Maldon Housing Market Update - May 2024
How is the local housing market performing - let's take a look at any trends compared to activity the same time last year.
Maldon Housing Market Review - May 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.
All figures are CM9 area comparison.
May 2023 vs May 2024. Data from rightmove plus (28/5/2024)
New Listings
May 1 - 28 2023 - Total New House Listings - 93
May 1 - 28 2024 - Total New House Listings - 84
New listings are down 10% compared to the same time last year.
What does this tell us?
Although the number of new listings are down slightly on the same time last year, the amount of new listings coming for sale is still higher than we have seen in previous months.
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.
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, lets look at the number of property sales which have been agreed.
May 1 - 28 2023 - Total New Sales Agreed - 56
May 1 - 28 2024 - Total New Sales Agreed - 57
Sales are up 2% compared to the same time last year.
What does this tell us?
Sales numbers are at a similar level to last year, and are consistent with April 2024 figures. We are still seeing demand for buyers looking to move to Maldon however the increased demand (including all the new build sites) means price is key in today's market.
Finally, lets look at price reductions.
May 1 - 28 2023 - Number of Price Reductions - 66
May 1 - 28 2024 - Number of Price Reductions - 59
Price reductions are down 10% on 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.
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.
