The Morecambe Property Report - November 2023

It appears that the Morecambe housing market has stabilized, with prices slightly rising in November. The most important thing is that they are still higher than they were 12 months ago.

The biggest challenge that Morecambe home sellers face now is competition. The number of homes available for sale is the highest it has been since 2018 when we started writing these reports. Additionally, buyers are fewer in the winter months, although they tend to be more serious. Therefore, home sellers must have sensible pricing combined with great marketing.

Here are the figures for November 2023.

Property Prices

The average price of a property in Morecambe is currently £163,672, which is slightly higher than the price of £161,776 recorded 12 months ago. Despite the ongoing price reductions, property prices in Morecambe have remained relatively stable over the past year.

It is important for Morecambe sellers to understand the current market situation and price their properties sensibly in order to attract potential buyers. It is easy to find out what similar properties have sold for and compare them with your own property. By doing so, you can ensure that your property is priced competitively and stands out in the market.

Buyer demand

It's typical for buyer demand to decrease on property portals during this time of year. However, it's interesting to note that it has increased compared to last month. Sales are on par with last month and are slightly higher than last year, even though the number of new homes coming to the market has decreased.   In Morecambe, buyers still have a wide range of options, with 844 homes for sale, accounting for 3.7% of all dwellings.

Struggling Properties

As we enter December, there are currently 660 homes available for sale in the Morecambe market. Out of these, 416 have been listed for sale for 12 weeks or longer, and 211 have been listed for 6 months or longer. This is a concerning trend.

If you're having trouble selling your home, I would be happy to discuss it with you. Sometimes, the issue may be related to the price, while other times, it could be due to the presentation or marketing. Making changes to these aspects can often make a significant difference.

In November, 15 different estate agents were involved with 78 property sales. Our team achieved great results with homes at Sulby Grove, Yealand Avenue, Kingsmuir Close, and Townley Street, all being sold. We also said goodbye to several clients, including Victoria Street, Venture Residential Park, and Gleneagles Drive, as their homes were completed and new buyers received their keys.

Despite the market being tougher, homes are still selling, and buyers are still out there. However, to increase your chances of selling, it's important to get the 3 P's right - Price, Presentation, and Promotion. If you follow JDG's advice, we can help you get sold.

If you're looking to move, please don't hesitate to call us on 01524 843322 or email us at 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!