Latest Marketing Report
Here is our latest marketing update for January 2023
2023 is in full swing, and the housing market is starting to return to its normal busy levels after the usual lull in December.
Buyers who are looking in February are serious about moving, which makes this one of the best months of the year to put your property on the market. The Spring Rush is on its way and will bring many more “window shoppers." Homebuyers who are looking now tend to be motivated and have a strong drive to find their next home.
Let’s have a brief look at what’s been happening over the last month in the local property market around Rhyl & Prestatyn.
There are currently 851 properties available on the market in our area. The month prior, there were 753. In November there were 797, in October there were 801, and in September there were 796. The market has now returned to normal levels for the first time since the beginning of 2021, and buyers now have much more choice.
The number of properties that came onto the market in January, 179, demonstrated a return to the normal high levels of activity in the local property market after the lull in December, when only 112 properties came onto the market. This was to be expected, as December is usually the least popular month for sellers to put their properties on the market due to festive commitments.
Prior to December, there were a steady number of properties coming onto the market each month. In September, there were 239; in October, there were 190; and in November, there were 163.
In January, 134 sales were agreed. In December, there were 87; in November, 135; and in October, 165. The month before that, 188 sales were agreed. The local facts are that there is a high level of activity in the local property market, and we expect the first quarter of 2023 to be as busy as usual.
In September, we saw 120 price reductions across the Prestatyn & Rhyl property markets. There were 107 in October and 108 in November. In December, the number of price reductions fell to 52, which was likely caused by sellers waiting for the market to pick up again after the normal lull in December rather than choosing to reduce the price of their property. In January, it rose again to 106.
In January, there were 457 slow movers in Prestatyn and Rhyl. 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 peak levels. It will have been made worse by the fact that the housing market usually slows down in December. In December there were 413, in November there were 363, in October there were 303, and in September there were 267.
Slow movers can often be due to the 3 Ps - presentation, promotion, or price. We are proud to be in the top three agents in the area with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference to achieving your moving plans.
In September, each property in Prestatyn and Rhyl had an average of 95 daily views on Rightmove per property. In October, this number fell to 81.4. In November, it fell to 67.7, and in December, it fell further to 50.7. This is typical for the last quarter of the year, with commitments over the festive period taking precedence over house hunting for many buyers.
In January the average daily views on Rightmove per property sprang back up to 76.1 showing that the levels of activity in the local Prestatyn and Rhyl property markets are returning to their normal levels in the first quarter of this year.
If you’re looking for further information about the Denbighshire and Conwy property markets, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01745 591811 or email louise.young@llestates.co.uk.