May 2023 Monthly Market Report for the North Cotswolds

May passed in a glorious haze of spring sunshine, pomp and ceremony. The three bank holiday weekends gave homebuyers plenty of opportunities to view properties and this certainly had an effect on the number of sales agreed!

 

The lovely weather looks set to continue into June, enticing more buyers out and giving sellers the opportunity to show off their properties in the always flattering sunshine. This is always a busy time of year for the property market so if you are considering putting your property on the market you couldn’t choose a better time than now. 

 

With this in mind, let’s take a brief look at what’s been happening over the last month in the local property market around the North Cotswolds.

 

There are currently 1048 properties available on the market in our area. In April, there were 995 properties available; in March, there were 943; in February there were 824; and in January, there were 828 properties available. This is great news for buyers as it gives them more choice. 

There are a steady number of properties coming onto the market each month. In May, 245 properties came onto the market. This is a similar number to last year when 239 properties came onto the market in May 2022. Back to this year, in April, there were 257; in March there were 270; in February, there were 175; and in January there were 247. 

In May the number of sales agreed soared to 191. This was the highest number of sales agreed in the last seven months and a 69% increase in the number of sales agreed compared to January. In April there were 145;  In March, 160; in February, there were 123; in January, there were 113; in December, there were 81; and in November, there were 119. Contrary to the doom and gloom narrative that the national media appears to be trying to peddle, the local property market is actually getting busier instead of quieter.  

In January, we saw 127 price reductions across the North Cotswolds property market. In February, there were 120;  in March, 119; in April, 107; and in May, 121. The number of price reductions hasn’t fluctuated very much this year. It is worth remembering that when properties are priced properly, they sell quickly. Setting an unrealistically high asking price at the outset can delay your move by several months.            

In May, there were 423 slow movers in the North Cotswolds area. This means a property that has been on the market for 12 weeks or more. In April there were 394; In March, there were 396; in February, there were 430; in January, there were 445; in December, there were 384; and in November, there were 346.

Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be in the top 10 agents in the area with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference in achieving your moving plans.

In January, each property in the North Cotswolds area had an average of 87.9 daily views on Rightmove. It dropped slightly to 79.1 in February and 66.3 in March but soared up to 92.1 in April and 80.9 in May. The local property market is bustling, now is a great time to put your property on the market.

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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