January 2024 Monthly Market Report for the North Cotswolds

It is only a few weeks until the daffodils will start appearing and the spring rush will begin. In the meantime the post new year rush is firmly underway with many people actioning their new year’s resolutions to move. If you are considering selling your property in the North Cotswolds then it is currently a great time to do so. 

 

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 North Cotswolds property market. Let’s take a look at the property market in the North Cotswolds during January.

 

In January there were 1074 properties available on the market in our area. This is a 16.8% increase in the number of available properties compared to the same month last year. That is great news for buyers as it means they have more choice. In December there were 1012  available on the market in our area; in November, there were 1152; in October, this figure was 1239; in September, there were 1119; and in August, there were 1122 properties available in our area. 

 

In January 202 properties came onto the market in the North Cotswolds. January is always a busy month in the local property market as new year’s resolutions concerning moving home are often actioned. In December, 125 properties came onto the market. This dip in properties coming onto the market in December is completely normal as many sellers put off putting their property on the market until January as they are busy with seasonal festivities. In November 170 properties came onto the market; in October, 213; in September, 235; and in August, 264. 

 

In January there were 166 sales agreed. This is an increase of 38.3% compared to the same month last year when only 120 sales were agreed. It is also a large jump from the 100 sales agreed last month but is similar to the numbers agreed in the months before that. In November there were 161 sales agreed. In October, the number of sales agreed was 140. In September, there were 151 sales agreed; and in August, 144. 

 

In August, there were 166 price reductions across the North Cotswolds; in September, there were 183; in October, there were 160; in November there were only 117; in December there were 70 and in January there were only 100. Many sellers hope that the influx of new motivated buyers in the new year will bring them the seller they have been waiting for so they are less likely to reduce their price in January than they were in previous months.

 

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, can often be counterproductive. 

 

In January, the North Cotswolds had 650 slow movers. In December there were 625 slow movers  in the North Cotswolds area. In November, there were 634 slow movers; in October, there were 570; in September, there were 546; and in August, there were 570. 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 August 2023, each property in the North Cotswolds area had an average of 67.9 daily views on Rightmove; in September, there were 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; in December it was 62; and in January it was 80.8. There is a consistently high level of activity in the local property market, and we expect it to get even busier as we approach Spring. 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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