Hope springs for market boom in 2024
Carey Gilliland, Director of Madison Oakley, takes a look at how the spring period gives us some insight into how markets may perform in 2024.
Looking back over the last three years, the early Spring has seen some significant variations in supply levels and selling times locally. At present. The average number of available properties in the city is approx. 585 whereas in late Feb 2023 that figure was 750. Looking back a further year, you would have found only 309 available Bath homes in Feb 2022. The flow of new properties coming on to the market also follows the same pattern – 87 in the last two weeks as opposed to 84 and 57 in the preceding two years. As regards selling times, the median average at present is 69 days – only slightly faster than last year at 72 days but down on the hustle and bustle of 2022 with 50 days. However, it must be said that these are all still very strong numbers compared to the pre Covid years in Bath and it continues to prove that the city is not only still very much in demand but also relatively untouched by more national trends.
'...the city is not only still very much in demand but also relatively untouched by more national trends.'
Moving from statistics to more real life experience, I can say without a scintilla of doubt that the first two months of the year have been some of the busiest I have ever experienced in thirty years of agency. Diary space for appointments is well beyond limited, fresh properties are often receiving double figure viewings within days of release and there have been many instances of multiple offers – especially on mid range family homes. It would seem stabilising inflation figures and falling mortgage rates have combined to motivate buyers into starting early this year.
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