December 2023 Monthly Market Report for the North Cotswolds

Here we are in 2024 already. Hope you had a great time bringing in the new year. Let’s take a look back over the property market in the North Cotswolds for December 2023 to round out the year.

 

By regularly examining the facts and data, we provide valuable insights to property sellers and buyers, helping you make informed decisions in the ever-changing the North Cotswolds property market. 

 

In December 2023, there were 1012 properties available on the market in our area. In November, 1152 properties were available on the market in our area; in October, this figure was 1239; in September, there were 1119; in August, there were 1122 properties available in our area; and in July, there were 1085. You can see the usual seasonal dips in July and December – summer and Christmas, respectively. Sellers often have other things on their minds at these times, even though buyers are often still active.

 

The last six months of 2023 saw an unusual pattern in numbers of properties coming onto the market each month. December was, as expected, a much lower number, although it was precisely the same number that came on in December 2022. August and September 2023 were real bumper months for new property appearing for sale. 

 

In December 2023, 125 properties came to the market in the North Cotswolds. In November 170 properties came onto the market; in October, 213; in September, 235; in August, 264; and in July, that figure was 212. 

 

December 2023 saw 100 sales agreed, which is more than December 2022 when 92 were agreed, 8% less. November 2023 saw the number of sales agreed at 161. In October, the number of sales agreed was 140. In September, there were 151 sales agreed; in August, 144; in July, 156. What is interesting is that, although the numbers of people buying property with a mortgage, the numbers of cash buyers in 2023 have been even higher than during the pandemic. 

 

In July, there were 151 price reductions across the North Cotswolds; in August, there were 166; in September, there were 183; in October, there were 160; in November there were only 117; and 70 in December. This is usual for December in our area as there were only 73 price reductions in December of 2022.

 

A property that has been on the market for 12 weeks or more is known as a ‘slow mover’. There is a direct correlation between the length of time spent on the market and achieving lower selling prices. This is because the property appears stale and undesirable. Starting with an unrealistically high price, even if you as a seller perceive yourself to not be in a rush. 

In December, the North Cotswolds had 625 slow movers. In November, there were 634 slow movers in the North Cotswolds area. In October, there were 570; in September, there were 546; in August, there were 570; in July, there were 494. This increase in numbers could be suggesting that either sellers or agents aren’t adjusting to the market conditions locally.

 

As one of the top agents in the area with the lowest number of slow movers, we’re proud of our commitment to the 3Ps of estate agency. These are:

 

  • Presentation
  • Promotion
  • Price.

 

As the old adage goes, you only have one chance to make a first impression. If any one of these is slightly off, you reduce your chances of achieving a premium price in the market in a timeframe to suit you.

 

In July 2023, each property in the North Cotswolds area had an average of 65.2 daily views on Rightmove 65.2; in August, 67.9; and in September, 65.5. In October, the number of daily views on Rightmove for properties in our area was 61.7; in November there were 59.6; and in December it was 62. There is a consistently high level of activity in the local property market, and we expect it to get even busier as we enter 2024. If you are considering selling your property in the North Cotswolds, now is an excellent time. 

 

If you’re looking for further information about the North Cotswolds property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01608 695252 or email hello@distinctpropertyconsultants.co.uk

 

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