Hello, and welcome to my CW9 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 with your local housing market. Please like and share so other local people can also be kept up to date.
A great way to take a quick snap shot 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 40.30% of the total properties on the market in CW9 are under offer – this represents a very healthy market indeed. Believe me, most estate agents would kill for 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 303 properties on the market in CW9, this is compared to 311 in March of 2019. The market in March 2019 in terms of stock is slightly different to the market of 2018 where there were 91 new listings in March last year,compared with 64 in March this year, 39 sales agreed in March in 2018 compared to 48 in March of 2019. The main positive change year on year is that price reductions are down,with 35 last March and only 23 this year – this means that agents have priced properties better this March that they did in the same period last year.
This of course doesn’t tell the full story and 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 to make it more relevant to you.
The average asking price in CW9 is currently £357,400. Broken down into the two most popular house types in the area, the average detached house is £488,000 and semis arenearly £240,000. It’s very important to compare this to the average selling prices. I’ve looked at January 2018 to January 2019 and the average selling price for detached houses in January 2018 was £352,100 and this has risen to £339,500 inJanuary 2019. For semis the figures are £157,231 in March 2018 and £193,000 in March 2019.
It’s 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 2019 overall properties are selling in a very similar timescale. Broken down into property types, detached houses are onlytaking 6% longer to sell and CW9 semis have actually soldmore quickly than the same time last year – they are selling 16% quicker than in March of 2018.
But what about the properties that haven’t yet sold? I’ve looked at the most reduced properties in CW9 and today there are 46 unsold properties which have been reduced since they were first marketed. The average reduction is 6.94% which based on the average CW9 house price of £357,400 means average reductions of around £25,000.
In summary, the CW9 housing market is healthy and buoyant with the property stock totals being similar to the same period in 2018. The main difference is the amount of new listings in March of this year which was a lot lower than in the same period last year, however the amount of sales was up. This represents a good opportunity if you are looking to sell as there is less new to the market competition. The average selling price of a detached house is down slightly although the average for a semi is up. But overall for the year, things remain broadly similar in this area. This should give you confidence if you are looking to sell your CW9 home.