Maldon Housing Market August 2023
As the summer holidays of 2023 come to an end, let's take a look at what has happened in the local housing market in the last few weeks.
As we head towards the end of August let's take a look at what has happened in the local housing market this month.
Market Activity - August 2023
CM9 area comparison. August 2022 vs August 2023
(Data taken from Rightmove)
New listings
August 1-25 2022 - Total New House Listings - 65
August 1-25 2023 - Total New House Listings - 70
New listings are up 7% on the same time last year
What does this tell us?
After a surprise decrease last month, August once again follows the trend that there are more properties that are coming onto the market locally. If you are looking to buy there is a good choice in the market.
Next, lets look at the number of property sales which have been agreed.
August 1 - 25 2022 -Total New Sales Agreed - 52
August 1 - 25 2023 - Total New Sales Agreed - 27
Sales are down 48% on the same time last year
What does this tell us?
This is the first month of 2023 where the sales levels for the month are dramatically lower than the same time in 2022. This is certainly evidence that we are in a difficult marketplace. It will be interesting to see how September compares - this is traditionally a popular time for new buyers to enter the market keen to secure a new home by Christmas.
Finally, lets look at price reductions.
August 1 - 25 2022 - Total Price Reductions - 31
August 1 - 25 2023 - Total Price Reductions - 48
Price reductions are up 55% on the same time last year.
What does this tell us?
We have seen the number of price reductions increase throughout the whole of 2023 and these look set to continue in the current market. It is really important for any sellers in the current market to make sure their asking price is as competitive as possible, to give themselves the best chance to find a buyer.
If you are considering selling your home, or have your property for sale in the area with another agent, we would love to help you! Click here to see the different types of valuations that we offer, and pick the right one for you.
The senior staff at Holden Estate Agents have experience in all different housing markets and we would be delighted to help you with any questions, however big or small you may have.