Latest Market Update
Here is our latest market report, bringing you up to speed with what is going on in the local market
Encouraged by the slow but steady emergence of warmer weather, homebuyers, and sellers are coming out of hibernation, and the local property market is getting increasingly busy. It is something often referred to as ‘The Spring Rush’!
Homebuyers who wish to be settled in their new homes in time for Summer know that they are now in a race against the clock to find a property and give themselves enough time for the purchase to be completed.
Easter holidays are here too, with fun events being put on locally. There’s pond-dipping and bug-hunting at North Wales Wildlife Trust, Easter Fun at Rhuddlan Castle, and the Great Easter Eggcase Hunt in Rhyl, to name just three. Will you be relaxing, working, or taking the chance to DIY at home?
The local property market around Prestatyn and Rhyl currently has 1074 properties available for sale. Last month, 1006 properties were available so you can see how things are changing locally.
In March 2022, there were half as many available properties, showing that there is far more choice now, with market activity returning to more normal levels.
In March 2022, 271 new properties came to the market for sale. This March, there have been 224 new properties that have come to the market, so there are still a lot of people needing and wanting to move home.
Properties in Prestatyn had an overall average price of £199,585 over the last year.
The majority of sales in Prestatyn during the last year were detached properties, selling for an average price of £240,297. Semi-detached properties sold for an average of £176,666, with flats fetching £103,029.
Overall, sold prices in Prestatyn over the last year were similar to the previous year and 18% up on the 2020 peak of £169,229.
Properties in Rhyl had an overall average price of £170,221 over the last year.
The majority of sales in Rhyl during the last year were semi-detached properties, selling for an average price of £166,539. Detached properties sold for an average of £205,479, with terraced properties fetching £135,816.
Overall, sold prices in Rhyl over the last year were 9% up on the previous year and 21% up on the 2019 peak of £140,396.
These figures don’t really match the general news you might be hearing. That is why we like to show you the real, local information about the housing market in and around Prestatyn and Rhyl so you can make well informed decisions about your property.
As many as 152 sales were agreed across March and we are anticipating that figure to continue to rise month on month until the summer really hits. That’s why it’s important to get on the market as soon as possible if you’re looking to move before Autumn.
There were 156 price reductions last month, which could be indicative of some sellers or estate agents not adapting to the new market conditions. The market is more price sensitive than it has been over the last couple of years, which can be hard to get your head around as a seller.
One of our sellers went on the market in September last year, but unfortunately, the chain broke lower down in another part of the country. Our seller lost their buyer, and so we remarketed the property for them. The market had changed even in that short time though and they had to adjust the price point. It felt as if they were losing out but in fact, their onward purchase was able to be negotiated at a lower price point too, so they were no worse off.
With 536 ‘slow movers’ on the market, it is likely that many sellers may need to do just as our client had to, accept that a lower marketing price will mean they achieve their property goals. A ‘slow mover’ is industry jargon for a property that’s been being marketed for over 12 weeks. It is usually due to The Three P’s: presentation, promotion, or price.
Choosing the right estate agent will make a big difference to how your property is presented, where and to whom it is promoted, and the expertise of the advice you receive about the correct marketing price. Be sure your estate agent has a comprehensive marketing strategy and keeps you regularly updated so your home doesn’t become stale to the market.
As one of the top three agents in the area, we are passionate about helping you on your journey. This is one of the 46 reasons The Property Academy and Rightmove assessed us as Gold Standard estate agents.
If you would like to have a chat about moving home this year, or if you are a landlord with questions about the changing laws here in Wales, just give us a call on 01745 591811 or email info@llestates.co.uk.