Dover NH Market Report - May 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 has climbed to $540,000 in April, $20,000 above the median sales price we saw in April 2022.
Median days on market remain at only 9, almost identical to April 2022 at 8 days. 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 April 2023, 31 fewer homes were listed than from January through April 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 an astonishing 101.29% for April 2023, significantly higher than the 97.33% from April of 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
April 2022 vs. April 2023
Median Sale Price
↑ Up 4%
Median sale price is now at $540,000, up 4% from $520,000 in April 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 1 day
Median days on market are up slightly, at 9 for April 2023 vs 8 for April 2022. 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
↑ Up 4%
The ratio of 101.29% for April 2023 is up compared to April 2022 at 97.33%. 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 69%
Strafford County’s MOI for April 2023 at 0.9 indicates an inventory crisis, down significantly from April 2022 at 2.89. 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 April, likely due to the increase in activity, and there’s no telling when it will slow down. Strafford County, once again, saw less than one month of inventory in April. 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 April 2023 was at only 9 days, just a 1-day increase from April 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. Sellers Using Proceeds To Reduce Overall Expenses
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. When working with the right lender and possibly a financial advisor it is possible to have your total monthly expenses decrease, even with a potentially higher mortgage payment. Using your home sale proceeds can allow you to pay off other debt that is incurring higher interest rates. This can allow you to have a new home with a higher mortgage payment but decrease your overall monthly debt.
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
