merit the most important single number is almost always the median list price.  So the good news for those concerned about these price drops is that this was the lowest number at just over 14%.  While that is still a big drop it is a little better than what is indicated with the other 3 metrics. 

Average Days on Market:

Finally the last metric we look at are the average days on market, which is the measure of how long it takes for a property to sell in the current market.  For Dover, MA the average days on market in July of 2015 were 152.33 and the average days on market for July 2016 were 83.71 giving a sizable 45.05% decrease.

Dover, Massachusetts Summary:

The Dover, Massachusetts real estate market is down some since last year.  The average prices were down a large amount however the median sales price was down a lot too, but a tad less.  The days on market were down a bit though, a small counter argument against a decline in the market.

In summary if you are looking to sell a house in Dover, MA now you should expect to get less for it than you would have gotten last year.  You can also expect it to take a bit less time to sell compared to last year as well. 

 

Do you need to sell your Dover, Massachusetts house fast?  If you would like to sell your home  fast and hassle free  schedule a consultation  with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Dover MA Soldiers’ Monument via Wikipedia)

 

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