Harlow property market December 2024
This report displays the average time on market for unsold property for sale in Harlow. It shows figures for each month from December 2023 to December 2024. The trends are broken down by property type and number of bedrooms. We also display graphs of median property time on market, which may be more helpful for spotting trends.
Harlow semi detached property was the only type of property that has not seen an increase in time to sell.
Detached properties performed second best with just a 2% increase. Terraced property performed worse of all with a disappointing 23% increase in selling time. With the exception of detached properties, all types have suffered since August. Data supplied by home.co.uk (https://www.home.co.uk/). Let’s look at Median selling times…
Median selling time is simply the property in the middle. For example if 125 semi detached properties sold, we take the time it took to sell the one that stands 65th. Therefore, 64 sold slower and 64 sold faster. It gives a snapshot of where an average priced property should be. The graphic above shows an improvement in all property types with the exception of terraced (+1%).
CONCLUSION
Unfortunately it is our old friend ‘over pricing’ that is the main cause. This along with mortgage rates increasing slightly and the budget spooking a few seems to have reduced the amount of buyers.
Let’s explore other data available.
Harlow property market December 2024
Property by number of bedrooms in Harlow makes interesting reading. One bedroom & 5+ bedroom properties both saw a slight drop.
4 Bedroom properties flat lined.
2 & 3 bedroom properties both ended up taking longer to sell. However, we see the same pattern here. The increase has, in the main, happened since August.
When we look at the median selling times of Harlow property by number of bedrooms we can see the following:
4 Bedroom properties that had flatlined when looking at average selling times had in fact reduced by 29% when looking at median times. The only conclusion is once again over pricing.
The graphic above shows the amount of property types now compared with a year ago.
There has been a huge decline in terraced property whilst at the same time it is taking longer to sell.
A 10% reduction in property for sale at a time when there are fewer buyers should actually drive property prices up. However, this is not the case when it comes to the Harlow property market.
As Estate Agents in Harlow, Jukes Estate Agents Harlow co owner Geoff Flewers says: “Sometimes I must sound like a record with a crack in it. When a property doesn’t sell, it is almost always down to price. Accurate valuations are critical. You can see why by visiting our website https://jukesestates.co.uk//new/public_html/property-valuation/.”