Massachusetts

Monthly market performance:

As of September 30, 2008, there were 59 single family listings in Dover on the Multiple Listing Service (MLSPin). Although home sales for the year are down modestly, we are noticing that more listings in the $2 million plus range are being added to inventory. Dover is not alone with this phenomenon, which will only serve to increase the average number of days that properties remain listed. Also, of note is the gap between the average sales price compared to average original and last adjusted list prices. Sellers would be well advised to price their homes to sell, not sit in Dover. During September, 9 new single family listings were added to our MLSPin, with an average list price of $2,294,889.

The average list price is $1,803,128. The lowest price is $309,900 and the highest price is 9,500,000, with the largest concentration of homes (52.5%) priced in the $1,000,000 to $1,999,999 price range. Of note, the average list price for a single family home in September 2007 was $1,608,719.

The median price is $1,395,000 and the average days on market are 242 days. This compares to a median sales price of $1,267,000 and average days on market of 177 days as of September 30, 2007.

There were 3 properties that went under agreement during the month of September (September 2007- 5 properties). 6 single family homes sold during September, with the average sales price being $1,461,472 and the median was $962,215, with the average days on market being 287 days. Compare this to 8 properties sold during September 2007, with an average and median sales price of $975,250 and $897,500, respectively, and the average number of days on market being 86 days.

In September 2008:

14 properties had price changes averaging -5.38%

Sales price to original price was 86%

Sales price to (last) adjusted price was 90%