The property market is returning to NORMAL (pre-pandemic) levels!
November 14th, 2022
CHRISTCHURCH WEEKLY PROPERTY MARKET UPDATE 🧐
Here are the stats for the BH23 area in the last week:
🏠 53 new properties listed (a 12% fall)
🏠 none of these new instructions have sold yet 👎
🏠 21 price reductions (a small decrease)
🏠 463 total properties for sale (another slight increase)
🏠 647 properties under offer/sold (a slight fall)
Total properties for sale in BH23 area today stands at 463 with another 647 properties sale agreed, this means that out of a total of 1110 properties on the market in the Christchurch BH23 area – around 58% are sale agreed, this figure has dropped by 1% this week but shows the market is holding.
Interestingly, of all of the properties listed for sale in BH23 in the last 7 days, not one of them has sold yet (according to Rightmove).
This is the first time I’ve seen this happen for a long time and indicates that properties are taking longer to sell – you should no longer assume your home is going to sell immediately like it has been for the last couple of years (with the correct pricing strategy, you can but it needs to be ultra competitive in order to attract immediate attention and offers).
Rightmove today said that ‘in October, 8% of unsold properties on Rightmove were reduced in the month, in line with the 7.5% of properties that were reduced in October 2019’.
As we return to a more normal market, how we market, sell and buy homes will begin to move back to a stable situation – properties will take weeks & months rather than days to sell – meaning your choice of estate agent will be crucial.
Experience of how to sell and market homes should now be the most important factor when choosing your agent – how long have they been an agent? What is their plan to sell your home if it doesn’t sell after the first two weeks?
If you are interested in your own home’s value, please get in touch and ask for a sales strategy meeting with me.
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