Lancaster & Morecambe 01524 843322
Posted on Monday, July 1, 2024
New instructions are up by 23%. Sales are down by 7%. That might not sound a lot however when you analyse the saleability rate, you can start to see the issue. Choice. In June 2023, the saleability was 86.7%. In June this year, it was 65.8%. ( the simple equation is the number of sales divided by the number of new instructions.)
Now remember we sold more than we listed, that gives us a saleability rate of over 100%. However when we look at other agents, the 2nd place agent had a saleability rate of 69%, and the 3rd place agent, had a saleability rate of just 45%. It’s awful to say, but the agent you choose to work with could affect your saleability rate (chances of a sale) greatly.
The housing market has returned to what we call a normal market. It’s tougher than it was however people will always want to move. What is important is knowing who your buyers are and what they are looking for. No agent can change the market, what they can change is how they operate in that market.
And remember, sensible pricing is key. There is competition out there, make sure you understand what your home is competing against. Buyers have choices!
Here are your figures for June 2024
Prices continue to remain stable in Lancaster with the average selling prices currently at £171,665, up by just £557 from £171,108 last month.
The price achieved per square foot in Lancaster still stands at £207. Looking closer at the data, apartments averaged at £189 per sqft whereas detached homes averaged at £284.
For those of you who are interested in the higher-end market, there have been just 4 sales over £500,000 in June. There are 27 homes in this price bracket.
Buyer demand on property portals saw a slight decline in June, which we anticipated due to the Euro Football matches and the favourable weather.
However, this is not an excuse for homes not selling. Effective marketing extends well beyond property portals. This highlights the importance of working with agents who are proactive and diverse in their marketing strategies.
An important consideration when selling is the length of time the whole process takes. In Lancaster, the average property now takes on average 67 days to find a buyer and then a further 108 days to complete the sale. The chances of moving before Christmas are now slim. ––
As a rule of thumb, higher-value homes are taking on average 244 days from new instruction to completion.
As we head into July there are 383 homes for sale. Choice in the market for buyers is growing, creating a more competitive marketplace. The choice is now 17% higher than it was 12 months ago. Property sold prices are on average 2% lower than they were 12 months ago hence I will continue to say that sensible pricing is key.
Of the 383 homes available, 202 properties have been for sale for 12 weeks or longer. This equates to 53% of all homes for sale.
In June, 19 estate agents were involved with the property 79 property sales. We are proud to say we were involved with 29 of these property sales which equates to a whopping 36.7% of the market. We sold more homes than we listed!
Selling homes in a challenging market requires persistence, skill, and the proactive ability to find buyers rather than waiting for them to come to you. The market has evolved, and we have opted to adopt new marketing strategies that are proving to be effective.
Often, estate agents will blame external factors like elections, sports events, school holidays, or even the weather when the market is struggling. It's easier to make excuses than to face the facts. Once the facts are clear, it is up to the estate agent and the client to decide how to respond.
Are you considering a move? Choose JDG – our proven track record and positive client reviews make us the top choice for sellers in Lancaster and Morecambe.
Get in touch with us at 01524 843322 or michelle@jdg.co.uk
Thank you for reading.
Michelle
Important notice for potential sellers
We're proud to inform you that we've been ranked among the top 2% of all estate agents in the UK for the fourth consecutive year. Additionally, we've been declared the UK's Number 1 estate agent for both 2022 and 2023.
This is the highest accolade any UK estate agent can receive, and it's based on marketing, service, and results and is judged against all other agents across the country.
On average we achieve 2% more for our clients than other agents in our area, a key reason to_ choose us for a successful property sale!
THis graph from Rightmove shows the success of different estate agents in Lancaster in June 2024
