Hello, and welcome to my WA16 market update for March2019. 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 35% of the total properties on the market in WA16 are under offer – this represents a healthy market. Most estate agents would very comfortable 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 203 properties on the market in WA16, this is compared with 253 in March of 2019. The market in March2019 in terms of stock is markedly up on 2018 in terms of available properties – this is a really important fact when pricing your house as it means that there is now more competition! In March 2018 there were 48 new listings and there were 46 in March this year so very close. In terms of completed sales, there were 31 sales agreed in March this yearcompared with 33 in March last year. The main negativechange year on year is that price reductions are up, with only10 last March compared with 27 in March this year. This means that agents have been overpricing properties more which always leads to a worse result for the seller.
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 and 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 WA16 is currently around£700,000. Broken down into the two most popular housetypes in the area, the average detached house is around £1Mand semis are around £385,000. 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 was £550,000 and is £647,000 in 2019, for semis the figures are £312,000 last January and £325,000in January 2019. This makes for excellent reading if you own or are looking to sell a WA16 property.
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 there has been a significant change in semi detached properties which are taking 23% longer to sell, however detached houses are only taking 1% longer to sell. You should consider these figures depending on what type of property you have and what your desired speed of sale / goal is.
But what about the properties that haven’t yet sold? I’ve looked at the most reduced properties in WA16 and today there are 21 unsold properties which have been reduced since they were first marketed. The average reduction is 6.27%which based on the average WA16 house price of £700,000means average reductions of around £43,900.
In summary, the WA16 housing market is healthy and buoyant. Although there are now more properties on the market in total, the amount of new listings and sales is very similar to March last year. The average selling price of a detached house is up considerably and semis have also seen decent growth. You should have confidence if you own or are looking to sell your WA16 home however, looking at the amount of unsold properties that have been reduced and still not sold, it’s still important to be wary of estate agents who overvalue simply to get you on the market.
Please like and share this report so other WA16 people can also be kept up to date.