Maldon Housing Market Update - September 2024
As we near the end of the month, it’s an ideal time to review the activity in the local housing market for September. Let’s explore the trends and developments that have shaped the market this month.
As we transition into autumn, we often see an increase in activity within the housing market. With September drawing to a close, it’s a perfect opportunity to reflect on the trends and developments that have shaped the local CM9 housing market over the past few weeks.
This period is traditionally characterised by increased buyer interest, as families aim to settle into new homes before the Christmas period. As we analyse the current landscape, we can identify trends that may benefit sellers looking to navigate this competitive environment.
Firstly, let's take a look at new houses coming onto the market.
All figures are CM9 area comparison.
September 2023 vs September 2024. Data from rightmove plus (28/9/2024)
New Listings
September 1 - 27 2023 - Total New House Listings - 95
September 1 - 27 2024 - Total New House Listings - 109
New listings are up 14.5% on the same time last year.
What does this tell us?
We continue to see stock levels increase within the CM9 area in 2024.
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.
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Next, let's look at the number of property sales which have been agreed.
September 1 - 27 2023 - Total New Sales Agreed - 34
September 1 - 27 2024 - Total New Sales Agreed - 53
Sales are up 55% on the same time last year
What does this tell us?
A sizable increase on August 2023, sales levels have remained strong in the last few months within the CM9 area, which is a positive sign.
There remains to be demand from buyers looking to secure their next home before the end of the year. 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.
September 1 - 27 2023 - Price Reductions - 58
September 1 - 27 2024 - Price Reductions - 52
Price reductions are 11% down 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.
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