Lancaster & Morecambe 01524 843322
Posted on Monday, April 1, 2024
New instructions might be slightly down in March, however, we must remember that Easter is early this year and many home sellers will spend the Easter period getting their homes already to market. To give this some context, the number of new listings is down by just 2 properties year on year, the number of sales agreed is 13 sales higher!
Properties’ views on Rightmove are down, however, I will repeat, the Easter break being early will influence this. We are a university city and many people have headed away for Easter. It does have an impact.
Here are your figures for March 2024
Prices have remained stable in Lancaster with the average selling prices standing at £171,867. It is just £85 higher than it was in February. 12 months ago it was £182,525.
This does not mean house prices are falling. What’s happened is that there has been a shift in what is selling, with a higher proportion of smaller homes selling. When I look at the average price being achieved per square foot in Lancaster, last year it was £210 per sqft. This year it is £209 per sqft.
Buyer demand on the property portals dropped again in March. Month by month, the number of people looking on Rightmove decreases. There are various reasons for this, one being Easter however as new advertising mediums grow, buyers are no longer looking at Rightmove in the way they were. Social media is the fastest-growing area.
As we head into April there are 355 homes available for sale in Lancaster, the exact same number as last month and just 15 properties more than in March 2023, which is surprising given the number of new properties.
The average home is now taking 71 days to sell, down 7 days from last month. This is positive news!
Property prices continue to remain stable, however, it must be stressed that the market is still price-sensitive. Make sure any agent you talk to can justify the price of your home with comparable evidence.
Of the 355 homes available, 186 have been for sale for 12 weeks or longer. This equates to over 50% of homes for sale. These people who are struggling need to consider a fresh approach to their marketing. Ask your estate agent what they think you should be changing and look closely as to how and where your home is being marketed.
In March, 17 estate agents were involved in 89 property sales. Team JDG had a great month. We listed 25 new homes to the market. We sold (STC) 29 new homes which equates to 33.3% of the whole market. 17 of these homes were new to the market! We have a different approach to selling homes and it works.
If you're thinking of moving, think JDG - our proven results and client reviews make us the best choice for sellers in Lancaster and Morecambe. Contact us at 01524 843322 or michelle@jdg.co.uk.
Thanks 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!
The graph below highlights the number of sales that occurred in Lancaster in March 2024. As you can see it was another great month for JDG clients!
