Maldon Housing Market Update - October 2023
As we leave British Summer Time let's take a look at what has happened in the local housing market throughout October 2023.
The evenings are drawing in and with only 58 days until Christmas Day! (at time of writing on 28 October) let's take a look at what has happened in the local housing market throughout the month of October.
Market Activity -October 2023
CM9 area comparison. October 2022 vs October 2023
(Data taken from Rightmove)
New listings
October 1-27 2022 - Total New House Listings - 77
October 1-27 2023 - Total New House Listings - 65
New listings are down 15.5% than the same time last year.
What does this tell us?
Stock levels have been increasing throughout 2023. There still remains a good choice in the housing market for anyone looking to buy in the Maldon district even if the number of new listings are lower this month compared to the same time last year.
Next, lets look at the number of property sales which have been agreed.
October 1 - 27 2022 -Total New Sales Agreed - 42
October 1 - 27 2023 - Total New Sales Agreed - 44
Sales are up 5% than the same time last year.
What does this tell us?
It is positive to see that sales are still being agreed and in fact 5% more sales have been agreed in October 2023 than the same time last year.
Finally, lets look at price reductions.
October 1 - 27 2022 - Total Price Reductions - 57
October 1 - 27 2023 - Total Price Reductions - 43
Price reductions are down 24% 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 as the right asking price is crucial in the current market. October has seen the number of price changes drop on the same time last year.
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.