For those of you who are looking to or are indeed selling your home in Daventry, here are a few statistics on how the local property market is panning out so far. Below, we list a few vital statistics comparing the same period of the year, year on year.
Property Available for Sale
In the September 2022, as of the 17th, there were 155 properties available for sale in Daventry and the surrounding area (excluding new build homes). In the same period in 2023, there are 275 homes available. A sizable increase of 44%. This suggests a slightly slower selling market and less buyers in general which balances out supply and demand, therefore potently balancing out pricing….
New Instructions
Last year through September to the 17th, there had been 53 new instructions added to the market. This year so far in September, we have seen 47 homes listed for sale. A slight reduction of 12%. If you are selling you home in Daventry or the surrounding areas, the suggestion is competition coming to the market is very similar to last year.
Sales Agreed
Remember, this isn’t completed sales, but homes that have had offers accepted. In September 2022, from the 1st to the 17th, 38 sales were agreed. In 2023 for the same period, 29 had been agreed. 24% less year on year.
Price Reductions
This piece of data really offers a true reflection of how the market has or is changing. You can normally judge a trend in value in the general resale market when price reductions increase, not in value, but in numbers of property. It means that the market hasn’t reacted or accepted the initial price and an adjustment has been made. This isn’t uncommon nor unnatural or damaging to a house sale (unless the house has been on the market for a long time). But, in a market of high buyer demand, prices generally go up as multiple bids push the selling price so rarely do you see value be nudged down.
In 2022, from September 1st to 17th, there were 17 price reductions. In 2023 for the same period, there had been 29 reductions, an rise of 42%.
This doesn’t mean prices are crashing, its an average, but does mean that by overvaluing your home, it will limit the interest and extend the time you spend on the market. It might even devalue it.
Time on Market
Back in September 2022, the average time on market was a very nice 47 days or a little over 6 weeks to obtain a suitable offer. In the same period this year, the average is in the region of 111 days, or just under 15 weeks. This tells us that the market has less buyers, and maybe some prices are pushed too high considering local and national economic issues.
Conclusion – If you are looking at selling your home in Daventry
Then do so! The number of sales being agreed isn’t dramatically different to last year. There has not been a market or price crash. More so an adjustment. But bare in mind that property prices on average are still £40,000 above what they were just before the pandemic. There is still buyer demand.
Mortgage lenders are being fair and their tracking rates are not necessarily glued to the Bank of England rates. Recent reports have indicated most main stream lenders reducing rates.
Take professional advice
If you are going to be selling your home in Daventry or the surrounding villages, make sure you take the best advice possible. Any valuation should be backed up with physical data and evidence to ensure you are armed with the facts. With this, you can make the most informed decision at the point you go to market, not 4 weeks down the line!
If you are thinking of selling, Skilton & Hogg can value you home for free. We can also market your home for free, you pay on completion of a successful sale. Call 01327 624275 or email info@skiltonandhogghomes.co.uk for a no obligation chat. Visit the website by clicking here.
Statistics from Rightmove plus. Data collected 01/09/22 & 23 to 17/09/22 & 23. Resale only. includes CV23 postcode.
