February 2024 Monthly Market Report for the North Cotswolds

As we creep into the unsettled weather of a Cotswolds March, let’s take a look back over the property market data for February 2024. By doing this at a local level, we get a sense of what is behind the national headlines and the facts that those looking to sell or buy property in the North Cotswolds really need to know.

 

Throughout February, there were 1113 properties available on the market. This increased from 1074 in January. Compared to 2023, the number of properties on the market for sale in February had gone up by 22.7%. The average number, over the last 6 months, has been 1118. The lowest number was 1012 in December and the highest was 1239 in October. This shows how steady the market is locally, which is good news for both sellers and buyers. 

 

 

With 258 new properties coming to the market in February, this is only a small increase from January when we saw 202 join the open market. In February 2023, 182 properties came to the market so things are looking busier. The average over the last 6 months is 200.5 properties a month with this month being the highest number and December, unsurprisingly, the lowest.

 

February 2024 saw 156 sales agreed, again showing strength in the market compared to last year, when only 131 were agreed. The average for the last 6 months has been 146 with a low in December and a high in January. The number of sales agreed being the highest in January across the winter months may be a surprise to many. It just shows that not selling over Christmas and waiting for the Spring is little more than a myth. There are lots of buyers looking for properties in our area here in the North Cotswolds at every time of year.

 

Throughout February, Rightmove data demonstrates that each property received an average of 76.2 views. In January, this figure was higher at 80.8. Across the last 6 months, the number has averaged at 67.6. The lowest was in November but the lowest number of sales actually happened in December. The highest was in January, which was also when the most sales were agreed for the 6 months. 

 

We saw 116 price reductions across the area in February. This isn’t much different compared to the 100 in January. Of course in December there were only 70 as there wasn’t as much stock on the market anyway. This month is only one less than November. Back in September and October there were 183 and 160, respectively. 

 

 

A property that has been on the market for 12 weeks or more is known as a ‘slow mover’. Some estate agents like to flatter their clients and provide over-inflated valuations in order to win business. It is also true that some sellers can be unrealistic and don’t want to accept a recommended figure when it comes to the marketing price.

 

Whatever the reason, the fact remains that there is a direct correlation between the length of time spent on the market and achieving lower selling prices. 

 

 

The local area had 613 slow movers throughout February. In January, there were 650 slow movers. This decrease could be due to price changes being enacted, although the data above doesn’t account for the total change. Perhaps other properties were simply withdrawn as sellers weigh up their next steps. The average over the last 6 months is 606 with 546 being the lowest in September.

 

 

 

As one of the top agents in the area with the lowest number of slow movers, we’re proud of our commitment to the 3Ps of estate agency. These are:

 

 

 

Presentation

Promotion

Price.

 

 

As the old adage goes, you only have one chance to make a first impression. If any one of these is slightly off, you reduce your chances of achieving a premium price in the market in a timeframe to suit you.

 

 

 

 

 

If you’re looking for further information about the North Cotswolds property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01608 695252 or email hello@distinctpropertyconsultants.co.uk

 

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