locked stock and three bedroom semis
Carey Gilliland, Director of Madison Oakley, identifies some of the positives in the local market that can benefit both buyers and sellers...
Good news for those of you that own a three bedroom semi – your property remains the runaway leader in the race for most popular type for buyers at present. This is not only borne out by the latest keyword analysis on property portals but also our own research on local average selling times – semis are selling fastest at 55 days (terraces next at 63 days with flats lagging at 158 days) and three bedrooms are way out in front at 61 days (next fastest is 4 beds at 93 days with 1 beds at a lengthy 168 days).
More good news is that local supply levels are holding fairly steady and have been since February. Admittedly this is still an average of 48% down on May of last year and also the lowest stock levels at any time in the last 15 years but we need to look at the positives!
Surveys commissioned by OnTheMarket suggest a slight slowing of agreed sales in the last month. The OTM monthly survey tracks the percentage of properties listed as STC on their site within 30 days of listing and April’s score for the South West region is 64%, down marginally from 67% in March. However, our more local data would suggest some different results – properties in Bath have seen a significant drop in average time on market since the beginning of the year with a 4-6% increase since March in speed of sales agreed. The local median selling time is now just 21 days.
Over the last five months, we have seen some spectacular results from priority advertising of new instructions via our Facebook page. It would seem potential buyers very much appreciate advance notice of the latest new properties a day or so before being exposed to the thundering herds on Rightmove et al and this kind of virtual mailing list sits nicely alongside more traditional agency techniques.
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