After a brilliant start to the year, April is the first month that the Morecambe housing market has shown a downward turn. As I looked at the monthly stats, I started to feel a little bit concerned. As a company, our property sales in LA3 and LA4 were 17% up, but as a town has a whole, Morecambe sales are down by 20%. The amount of new properties which have come available for sale is up by 20%. This is a big swing with huge amounts of homes not selling. What is going on?
Before we all start to get too concerned, I thought I would take a closer look at the year so far. It’s unfair to judge the market in one short period. So let’s begin with a positive – year on year (January – April ) Morecambe houses sales are only 2% down. In some parts of the South- the level of sales is reported to be down by 20% over the same period. I do think being a seaside town, we need to allow for seasonal adjustments. Easter has been late this year.
However, more houses coming to the market does gives the buyers more choice. Property views on Rightmove on are actually up – people have been looking online in April, they just haven’t turned into sales at the same rate. Fewer transactions are being agreed.
|Average Property Views on Rightmove||24.4||37.8|
|Number of sales agreed||103||83|
|Number of price reductions||85||69|
What actually sold and where?
In LA3 there were 41 property sales and in LA4 there were 42. The split could not be evener. The most expensive home to sell was period home for sale on Marine Road East which was advertised at £285,000. It had been for sale since Summer 2018. Sales of bungalows perked up compared to recent months – almost 1/4 of all property sales were bungalows.
April’s price breakdown
up to £100,000 24 properties
up to £150,000 32 properties
up to £200,000 19 properties
up to £250,000 8 properties
Above £250,000 3 properties
Sales by property type
Detached 7 properties
Semi detached 21 properties
Terrace homes 20 properties
Flats 13 properties
Bungalows 22 properties
Park homes 0 properties
In previous reports, I have expressed concerns at overpricing properties. There is no doubt that Morecambe is full of excitement and promise but that is no reason to overprice your home or allow an estate agent to do so. Make sure they can justify the price you are asking. Your home is for sale in competition with others – not in isolation!
Properties are selling and if priced right they will continue to do so. A recent success for our team is a semi-detached bungalow in St Oggs. It was on the market at £140,000. We had 3 interested buyers and it sold for over it’s asking price.
16 estate agents accounted for the 83 property sales in April. At JDG we need more homes to sell, especially homes with gardens now that the Summer is approaching!
To keep up to date with happenings in the Morecambe Housing Market, check out our website at www.jdg.co.uk or just email me at firstname.lastname@example.org. At JDG we are here to help
Ps. If you would like to know what your home is worth why not try out out a quick online valuation tool. It takes less than 60 seconds. It is not as accurate as having us out, but it will give you a rough guideline. Try it out and let me know what you think. Click below to give it a try!