January 2023 Market Report for Lanarkshire
2023 is in full swing, and the housing market is starting to return to its normal busy levels after the usual lull in December.
Buyers who are looking in February are serious about moving, which makes this one of the best months of the year to put your property on the market. The Spring Rush is on its way and will bring many more "window shoppers." Homebuyers who are looking now tend to be motivated and have a strong drive to find their next home.
Let's have a brief look at what's been happening over the last month in the local property market around Lanarkshire.
There are currently 693 properties available on the market in the area. The month prior, there were 568. There were 620 in November, 687 in October, and 707 in September. The market has returned to its normal busy levels after the usual December lull.
There have been a steady number of properties coming onto the market over the last few months. January was no exception, with 203 properties coming on the market during the first month of this year. In December, there were only 153, which is likely because many sellers were busy with holiday plans. However, before that, in November there were 219, in October there were 299, and in September there were 376. We expect these high levels of activity to continue throughout the year.
In January, 215 sales were agreed. This indicates that the market is returning to normal levels, as anticipated following the lull in December, when only 135 sales were agreed upon. In November, there were 265; in October, there were 271; and in September, there were 355. The local facts are that there is a high level of activity in the local property market, and we expect the first quarter of 2023 to be as busy as normal.
In September, we saw 44 price reductions across the Lanarkshire property market as a whole. There were 54 in October, 81 in November, 30 in December, and 92 in January.
In January, there were 251 slow movers in the Lanarkshire area. This is a property that has been on the market for at least 12 weeks. This could be due to the market returning to more normal levels but expectations still being at peak levels. In December, there were 182 slow movers in the Lanarkshire area. In November there were 120, in October there were 90, and in September there were 81.
Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be in the top 5 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 September, each property in the Lanarkshire area had an average of 186 daily views on Rightmove. This is the average of the top ten agents in the area. In October, it was 149, and in November, it was 129.2. In December, it dropped to 76.5. This was highly typical for December, with commitments over the holiday period taking precedence over house hunting for many buyers. In January, average daily views sprung back up to 122. The levels of activity in the local Lanarkshire property market have, as expected, started to return to their normal high levels in the first quarter of this year.
Average daily views per property on Rightmove for properties listed by Lanarkshire Law were 178.6 in January, which was 46% higher than average. We are pleased to consistently deliver above-average results for our clients. It shows the difference your estate agent can make when it comes to attracting the right buyer to your property.
If you're looking for further information about the Lanarkshire 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 01698 441327 or email email@example.com.