CM23 Property Market Update for July 2024

CM23 Property Market Update: July 2024

As we enter the heart of summer, the property market in CM23 has shown strong signs of resilience and growth compared to this time last year. If you’ve been considering buying or selling in the area, July’s data offers some encouraging insights.

Market Activity Overview

New Listings - July 2024 saw a surge in activity with 141 new properties hitting the market. This is a significant increase from July 2023, where only 93 new listings were recorded. This jump reflects a growing confidence among sellers in the local area, likely fueled by the improved market conditions we've seen this year as well as the Bank of England Base Rate Cut.

Sales Agreed - The number of sales agreed also saw an uptick. In July 2024, 71 sales were successfully negotiated, up from 65 in the same month last year. This increase, though modest, is a positive sign that buyers are more active and willing to commit, despite the general economic uncertainty that has loomed over the broader market in the last few years.

Price Reductions - Interestingly, the number of price reductions has decreased, with 74 properties having their prices adjusted this month, compared to 81 in July 2023. This decrease suggests that sellers are becoming more adept at pricing their homes accurately from the start, reducing the need for adjustments to attract buyers.

Insights and Trends

The data comparison between July 2023 and July 2024 clearly indicates a healthier market this year. The increased number of new listings combined with a higher rate of sales agreed points to a market where both sellers and buyers are more engaged. The reduction in price adjustments further underscores this, suggesting that homes are being priced more sensibly, leading to quicker sales and less time spent on the market.

Selling Times

In the broader South East region, the average time it takes to sell a home is now 61 days, a statistic that aligns with the growing trend of quicker sales in CM23. This trend reflects not only a more balanced market but also the increasing importance of realistic pricing strategies.

Conclusion

July 2024 has proven to be a robust month for the local property market. With more properties coming onto the market and more sales being agreed, it’s clear that the area is becoming increasingly attractive to both buyers and sellers. The reduction in price reductions is particularly noteworthy, indicating that sellers who price their homes right from the outset are being rewarded with quicker sales.

If you’re thinking of selling, now might be the perfect time to act. With the market in a strong position, a well-priced property is likely to attract serious buyers swiftly, minimising the time spent on the market. And if you’re buying, the increased choice and market activity provide a great opportunity to find your ideal home.

As always, staying informed and working with knowledgeable local agents can help you navigate the market effectively, ensuring you make the most of these positive trends.