Monthly Market Report for the North Cotswolds

Encouraged by the slow but steady return of warmer weather, homebuyers and sellers are coming out of hibernation, and the local property market is getting increasingly busy. It is something that estate agents fondly refer to as The Spring Rush! 

 

Homebuyers who wish to be settled in their new homes in time for Summer know that they are now in a race against the clock to find a property and give themselves enough time for the purchase to be completed.

 

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 943 properties available on the market in our area. This is a 14% increase in the number of available properties compared to last month, when 824 properties were available. It is a 37% increase compared to the same period in 2022. In January, there were 828. In December there were 753, and in November there were 833.

 

More properties, 270, came onto the market in March than in any of the previous six months. In September, there were 156; in October, there were 286; in November, there were 239; in December, there were 157; in January, there were 247 and in February, there were 175.

 

The number of sales in March soared to 160. This was a 30% increase compared to February, when 123 sales were agreed, and was 42% more than in January, when 113 sales were agreed. It was the highest number of sales agreed in the last five months. In December, there were 81, and in November, there were 119. There is a high level of activity in the local property market, and we expect that to continue as we head towards the summer.

 

In November, we saw 146 price reductions across the North Cotswolds property market. In December, there were 68, 127 in January, 120 in February, and 119 in March. It is likely the reduction in December was due to sellers wanting to wait out the typical festive slump, while buyers were occupied with festive commitments, before considering reducing their price.  When houses are priced properly, they sell quickly. Setting an unrealistically high asking price at the outset can delay your move by several months.            

 

In March, there were 396 slow movers in the North Cotswolds area. This means a property that has been on the market for 12 weeks or more. 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 November, each property in the North Cotswolds area had an average of 96.4 daily views on Rightmove. In November, there were 69.5, and in December, there were 65.8. The average daily views on Rightmove per property increased to 87.9 in January, dropped slightly to 79.1 in February. In March, they fell to 66.3. This is not an indication that the local property market is less busy. What it means is that there are now more serious buyers as opposed to winter window shoppers. If you are considering putting your property on the market, now is the ideal time to do it in order to take advantage of the Spring Rush. 

 

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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