Lancaster & Morecambe 01524 843322
Posted on Saturday, August 3, 2024
This Summer, property choice is at a five-year high. This though does offer a better opportunity for buyers to find their perfect coastal home. When the sun shines, there is nowhere better than being by the sea.
The main thing that Morecambe sellers need to be aware of is property pricing. To give you an example, the current average asking price is £190,169 however the current selling price is £168,173. It is a notable difference. What is also notable is that 43.8% of homes currently available to buy have been reduced in price since they were first listed to sell.
Here are your figures for July 2024.
The average price paid for a property in Morecambe continues to show marginal increases. Last month we reported the average price paid was £167,947. This month it is £168,173 - a growth of £226.
What is really interesting is the large increase in apartment prices. The average price of an apartment in Morecambe is £104,732 however the variation is huge with sales from as low as £22,000, right up to a whopping £325,000 over the past 12 months.
For those interested in the higher-end market, (Above £500,000) there have been 14 homes listed for sale in 2024, but only 3 homes have had sales agreed.
Buyer demand on property portals has dropped from last month but is on par with last year. This is a pattern we see annually as people spend less time online and more time outdoors when the sun shines!
As we move into August, there are currently 702 homes for sale in the Morecambe market. Of these, a notable 425 properties (60.5%) have been listed for 12 weeks or more, which is a cause for concern. While the UK average time to find a buyer has decreased to 59 days, it takes an average of 102 days in Morecambe, with an additional 108 days to complete a sale. This underscores the importance of sensible pricing.
In July, 21 different estate agents facilitated the sale of 87 properties. Our team at JDG achieved excellent results, securing sales for homes on Low Road, Low Lane, Hadrian Road, and more.
At JDG, we know how to get your home sold. Your property needs to stand out with superb photos, compelling descriptions, expert marketing, and a strategic pricing plan. Remember, we were named the UK’s best estate agent in 2022 and 2023—we deliver results.
If you're looking to move, please call us at 01524 843322 or email us at michelle@jdg.co.uk.
Thanks for reading.
Michelle
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!
