So, now that Spring has sprung, and we race towards the summer months – How is the Solihull Property market performing? (For the purpose of this, I refer to Postcodes B90, 91, 92, 93, 94 & 95)
Firstly, may I just confirm to those that read this. All the statistical data that I quote is taken from Rightmove Plus, accessible by all agents that subscribe to Rightmove and specifically for the period 01/03/24 – 20/05/24.
The market during this period has seen an increase in properties launching, a total of 1,049 properties have come to market and available stock levels sit at 2,193 – to put that into context there were 995 available properties at this time last year – an increase of 120%.
Available stock levels are properties that have been marketed ‘For Sale’ during this period, sadly whilst availability is high, sales agreed is low – only 728 sales have been agreed, representing 33% of available stock. It therefore comes as no surprise that many properties are being reduced, 466 to be precise, representing 22% of available stock – but that is not enough!
This is something that I see day in day out, properties are coming to market at prices that are unachievable – yet expectation continues to be set at heightened levels by estate agents.
Did you know that 1,184 properties that are currently For Sale, have been on the market for 25 weeks or more?
So, what’s the answer? – I think that is quite straightforward, until agents are prepared to walk away from business where sellers’ expectations exceed the reality of the market, this will continue to happen and the disparity that this causes between list price and sale price is in some instances as much as 20%. Fear not! that is not a 20% market crash, it is just one instance of a property being marketed incorrectly and out of line with its saleable position.
I feel sorry for both buyer and seller in this market. It is a tough market to read and one that without the right advice will only lead to more properties being sat on the market ‘For Sale’.
We have a saying at DM & Co. “Listing is vanity, selling is sanity” – it is why we focus hard on attracting both the right client and property for the business.
If you are serious about selling your property, please feel free to contact me directly – I love a WhatsApp and I am available on 07595 903 811. If you would prefer to call or email, please do, the number is the same and my email is [email protected]
I look forward to helping you, all the very best!