This week's data has provided us with valuable insights into the real estate market, offering a comprehensive overview of various key metrics. Let's delve into the numbers and analyze the trends shaping the industry.
The total number of listings this week amounted to 30,773, which experienced a marginal decrease of 3.1% compared to the previous week.
It is worth noting that the running weekly average for 2023 currently stands at 31,770 listings, indicating a consistent level of activity in the market.
In terms of pricing, the average listing price for properties was recorded at £456,800. This figure signifies a significant value, highlighting the ongoing demand and the desirability of properties available for sale. When considering the running weekly average for 2023, which is £428,300, we can observe a gradual increase over time.
Price reductions, an important aspect to consider in the real estate market, saw a slight uptick this week.
There were 18,280 instances of price reductions, marking a 4.6% increase compared to the previous week. Looking at the 2023 running weekly average, which stands at 17,668 price reductions, we can infer that sellers are adjusting their prices to attract potential buyers. The average asking price of properties being reduced was £406,700, with the running weekly average for 2023 at £402,000.
Examining the gross sales figures, this week saw a total of 20,934 completed transactions. Although this represents a 6.4% decrease from the previous week's gross sales, it is important to consider the broader picture. The 2023 running weekly average for gross sales stands at 21,653, indicating a relatively stable market overall.
Analyaing the average asking price of properties sold subject to contract (STC), we note that it amounted to £368,400 this week.
When considering the 2023 running weekly average, which is £355,250, we can observe a positive trend in terms of selling prices. This disparity between the average listing price (£456,800) and the average sales price (£368,400) reveals a significant gap of 23.9%, indicating potential room for negotiation between buyers and sellers.
Another crucial aspect to consider is the number of fall-throughs, which refers to the instances where sales transactions fail to reach completion. This week recorded 4,506 fall-throughs, reflecting a 4.6% decrease from the previous week's numbers. Looking at the running weekly average for 2023, which stands at 4,924, we can see that the market is experiencing a relatively stable rate of successful transactions.
When considering the percentage of fall-throughs in relation to gross sales, it is noteworthy that the figure currently stands at 21.52%. Comparing this to the running weekly average for 2023, which is 23.81%, we can observe a slight improvement in transaction success rates.
Finally, it is important to highlight the regional statistics for all the aforementioned metrics, as they provide a deeper understanding of local market dynamics.
These regional statistics are detailed in the accompanying show, offering valuable insights for industry professionals and prospective buyers alike. Additionally, in the final 15 minutes of the program, there will be a specific focus on Blackpool, allowing viewers to gain a comprehensive understanding of the real estate market in that particular location.
In conclusion, this week's data offers a comprehensive snapshot of the real estate market, highlighting key trends and metrics. Despite some fluctuations in certain areas, the overall market remains robust and active. Prospective buyers and sellers can leverage this information to make informed decisions and navigate the real estate landscape more effectively.