HARLOW PROPERTY MARKET AUGUST 2023.
What’s happening with the Harlow Property Market August 2023?
All data is supplied by https://www.home.co.uk/
What sort of state is the Harlow Property market in as we enter the last full month of summer?
The first graphic shows how many unsold properties by property type that are currently for sale.
The change from this time last year is quite staggering. Over 100% more properties for sale and with only around 20% of the buyers there were 12 months ago! It is quite clear why the market is so much slower.
The next graphic show those 553 properties by amount of bedrooms..
The pattern of the two graphs are extremely similar. Although this time it is 3 bedrooms properties that have seen the biggest increase, whereas in the first graph it is Terraced property.
Average time on the market.
Surprisingly, detached properties are actually selling faster today then this time last year. However, Semi detached, Terraced and Flats have all seen a large increase in time unsold.
Below we have the average time spent unsold on the market, but this time measured by how many bedrooms..
Again there is a surprise. 4 bedroom properties are spending less time unsold and 3 bedroom properties remain almost the same. However, 1,2,and 5 bedroom properties all show a large increase.
HARLOW PROPERTY SELLING TIMES
Whilst everything above paints a gloomy picture, the following stats paint a rosier picture.
In the last 90 days 356 properties have sold in Harlow. That’s 4 a day!
Below are three graphs showing mean and median selling times by:
- Price
- Bedrooms
- Type
What’s the difference between Mean and Median selling time?
Mean is a simple division sum. 5 properties sell in 5, 7, 9, 26, and 28 days meaning a total of 75 days divided by 5. Therefore the mean selling time is 15 days. The Median selling time is the middle figure of all those that sold, so in this example the Median time would be 9 days as that is the middle figure.
Lesson over, and I apologise if this was patronising in any way, it is just that I get asked that question a lot!
What sticks out like a sore thumb though, is that Harlow property sells at a fairly quick rate when it is priced correctly.
It is not rocket science! EVEN WHEN THE MARKET IS SLOW, PROPERTY WILL SELL FAST AND FOR A GOOD PRICE WHEN IT IS PRICED ACCURATELY!
We still see way too many overpriced properties.
Rightmove have said: “Property that has undergone a price reduction is 10% less likely to EVER sell, and those that do take twice as long to sell”.
They have also said: ” Property that has undergone a price reduction but do sell, sell for an average of 3.8% less then THE NEW ASKING PRICE, with many eventually selling for 5% less then the new asking price”