There’s no doubt about it. The Morecambe housing market is giving us mixed messages and it is happening across the UK. Last month in Morecambe we were breaking records ( if you recall other parts of the UK we reporting a downturn - Lancaster included ). This month, as a town, we are down compared to October 2017 by 17% but is it really doom and gloom? What is really happening?
Let’s look at the stats
In October there were, in total, 864 properties listed for sale. 128 of these homes were new to the market in October. Only 83 properties went under offer (less than 10% of the total number for sale). This figure though is on par with September which does indicate a relatively stable market. 84 homes reduced their asking price. 26% of these reductions were by one estate agent.
More homes are coming available for sale than are selling which indicates there is more supply than actual demand. Remember accurate pricing is now crucial to a successful sale. Don’t be swayed by an overkeen estate agent. To some extent, Morecambe is seasonal. There is no doubt, seaside towns always perform better in the Spring and Summer, but with clever marketing and a focused agent on board, you can still get moved!
How many properties sold in Morecambe in October?
In October 2018, 83 properties sold across Morecambe. 45 of these were in LA3, 38 in LA4. Although it was a drop from October 2017 when there were 100 sales, it was only 2 less than the month previous. The most expensive home to sell was on Seymour Grove, Heysham. This was a 5 bed detached home that was on the market for £325,000. When you look closely at the figures 86% of all the property sales in Morecambe were under £200,000.
October’s breakdown is as follows
Upto £100,000 16 properties
£100,001 - £150,000 36 properties
£150,001 - £200,000 20 properties
£200,001 - £250,000 8 properties
£250,000 + 3 properties ( the highest price was £325,000)
Sales by area
LA3 1 17 properties ( 5 were terraces)
LA3 2 12 properties ( 3 were detached )
LA3 3 16 properties ( 5 were detached )
LA4 4 13 properties ( 6 were semi-detached )
LA4 5 12 properties ( 6 were terraces )
LA4 6 19 properties ( 8 were bungalows )
Sales by property type
Semi Detached 24
Park Homes 2
What should we be aware of?
I always like to look closely as to what is selling. Of the figures above 15 out of the 19 terrace sales were under £125,000 and of the 9 detached house sales, 8 of these were in LA3.
The biggest area of concern though is the bungalows. This really struck a chord with me as at JDG we are desperately short of bungalows available for sale in both Lancaster and Morecambe. They get snapped up! Looking closer at the bungalow market there are 128 bungalows available for sale. 35% of these are actually listed for sale with one estate agent. Of the bungalows that did reduce in price - this same agent reduced 50% of them. Is it just again a pricing issue? I’m a great believer price it correctly, produce great marketing and advertise in the right places - it will sell. Think also about your target market. Who buys bungalows in the main? Make sure if you have a bungalow to sell it is advertised in local press.
21 estate agents were involved with the 83 property sales across Morecambe in October. Our biggest success story this month was a terrace home on Park Street in Bare. It had 5 viewings and sold in just 2 weeks. The buyers are out there!
To keep up to date with happenings in the Morecambe Housing Market, check out our website at www.jdg.co.uk or just email me at firstname.lastname@example.org. At JDG we are here to help.
Ps. If you would like to know what your home is worth why not try out out a quick online valuation tool. It takes less than 60 seconds. It is not as accurate as having us out, but it will give you a rough guideline. Try it out and let me know what you think. Click below to give it a try!