MARKET UPDATE November 2016

November 1, 2016

The first quarter of 2016/2017 has seen sales start to move in various market segments, and an interesting picture unfolds. Applecross saw 36 sales (Up 15% from 31 on the year earlier same period) which averaged 193 days to sell (Median 89 days). That tells me a lot of the old or stale stock sold during the first quarter of the new financial year, is almost always due to pricing being adjusted either in asking prices, or sellers meeting the market in offers accepted and/or new buyers coming into the market and seeing value. Either way, it is good to see sales numbers on the way up for this quarter.

Mount Pleasant the numbers are 33 this quarter compared to 40 the year before, taking 95 days (Median 42 days) to sell. A similar but less dramatic story around days on market for Mount Pleasant.

Right now, stock numbers are a little low compared to this time of the year usually, this is a result of spring appearing about 6-8 weeks slow (Weather wise).We expect to see more stock and listing numbers to normalise soon. (20-30% more stock). This will have the effect of reducing average days on market which currently is quite high with Applecross approaching 300 days, Mount Pleasant 155 days and Attadale 190 days.

If I were a seller in this market, I would be doing the following 7 things to take advantage of current market conditions and get sold for the best outcome;

1) Doing everything possible presentation wise to make my property look the best it has for the past 3 years (Show condition).

2) Research what the real current market value is for my home and how properties in my market segment are performing and have performed.

3) Invest real money into a first class marketing campaign (If $5,000 invested made you $25,000 more that would be one of the smartest return on investment going around right now).

4) Price my property at market value to market value plus 3% maximum. I would in all likelihood strongly consider no price for the first 21 days.

5) I would look hard at all written offers that were “close” to what I wanted and do a deal with one of those.

6) I would select the most proactive, proven, energetic agent I could find.

7) I would work with that agent, trust them and follow their advice to get sold.

As always, please feel free to contact me with regards the market and how to get sold.

Thank you and see you in the market place.