MARKET UPDATE April 2016

April 20, 2016

The market remains tight. (Listing numbers and Sales volumes).

To highlight that:

In the first quarter 2015 in Applecross there were 46 sales. So far this year in 2016 the number is 35 (down 25%).
Mount Pleasant first quarter 2015 33 sales, so far in 2016 only 20 (down about 40%).
Average days on market in Applecross is now a staggering 291 for the unsold stock. To make more sense of it, (eliminating really long on market stock) the median days on market for unsold stock in Applecross is 170 (still a big number).
Mount Pleasant the numbers are 146 days average and 91 days median (for the unsold stock).
This phenomenon is what I call a constipated market. I have seen it before, and know how to successfully work with it. Many Sellers have been caught in a changing market. The good news is it is fixable.

If you are a Seller please feel free to chat to me about how to solve this current situation and move forward

That tells me that the market is sorting itself out with regards to the sentiment and what the future holds. Once buyers realise the sky has not fallen in, and basically the local economy is doing ok, that slack or lag should catch up.

The properties that are selling are the ones perceived as the best value. As always in a Buyers’ market, it is about value.

Thank you and see you in the market place.