Latest Marketing report for Febuary
Keep up to date with the latest marketing report for February
March sees the start of the Spring Rush, which is traditionally the busiest time of year for the property market. Warmer weather brings home buyers out of their self-imposed winter hibernation. Longer days give more opportunities for evening viewings, and spring flowers brighten up and bring outdoor areas to life.
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 900 properties available on the market in our area. This is an increase of 78.6% more than were available in February 2022. This is excellent news for buyers, as it gives them more choice. Last month, there were 851. In December there were 753, in November there were 797, and in October there were 801.
There have been a steady number of properties coming onto the market over the last few months. In February, 206 properties were put on the market in the local area. In January, that number was 179, in December, there were only 112, which 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. Before that, in November there were 163 and in October there were 190. These figures clearly demonstrate that the market in this area is consistently busy.
February is the month of love, and this certainly was true in the local property market with 139 homebuyers falling in love with a new property in the local area. In January, 134 sales were agreed. In December, there were 87, in November, 135, and in October, 165. There is a high level of activity in the local property market, and we expect the second quarter of 2023 to be as busy as usual.
In October, we saw 107 price reductions across the Prestatyn & Rhyl property markets. There were 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 and in February there were 108. The market is stabilising, and seller expectations are now more closely in line with reality.
In February, there were 471 slow movers in Prestatyn and Rhyl. This means a property that has been on the market for 12 weeks or more. In January, there were 457, in December, there were 413, in November, there were 363 and in October, there were 303.
In October, each property in Prestatyn and Rhyl had an average of 81.4 daily views on Rightmove per property. In November, this number 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 and in February increased slightly again to 77.5 showing that the levels of activity in the local Prestatyn and Rhyl property markets have returned to their normal levels in the first quarter of this year.
Average daily views per property on Rightmove for properties listed by LL Estates were 91.1 in February, which was 17.5% higher than average. We are pleased to consistently deliver above-average results for our clients. It shows the difference your estate agent can make when it comes to attracting the right buyer to your property.
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.