Dover NH Market Report - April 2023

Dear Neighbor,

The Spring market is here and there couldn’t be a better time to sell. Are you looking for that extra financial freedom to take on some new ventures in life? Are you becoming an empty nester? Whatever your reasons may be, you’re well aware the home-selling process isn’t easy.

For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. As you consider selling, you deserve the insight and guidance from an expert in your local market. Here are the top things to know about the Dover real estate market right now: 

Median Sale Price Down but NOT an Indicator

With less than half the number of homes listed in March of 2023 (12) compared to March of 2022 (26), the numbers are deceptively skewed. The Median Sales Price of $450,000, down $82,000 from last year at this time, is simply an adverse result of the severe lack of inventory. 

Median days on market remain at only 7, identical to last month. When correctly priced and positioned well on the market, homes are selling at or above list price—often in only a few days on market. These stats really add up when you are selling your largest financial asset–and that’s exactly why you deserve a strategic marketing plan.

Inventory Is Down and Demand Is Up

With the inherently limited number of properties and consistently high demand, Dover regularly sees a boost in sale prices. From January through March 2023, 25 fewer homes were listed than from January through March of 2022. This inventory crisis continues to drive up the sale-to-list price ratio (how close the actual sale price was to the original list price), reaching 100.85% for March 2023, confirming that the median sale price is no indicator of the direction prices are going. To capitalize on your investment, you want to work with a real estate expert who understands how to strategically price and market your home so you get maximum return.

We Continue to See Homes Sell With Multiple Offers

The market is quite active, and it’s hardly showing any signs of slowing. With the right strategic plan, pricing, and positioning for your property and your goals, we can attract maximum offers and get your home sold for the highest possible price in the fewest days on market. 

As a homeowner, what does this mean for you?

If you’re thinking about selling in the next 12 months, now is the time to start preparing for market.

You’ve worked hard and diligently maintained your property and you want to make sure you’re maximizing your returns. Real estate transactions can be some of the largest transactions of your life, so they're a big deal. 

When you’re selling your home, you shouldn’t need to worry about what steps come next. To make sure we maximize your results, I use exclusive strategies that can boost your ROI and get your home shown to the most qualified buyers—always making it a point to ensure that you feel comfortable and confident throughout your entire home sale. 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 207-432-3158

We will cover your goals and my unique approach to getting you the highest possible price in the fewest days on market.

Call Today → 207-432-3158

John White
License # 071646
KW Coastal and Lakes & Mountains Realty
www.o2mrealty.com
john@o2mrealty.com
207-432-3158

Dover NH Market Highlights

Single-Family Home Stats

Mar 2022 vs. Mar 2023

Median Sale Price

↓ Down 15%

Median sale price is now at $450,000, down 15% from $532,000 in March 2022. When you price correctly from day one, you can maximize offers and ultimately sell for the highest possible price as quickly as possible.

Median Days on Market

↑ Up 2 days

Median days on market are up slightly, at 7 for March 2023. This shows that demand is still high. Current high demand and low supply play a major role. Strategic pricing and marketing ensure your home sells for top dollar in only a few days on market.

Sale-to-List Price Ratio

↓ Down 0.03%

The ratio of 100.85% for March 2023 is very similar to March 2022 at 103.89%. Correctly priced, strategically marketed homes are selling at or above list price, making it especially important to start with an expert strategy from day one to sell for the highest possible price in the fewest days on market.

Months of Inventory

↓ Down 63%

Strafford County’s MOI for March 2023 at 0.91 indicates an inventory crisis, down significantly from March 2022 at 2.45. With extremely high demand and very few properties listed on the market, it’s that much more important to correctly price and position your home from the beginning so you can get top dollar as “best in class” rather than languishing on the market.

Source: PrimeMLS

Looking Ahead 

Here’s what we’ll be watching over the coming months:

1. Low Supply of Available Homes 

Dover is still experiencing record low inventory numbers for March, likely due to the increase in activity, and there’s no telling when it will slow down. Strafford County saw less than one month of inventory in March, creating an inventory crisis. With inventory low and the steadily increasing number of buyers—sellers who work with an expert to properly position themselves on the market can generally expect to secure a nice return.

2. Buyers Are Eagerly Searching

Buyers are eager to scoop up the available inventory. The days on market in March 2023 remain at a low of 7 days, only a 2-day increase from March 2022. With inventory as low as it is, there couldn’t be a better time to sell. Regardless of what twists and turns the market takes, to truly maximize your return on investment, it’s crucial that you strategically position your home to buyers.

3. Buyer Financing Options Increase

In recent times we have been seeing more normalized interest rates. Many of us will likely never see rates at the record lows we were seeing for the years leading up to June of 2022. With so little inventory, it is more important than ever for buyers to be able to submit strong offers. Fortunately, lenders have new programs to help buyers be more competitive. With all of the existing buyers who lose out in multiple offer situations, there is a significant pool of buyers. There is a constant flow of new buyers looking for homes as well. Did you know there is a program that will allow buyers to submit an offer as ‘Cash’ even though they are financing? Lenders are also offering buy down programs to allow you to start off with a lower interest rate. These are resulting in offers that will allow you to sell for top dollar in only a few days on market.

4. What to Expect When Selling Your Home

The market consistently evolves—and you deserve to sell for the highest possible price no matter what. The right marketing strategy, pricing knowledge, and negotiation power are what make the difference when you’re ready to sell your home and embark on what may be one of the largest financial transactions of your lifetime. 

If you are thinking about selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 207-432-3158