What we saw in the market in DA11 and DA12 in April 2023?
In order to make decisions its helpful to know what's happening in the property market in your local area. Here we look at the number of properties coming to market and selling in the last month and how this compares to previous years.
Whilst March 2023 saw only a small reduction in the number of new properties and sold properties in DA11 and DA12 when compared to 2019, April has returned to the higher percentage reductions that we saw at the beginning of the year.
We consider the last ‘normal’ year to be 2019, so when looking at statistics we compare with 2019.
THE STATS
For another consecutive month there has been a reduction across the board in available stock, new properties and sold properties in the DA11 and DA12 area.
Looking at the year to date the percentage reduction of sold properties is higher than the reduction of new properties coming to market indicating that we are seeing a ‘slower’ market with more properties coming to market than are being sold.
What does the above tell us?
The figures would suggest we are moving towards a buyers’ market, where we will start to see more available properties for buyers to choose from and properties taking longer to sell. Sellers only get one opportunity to ‘go to market’ as a ‘New Listing’ so need to ensure they commence marketing at the right price to get the most out of their ‘launch’. Unique, targeted marketing will be imperative.
Picking the right agent to sell a property is vital as nurturing buyer relationships and matching properties to people will become more and more important. Proactive selling is essential!
With more properties ‘hanging around’ vendors will need to be realistic with pricing and be prepared to accept offers. Any offer put forward by a buyer will need to be acted on quickly, and negotiated proficiently, if sellers are looking to secure the deal … otherwise with more stock available these buyers will find elsewhere.
Should you be interested in more specific property information in your road please do not hesitate to contact the office. We are here and ready to help.