Dover NH Market Report - June 2023
Considering a Home Sale?
As a homeowner, there are often many reasons you decide to sell. Maybe you want the extra financial freedom to take on some new ventures in life and enjoy the beautiful seasonal weather that everyone vacations here for. Either way, 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 On The Rise
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. Median sale price remained strong at $505,000 in May, $60,000 above the median sales price we saw in May 2022.
Median days on market matching the record low of only 4, identical to May 2022. 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. To start the year Dover has seen only 85 single family listings in 2023, only 65% of the inventory we saw from January through May of 2022.
The lack of inventory continues to drive up the sale-to-list price ratio, reaching an astonishing 102.96% for May 2023, similar ratios to the all time highs of May through July 2022. 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 not 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
www.o2mrealty.com
john@o2mrealty.com
207-432-3158
Dover NH Market Highlights
Single-Family Home Stats
May 2022 vs. May 2023
Median Sale Price
↑ Up 13%
Median sale price is now at $505,000, up 13% from $445,000 in May 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
No Change
Median days on market at 4 for May 2023 matches the record low of 4 for May 2022. That shows that demand is higher than ever. 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 2%
The ratio of 102.96% for May 2023 is down slightly compared to May 2022 at 105.09%. 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 52%
Strafford County’s MOI for May 2023 at 1 indicates an inventory crisis, down significantly from May 2022 at 2.07. 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. Sellers Should Consider The Long Term Results
Are you excited about the thought of selling high, but worried about the thought of buying high? The fact is, you’ll have the same concerns in an opposing market—yes you can buy low, but now you would need to be concerned about selling low. Looking back at the last 20 years of sales history for Dover there was only one 4-year period where prices did not increase (2007-2011). All other 4-year periods saw an increase in price. Our current market is nothing like the market in 2007-2011, so there is a very good chance you will be building equity, even having to buy in the current market. Are you ready for that next chapter in your life? Make the move you deserve.
2. Buyers Are Eagerly Searching
Buyers are eager to scoop up the available inventory. The days on market matched the lowest we’ve seen since May 2022. 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. Low Supply of Available Homes
Dover is still experiencing record low inventory numbers for May, likely due to the increase in activity, and there’s no telling when it will slow down. Strafford County, remaining at only one month of inventory in May. 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.
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
