Hello, and welcome to my CW6 market update for March 2019. I’ll be producing one of these every month to keep you up to date with exactly what’s going on in your local housing market. Please like and share so that other local people can also be kept up to date.
A great way to take a quick snapshot of the market to see how buoyant things are is to compare the percentage of properties that are under offer to the total amount of houses on the market. Currently 30.7% of the total properties on the market in CW6 are under offer – this represents a reasonably healthy market. Most estate agents would be happy with this sort of percentage under offer on their own stock.
Going into more detail, I’d like to look back to March 2018 when there were 217 properties on the market in CW6 – this is compared to 211 in March of 2019. And so it can be seen that the market in March 2019 in terms of stock is incredibly similar to the market of 2018. There were 33 new listings in March last year compared to 25 in March this year; 19 sales were agreed in March last year compared to 14 in March of 2019. The main positive change year on year is that price reductions are slightly down, with 20 last March and only 17in March of this year – this means that agents have priced properties slightly better than they did in the same period last year – very good news for the price sellers will achieve when they sell.
This of course doesn’t tell the full story. It’s important to look in more detail at the housing market and what’s more relevant and important to you as the homeowner is current and latest asking prices, selling prices and how long properties are taking to sell. I’m also going to break this down into the type of property.
The average asking price in CW6 is currently £525,000. Broken down into the two most popular houses types in the area, the average detached house is £633,000 and semis arenearly £316,000. It’s very important to compare this to the average selling prices. For detached houses, in January 2018 the average selling price was £425,300 and in January 2019 it is £511,600 in 2019 – excellent news if you own or are looking to sell a CW6 home.
It is also important to look at how long properties are taking to sell. These figures are for the total time from a property being listed, to being taken off the market and the buyers moving in.For the last 12 months, from March 2018 to March 2019detached houses are taking longer to sell, 17% longer in fact than March last year, yet semis have seen no change in speed of sale at all. Detached houses are currently taking 306 days from going on the market to the buyer moving in and 282 days for semis. Please let me know if you’d like help and tips on how to increase the speed at which your home sells.
But what about the properties that haven’t yet sold? I’ve looked at the most reduced properties in CW6 and today there are 19 unsold properties which have been reduced since they were first marketed. The average reduction is 7.83% which based on the average CW6 house price of £525,000, means average reductions of around £41,100.
In summary, the CW6 housing market is healthy and buoyant and although new listings and sales are down slightly, the average selling price of a detached house is up considerably. This should give you confidence if you are looking to sell your CW6 home. looking at the amount of unsold properties that have been reduced and still not sold.
Please like and share this report so other CW6 people can also be kept up to date.