Welcome to February’s housing market report for Morecambe. After the excitement of January, when the Morecambe Housing Market appeared to break the national trend, February all seemed a bit more subdued. That’s not saying it wasn’t a great month. Sales might have been down on January ( don’t forget January was an exceptional month ) however year on year they were still up by 5.9%.
Brexit fears don’t seem to have hit the North in the same way they have hit the Southern part of the UK. Could that be because all 14 Lancashire districts chose to vote for Brexit? Time will tell.
What is interesting this month is that when we analysed the figures, 45% of all the sales were in the price range of £150,000 ( last month this price range was just 33%). This range is more in line with families buying in the area, rather than property investors. The fact that 39% of all these sales were semi-detached and detached homes is also reflective of this.
Let’s take a closer look at what happened around The Bay.
How many homes sold in February 2019 v February 2018?
I always like to start by looking at the numbers. In February 2018, there were 68 property sales across LA3 and LA4. In February 2019 this number increased to 72, an increase of 5.9%.
What actually sold and where?
In LA3 there were 41 property sales, meaning in LA4 there were just 31 sales.
This month the most expensive home to sell in LA3 was Manor House Farm in Overton. It’s a beautiful home, but one which according to Rightmove had been for sale since June 2017.
The cheapest property just £25,000 – a 3 bed shared ownership apartment that had been for sale since June 2018. It does look like some of these older listings are finally getting some interest!
One of the fastest selling properties was a detached home on Grosvenor Park which sold to the very first viewer in just 48 hours. This was £320,000. It was a home sold by our own agency.
February’s breakdown is as follows:
Upto £100,000 18 properties
£100,001 – £150,000 21 properties
£150,001 – £200,000 22 properties
£200,001 – £250,000 6 properties
£250,000 + 5 properties ( the highest price was £395,000 )
Sales by area
LA3 1 18 properties
LA3 2 12 properties
LA3 3 11 properties
LA4 4 12 properties
LA4 5 8 properties
LA4 6 11 properties
Sales by property type
Semi Detached 16
Park Homes 3
This month 61% of all property sales had 3 bedrooms or more. It is quite noticeable that terrace sales plummeted from the previous month by 57%, whilst despite fewer sales overall, the detached market saw a 100% increase in sales activity.
In total 144 new properties came to the market in Morecambe. There were 60 price reductions, 43% of these being made by just 1 agent. Are they being overzealous with their pricing in an attempt to woo new clients?
At JDG we have already sold 44% of our newly listed homes in February. We had some great successes. For example, Lake Avenue and Warley Avenue were both snapped at the full asking prices – both had multiple viewings. Granville Rod was bought by an investor and sold in just 2 weeks. Trent Close sold in under 48 hours ( and was one of the highest price homes to sell this month).
Just 15 different estate agents were involved with the 72 property sales. At JDG we now need more home to sell, especially family homes and bungalows! 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!