What really happened in the Morecambe Housing Market in March 2019?

There’s a real buzz in and around Morecambe at the moment and it’s not showing any signs of letting up. It all began just before the bay gateway opened and the momentum is not just continuing – it’s growing.

Brexit isn’t affecting the Morecambe Housing market. Most people in Morecambe actually seem sick of talking about it. Instead, the community is focusing on the now and the future. The new tv series – The Bay is really showcasing the beauty of the area ( estate agency friends around the country have messaged me saying they didn’t realise what Morecambe offered ) and the positive news surrounding The Eden project is already attracting property investors to the area. We’ve already had talks with developers looking to invest considerably in the area. The outlook is positive.

What happened in March?

In March, Morecambe really outperformed neighbouring Lancaster. In Lancaster just 78 homes sold. Lancaster sales were down year on year. In Morecambe however, it’s an entirely different picture. 98 properties sold in Morecambe which is a whopping 36% increase on the previous month and a 5.5% increase year on year.

What actually sold and where?

In LA3 there were 47 property sales, in LA4 there were 51 sales.

This month the most expensive property to sell The Paddock in Overton. It’s a beautiful 4/5 bed home which was listed for sale in Summer 2018 and has underfloor heating through the entire ground floor.

The cheapest property was a terrace that had been split into 3 flats in central Morecambe. It sold at auction with a guide price of just £50,000.

March’s sold breakdown is as follows:

up to £100,000 22 properties
£100,001 – £150,000 34 properties
£150,001 – £200,000 22 properties
£200,001 – £250,000 13 properties
£250-001 + 7 properties

Sales by area:

LA3 1 17 properties
LA3 2 19 properties
LA3 3 10 properties

LA4 4 10 properties
LA4 5 23 properties
LA4 6 18 properties

Sales by property type:

Detached 9
Semi Detached 40
Terrace 22
Flats 14
Bungalows 8
Park Homes 2

This month 46% of all property sales had exactly 3 bedrooms. It is quite clear family homes are in high demand as 40% of all the sales were actually semi-detached homes. Bungalows and Park homes only accounted for 10% of all the sales. A reason for this though could be, that many older people prefer to move in the Summer months.

In total 141 new properties came to the market in Morecambe. There were 82 price reductions. This figure is getting worse. Please be aware of over-valuing estate agents. Ask them to explain their thoughts on the price they give you. Are they just trying to bid for your business?

At JDG we actually sold more homes than we listed! We had some great successes, for example…. Turnberry Close and Drovers Walk both got snapped up in just 48 hours – both had multiple offers. Stanley Road which had been up for sale with a previous agent went under offer and Roeburn Drive took just 3 weeks to find a buyer.

18 different estate agents were involved with the 98 property sales. At JDG we now need more home to sell, especially 3 /4-bed family homes and we are very short on 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 darren@jdg.co.uk. 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!