Maldon Housing Market Update - August 2024
As we head towards September and the children going back to school, let's take a look at the local housing market and look at why August 2024 has bucked the usual trend of a traditionally quieter month....
The sun has certainly been shining on Maldon over the last few weeks, and as we approach the end of the school holidays it is time to take a look at the local housing market, and how August 2024 compares to the same time last year.
Here we can also look to see if there are any trends to help those trying to sell in the current climate.
Firstly, let's take a look at new houses coming onto the market.
All figures are CM9 area comparison.
August 2023 vs August 2024. Data from rightmove plus (29/8/2024)
New Listings
August 1 - 28 2023 - Total New House Listings - 72
August 1 - 28 2024 - Total New House Listings - 61
New listings are down 15% compared to the same time last year.
What does this tell us?
Stock levels have been growing most months in 2024, so it is a surprise to see a slight fall compared to the same time last year.
There still remains competition in the local market (especially with the number of new builds on the market ) and correct pricing is so important to those looking to find a buyer.
Choice increases for those buying. With some banks reducing their mortgage rates, along with special incentives for first time buyers struggling to save for a deposit, this could be a great time to find your next home.
Looking to buy?
Are you registered for our heads up alerts. If not - click here and register for property alerts before they hit rightmove
Next, let's look at the number of property sales which have been agreed.
August 1 - 28 2023 - Total New Sales Agreed - 29
August 1 - 28 2024 - Total New Sales Agreed - 48
Sales are up 65% compared to the same time last year.
What does this tell us?
A sizable increase on August 2023, the last month has seen sales levels stay similar (53) to July 2024. We typically expect sales levels to drop in August due to summer holidays, however the last few weeks has shown some positive signs.
September is typically a very busy month for the housing market - if you are wanting to sell your home in 2024 now is the time to speak to us - click here to arrange your valuation.
Finally, lets look at price reductions.
August 1 - 28 2023 - Price Reductions - 48
August 1 - 28 2024 - Price Reductions - 45
Price reductions are down 6% on the same time last year.
What does this tell us?
With levels of stock increasing, it is a surprise to see the level of price reductions reduce this month. If you are currently trying to sell the correct price is key to ensuring you find a buyer, especially with the increased choice for buyers.
Considering a sale of your Maldon home?
We can help!
Follow the link to see the three types of property valuations we offer and decide the best one for you! Click here for more details.