Dover de real estate
The capital of Delaware, Dover is the states second largest city and has a population of nearly 35,000. It has a strategic location on the St. Jones River and has good road connections neighboring towns and cities. U. S. Route 13 is the principal north-south highway passing through Dover, bisecting the main commercial sector. U. S. Route 13 Alternate goes through the downtown area.
Delaware Route 8 provides the east-west crossing. Delaware Route I turnpike runs through the east of Dover, ending near the air force base. Delaware 1 proceeds south along Bay Road. There is no interstate highway passing through Dover. Dover Real Estate Trends
Real estate trends in Dover follow national trends. Approximate figures are 515 units listed at an average of $250,000, registering an increase of nearly 1.5%. New homes stood around 40 at an average of $320,000. There were about 285 real estate advertisements at an average of nearly $265,000. The number of foreclosures stood over 45 at an average rate of $125,000.
Mortgage rates are moving upward fractionally. Current mortgage rates are as follows: 1) 5.793% for 15 year fixed category, up by 0.018% 2) 6.155% for 30 year fixed category, up by 0.122% 3) 5.323% for 1 year adjustable rate mortgage, up by 0.619% 4) 5.346% for 3/1 year adjustable rate mortgage, up by 0.528% and 5) 5.468% for 5/1 year adjustable rate mortgage, up by 0.405%. The impact of present mortgage rates on Dover real estate trends is not clear.
Listing prices for homes in Dover are up for two and three bed rooms but down for four bed rooms. Rates range from abut $295,000 to $315,000. Average rates and weekly variations for different units are approximately $190,000 for two bedrooms up3.5 %, $235,000 for three bedrooms up 0.5%, and $315,000 for four bedrooms down 0.5%. The average for all categories is about $265,000 down 1.5%. Real estate movements are selective at the movement.
The relation between drop in number of sales and rise in sales prices of 2 and 4 bed units needs to be studied in relationship to number of units sold and previous months figures. That will help to give a clearer picture of Dover real estate trends. The number of units sold has dropped to below 150 from about 250 this time last year. Average sales prices and change over the year were approximately $240,000 for 2 bed up over 45%, $175,000for 3 beds down nearly 3%, $300,000 for 4 bed up over 25%. The average for all units was about $240,000 up nearly 20%. The average rate per square foot and weekly variations are $320 for 2 bed up over 100%, $118 for 3 bed down 6%, and $130 for 4 bed up nearly 15%. Average square foot rate for all types is about $155 up over 25%.
Conclusion
Prices appear to be slightly on the rise though volumes have come down. However three bed units dont seem to be doing too well.
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