Lancaster & Morecambe 01524 843322
Posted on Friday, September 1, 2023
Don’t get me wrong, homes are still selling well at team JDG, we’ve sold more in Lancaster than we did last August, it’s the city as a whole I am looking at.
Lancaster is a university city, hence it goes quieter in the Summer. A bonus is that the roads are easier to navigate due to less traffic! This year it feels like more people have gone overseas which would explain the drop in property views on websites like Rightmove.
Many people have also been putting moving plans on hold until September. September looks set to be a busy month!
Here are your figures for August 2023
Did you know that property prices are still up from where they were 12 months ago? What’s happened is that property price growth has slowed.
The average property price today is £179,198. 12 months ago it was £170,628. In January this year, it was £179,108. It shows that prices really have levelled out in Lancaster.
Buyer demand is something I look at very closely. Without buyers, we can’t sell houses.
It does concern me that buyer demand is still low on Rightmove. It’s almost at December levels. However, when I look at our own team we have registered over 200 buyers every month this year and that includes August.
Many people wonder why we sell more homes month on month than other Lancaster Estate agents. We don’t have the most homes for sale. What we have is a very big register of buyers that we communicate with!
As we head into September there are 343 homes available for sale in the Lancaster market. However, on September 1st last year, there were just 247 homes. The choice for buyers continues to grow, hence sensible pricing is key.
Another concern is 51% of all homes for sale have been for sale for 3 months or longer. People expect properties like over 55 apartments to take longer due to the restricted marketplace, or even the more expensive homes, but not the humble terrace which accounts for 1/3 of these struggling homes.
The average house is still taking 55 days to sell (12 months ago it was 33 days). At JDG, our average is currently 39 days.
17 different estate agents we involved with the 66 property sales in August.
At JDG we had a great month. Park Road, Owen Road, Larchwood and South Wing were just some of the homes that were snapped up within a week of coming up for sale. Several homes switched to us from other agencies and are already seeing an increase in viewings, one was snapped up straight away!
I’m going to continue to repeat the previous month's message to any potential sellers. The market has changed and will continue to change as we head into the Autumn. Be realistic with your expectations. Compare your home to others that are both up for sale and recently sold. Make sure your home stands out for all the right reasons.
Are you thinking of moving? Think JDG. We would love to help. Our proven results and client reviews make us the best sellers for you in Lancaster and Morecambe.
Call us on 01524 843322 or email me direct at michelle@jdg.co.uk
Thanks for reading
Michelle
Ps. If you are thinking of selling, this is quite important. For the 2nd year in a row, we have been ranked as the No.1 Estate Agent in the UK Best Estate Agent Guide. We have also made the finals for this year! You do not pay to enter, every single estate agent in the UK is automatically entered. There are 15,000 different companies entered.
This is the highest award any estate agent in the UK can win. It is judged on 3 key elements - marketing, service and results. The results are the important part for you. On average we achieve 2% more for our clients than other agents in our area.
PPS. The graph below shows the sales results for all agents in Lancaster from May 1st- August.31st As you can see, homes are selling with JDG!
