The Morecambe Property Update - May 2022

Homes in Morecambe are still selling well.   New instructions and sales may be down compared to 2021 however the only real problem Morecambe is seeing is one that over-eager Estate Agents cause with optimistic asking prices.    53 price reductions in one month are evidence of this.

Buyers are still looking.   People still want to live by the sea and investors are still keeping a close watch, waiting for the news we all want on regarding the Eden Project.    Despite what is happening globally,  Morecambe’s future still looks very positive. As we head into the Summer months,  we still feel buyer demand will outstrip property supply, especially for the more sensibly priced homes!     

Here are your figures for May 2022. 

Property Prices

The average price in Morecambe for a property is now £157,825.   This is a decrease of £392  in the last month, however, it is still an increase of 5% over the past 12 months and 27.5% over the past 5 years.   The gap between average prices in Lancaster and Morecambe is now £8,012.   The gap continues to slowly close.  

Buyer demand

Buyer demand is still high in Morecambe, averaging 99 views per day.  It’s not as high as neighbouring Lancaster but people are still keeping a watchful eye as to what is happening.    At JDG we like to watch this figure closely as it helps us judge what buyers are looking for.   What is really interesting is that JDG homes were viewed on average 192.1 times each day,  almost twice the average.   It shows, that our marketing really does make our homes stand out more.  

Struggling Properties

In the LA postcodes,  the average property takes 31 days to sell.     As we head into June, there are currently 323 homes for sale in Morecambe.  145 of these have been for sale for 12 weeks or longer.    77 of these have been for sale for 6 months or longer.     It is also alarming that there have been 53 price reductions in May and 170 reductions so far.   To be transparent, in the entire year to date,  only 3 of these reductions have been with our company.  

If your home is struggling to sell, please talk to us.  We have helped several other clients that have switched to us and followed our advice!

18 estate agents were involved with the 107 property sales in Morecambe

We head into June with 323 properties for sale on the Morecambe market.   Stock levels are slowly increasing giving buyers more choices.

We are truly honoured that so many people choose and trust us with their property sales.    In May we achieved on average 100.1% of our asking price.   The area average is 95.2%.   We had some great successes -   Happy Mount Drive, Ridge Grove and Grange Street were quickly snapped up and achieved superb prices.   

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 team and we often get great feedback about our team especially out on viewings! 

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.  Did you know?  We are ranked as the No.1 Estate Agent in the UK by Rightmove and The Property Academy.   This is the highest award for any estate agent in the UK.  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 agents in our area.