Hanover is not showing the same encouraging housing recovery stats as other area towns, primarily due to an absence of inventory- both in number and quality.
New listings were down 22% YTD 2013 vs the same Jan-July period in 2012. There were only 96 new listings as compared to 123 last year. The number of homes sold was completely flat-66 YTD 2013 and 66 YTD 2012, with the corresponding sales volume down 12.3% ( $34,008,700 vs $38,765,868). Both the average sales price and the median sell price were down, 12.3% and 3% respectively.
The small glimmer of positive news came of positive news came in the form of DOM. The average DOM was down 15.5% from 115 days to sell in 2012 to 97 days to sell in 2013.
With quality employment options, Dartmouth College surrounding the area, there is little doubt that Hanover remains a prime choice for home purchase and sale. Hanover just needs to show an increase in quality inventory available. In the meantime, towns like Lebanon, Grantham, and Eastman in New Hampshire and Hartford in Vermont are benefiting from Hanover’s low inventory and continued high prices.