Maldon Housing Market Update - May 2023
As the sun starts to shine over the Maldon district (finally!) lets take a look at what has happened in the local housing market over the last month.
As we head towards the end of May 2023 its time to look back at what has been happening in the local housing market throughout the month.
CM9 area comparison. May 2022 vs May 2023
(Data taken from Rightmove)
New listings
May 1-26 2022 - Total New House Listings - 85
May 1-26 2023 - Total New House Listings - 90
New listings are up 5.8 % compared to the same time last year.
What does this tell us?
Stock levels continue to rise in 2023 and the number of houses that are for sale are more similar to pre-covid times. There is a better choice for those looking to buy.
Next, lets look at the number of property sales which have been agreed.
May 1 - 26 2022 -Total New Sales Agreed - 45
May 1 - 26 2023 - Total New Sales Agreed - 54
Sales are up 20% on the same time last year.
What does this tell us?
It is a positive sign to see that sales numbers are once again higher than the same time last year. Viewing numbers have increased too as buyers continue to have more choice when looking to buy - something that hasn't been possible over the last couple of years due to stock shortages.
Finally, lets look at price reductions.
May 1 - 26 2022 - Total Price Reductions - 26
May 1 - 26 2023 - Total Price Reductions - 66
Price reductions are up 154% 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. These are at far higher levels than what we have previously been used to during 2021 and 2022. Put simply, we are in a changing market where the right price is key to whether a house sells or not.
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.