November 2022 Market Report for Lanarkshire
Christmas songs are on the radio, there's a flurry of activity in the shops and the promise of lots of fun with our loved ones. It is also the season for questions like whether a home is large enough for the whole family or whether, children having flown the nest, it is too large?
New Year means new beginnings for many and so inevitably the thought of a new home is on many people's minds. All this means that the property market is approaching its traditional busy season.
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 620 properties available on the market in the area. The month prior there were 687, with 707 in September and 681 in August. The high number of available properties is indicative of the heat having left the market as properties aren't getting snapped up as fast as they were. Things have calmed back down to normal levels and there is now more choice once again for buyers.
There are plenty of properties coming onto the market each month. In August there were 369, in September 376, in October 299 and in November 219. This explains the high number of available properties as there are lots to choose from.
In November 265 sales were agreed. In October there were 271, in September there were 355 and in August there were 364. As more properties come to the market, more sales are happening. Although the media has been talking about the market cooling, the local facts are that there is still a lot of activity.
In August we saw 51 price reductions across the Lanarkshire property market as a whole. There were 44 price reductions in September, 54 in October and 81 in November. This jump could imply that some sellers' or agents' expectations of what the market is prepared to pay are not in line with reality.
In November there were 120 slow movers in the Lanarkshire area. This means a property that has been on the market for 12 weeks or more. This could be due to the market returning to more normal levels but expectations still being at the peak levels. In October there were 90, in September there were 81 and in August, there were 71.
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 numbers of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans.
In August, each property in the Lanarkshire area had average daily views on Rightmove per property of 221. In September this dropped to 186, in October it was 149 and in November it settled down to 129.2. This is not unusual for this time of year with many families busy as we approach Christmas and the end of term. The high levels of activity in the local Lanarkshire property market are likely to increase or at the very least, remain strong in the first quarter of next year.
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 firstname.lastname@example.org.