Lancaster & Morecambe 01524 843322
Posted on Friday, June 2, 2023
May is always one of my favourite months of the year. The cooler spring days start to turn warmer summer months. The lighter nights create longer days. This May we have had 3 bank holidays to enjoy and the King's coronation to celebrate. We start to hear the hum of lawnmowers, the smell of BBQs lingers in the air and many home buyers start to take a closer look at the outdoor space a home has to offer.
May has been kind to JDG clients. Across the city 81 homes sold, 28 via our company which equates to over 1/3 of all sales in LA1. The choice available to buyers might be 24% greater, however, the level of sales was only 5 lower than last year!
Here are your figures for May 2023
Everybody is asking about property prices. The average property price is now £179,448. 12 months ago, it was £168,633. It is important to note that prices have remained steady since January 2023. And whilst it is clear below that prices have risen over the past 12 months, not all property prices have increased at the same rate.
We’ve talked before about how buyer demand has waned ever since the Liz Truss budget in September last year and I think we all need to accept, that the market has calmed.
The number of buyers looking on Rightmove might be the lowest they have been all year, however, homes are still selling. At JDG we have been really focusing on our own in-house database and generating more leads through social media. In May alone we registered over 200 new buyers. We agreed 28 new sales. Our plan is working!
As we head into June there are 334 homes available for sale in the Lancaster market - this is an increase of 5.5% from last month. However, on June 1st last year, there were just 178 homes. Buyers have so much more choice in 2023.
It is also a concern though that 45% of these homes (151) have been for sale for 12 weeks or longer. The average house still takes 55 days to sell (12 months ago is was 32 days). At JDG, our average is currently 38 days.
21 different estate agents we involved with the 81 property sales in March. At JDG, we had another great month. As you can see on the Rightmove chart below, 1 in 3 homes sold via our agency.
What was really great about May was that we agreed on offers at an average of 98% of the asking price for our selling clients. We have a unique way of marketing our homes that achieves great results. Social media, 360 tours shot in 4K and in-depth brochures with more upfront information help. But we also have a great, enthusiastic and experienced team and we often get great feedback about our team both out on viewings and as they go through the sales progress (Check out our Google reviews!)
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
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 by The Property Academy at the prestigious EA Masters. 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 for May. As you can see, homes are selling with JDG!
