October 2022 Market Report for Lanarkshire
The leaves are falling, the clocks have gone back and children, still hyped-up on sugar from their Halloween trick or treating, are now looking forward to this weekend's fireworks displays. November brings with it darker mornings and chillier nights and so comes thoughts of Christmas and the New Year. This inevitably focuses the minds of those who have been considering moving, as they consider whether their homes are too small or indeed too large for their needs.
The looming New Year sparks thoughts of new beginnings and new homes so, despite the doom and gloom in the papers, life continues. People still move home and the property market continues to be busy.
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 687 properties available on the market in the area. The month prior there were 707, with 681 in August and 573 in July. The increasing numbers of available properties is perhaps indicative of the heat having left the market as properties aren't getting snapped up as fast as they were. Things are started to calm back down to normal levels and there is now more choice once again for buyers.
There are also more properties coming onto the market each month. In July there were 348, in August 369, in September 376 and in October 299. This could explain the higher number of available properties as there were more to choose from.
In October 271 sales were agreed, in September there were 355, in August there were 364, and in July 289 sales were agreed. 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 July we saw 30 price reductions across the Lanarkshire property market as a whole. In August, this number jumped up to 51. There were 44 price reductions in September and 54 in October. This could imply that some sellers' or agents' expectations of what the market is prepared to pay are not in line with reality.
In October there were 90 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 September there were 81, in August, there were 71 slow movers and in July, there were 49 slow movers on the market.
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 July, each property in the Lanarkshire area had average daily views on Rightmove per property of 189. In August, this number jumped up to 221, in September it settled back to 186 and in October it fell to 149. This is not unusual for this time of year with many families busy over half term and focused on Halloween activities and Bonfire night. The high levels of activity in the local Lanarkshire property market are likely to increase or at the very least, remain strong in the final quarter of the 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.