What's happened in the Gravesham property market in February 2023?
Much the same as January of this year, February 2023 has seen a substantial reduction in both the number of new properties coming to market for sale, as well as the number of properties being ‘sold’ (SSTC) for the same period in 2019. What does this mean to you?
Much the same as January of this year, February 2023 has seen a substantial reduction in both the number of new properties coming to market for sale, as well as the number of properties being ‘sold’ (SSTC) for the same period in 2019.
We compare our figures to 2019 numbers as the last three years have been turbulent, with Covid, a ‘frenzied’ stamp duty free period and political uncertainty. Whilst this political uncertainty seems to be behind us and the mini budget was reversed, the market in DA11 and DA12 has still reduced significantly.
THE STATS
Given the above, we consider the last ‘normal’ year to be 2019 so when looking at the stats a comparison to 2019 is a good place to start.
We can see there has been a reduction across the board, with the total number of properties currently available, new properties coming to market and those being ‘sold’ (SSTC), all lower this February when compared with February 2019.
January saw a 40% reduction in the number of properties available, whilst February saw less of a reduction at 28%. This is a result of the 22% reduction in the number of sold properties, thus reducing the % decrease in the total number of available properties from last month to this month.
For the second month running there has been a 10% reduction of new stock coming to the market.
Once again whilst there was only a 10% reduction in properties to market, there was still a 22% reduction in sold properties which indicates a slowing in the market itself.
What does the above tell us?
We are moving towards a buyers market.
There will start to be more available properties for buyers to choose from. Any offer put forward by a buyer will need to be acted on quickly if sellers are looking to secure the deal … otherwise with more stock available these buyers will find elsewhere.
With more property than buyers, vendors will need to be realistic with pricing and be prepared to accept offers.
How does the market compare with M&M?
We’ve had a 45% increase in the number of properties we’ve put to market this February when compared with same period in 2019 (bucking the market trend) and sold 11% less, which is consistent with overall market numbers.
There is no doubt that the market this year will require proactive estate agency to sell homes at the best price, which is something we relish.
If you would like more specific market information in relation to your area or road, please do not hesitate to contact the office.