Maldon Housing Market Update - March 2024
Spring has officially sprung with lighter evenings just days away! Let's shine a light on the housing market in Maldon to see how it has been performing, compared to March 2023.
Maldon Housing Market Review - March 2024
It's that time of the month again to take a look back at the local house market activity in the Maldon CM9 area, to see how it is performing compared 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.
This month we have excluded new build from this category, due to a large amount being launched this month.
All figures are CM9 area comparison. March 2023 vs March 2024. Data from rightmove plus (27/3/2024)
New Listings
March 1 - 27 2023 - Total New House Listings - 84
March 1 - 27 2024 - Total New House Listings - 86
New house listings are 2% up on the same time last year (but 58% if new homes are included)
What does this tell us?
Competition continues to increase for those selling, especially with the number of new builds currently available. Correct pricing is so important to those looking to find a buyer in the current market.
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. There certainly is a strong choice for buyers in certain local price brackets.
Next, lets look at the number of property sales which have been agreed.
March 1 - 27 2023 - Total New Sales Agreed - 43
March 1 - 27 2024 - Total New Sales Agreed - 49
Sales agreed are up 14% compared to the same time last year.
What does this tell us?
With more sales agreed compared to March 2023, this is a positive sign for the local market. However, some caution must be shown as sales are down slightly on February 2024.
Finally, lets look at price reductions.
March 1 - 27 2023 - Number of Price Reductions - 59
March 1 - 27 2024 - Number of Price Reductions - 57
Price reductions are down 3% compared to the same time last year.
What does this tell us?
With stock levels increasing, it is a surprise reductions are down compared to the same time last year. This could come down to more houses entering the market at the correct price, however with the amount of stock available we would expect these numbers to rise in the coming months.
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