Now we are properly into Spring and the buds are blooming, here’s a snapshot of current Bath property market data versus our article from March last year to illustrate some significant changes.
From the coalface, at Madison Oakley we have had a very fast start to the year with correctly priced properties attracting quick interest from multiple parties. Levels of new instructions remain low and the number of properties in the city within reach of the average buyer is diminishing rapidly.
I’ll leave most of the interpretation to the reader as usual but would highlight the following for speed;
- Differences in Average Time on Market and Selling Times vs Jan 2016
- 8% increase in +1million properties available
- From mean selling time stats, it would seem the 300k – 400k price bracket is a notable exception
#Bathpropertyfacts;
Of the 443 Spring properties currently available in Bath on Rightmove, 81 or 18% are new homes
Of the 327 Spring properties currently available in Bath on Zoopla, 96 or 29% have been reduced in price at least once
Bath Property Data for March 2017
Total property on market in Bath
Rightmove – 443 (March 2016 – 288)
Zoopla – 327 (March 2016 – 233)
OnTheMarket – 128 (March 2016 – 92)
Home.co.uk – 483 (March 2016 – 316)
New Instructions in last 14 days
Rightmove – 120 (March 2016 – 112)
Zoopla – 71 (March 2016 – 55)
OnTheMarket – search option not available
Home.co.uk – 98 (March 2016 – 65)
Note: Rightmove continues to class a reduced property as a “New instruction” hence distortion of figures
Average Time on Market
Less than 1 month – 30% (March 2016 – 40.5%)
Less than 2 months – 48% (March 2016 – 58.2%)
More than 1 year – 3.5% (March 2016 – 3.4%)
Selling Time in Bath (last 90 days)
Mean – 90 days (March 2016 – 75 days)
Median – 43 days (March 2016 – 27 days)
Properties for Sale in Bath by Price
Under 200k – 4.5% (March 2016 – 6.3%)
200k to 300k – 13% (March 2016 – 14.8%)
300k to 500k – 33% (March 2016 – 37.3%)
500k+ – 49.6% (March 2016 – 41.4%)
Mean Selling Times in Bath by price bracket
100 to 200k – 124 days (March 2016 – 58 days)
200 to 300k – 60 days (March 2016 – 46 days)
300 to 400k – 77 days (March 2016 – 94 days)
400 to 500k – 96 days (March 2016 – 77 days)
500k to 1million – 117 days (March 2016 – 90 days)
1million+ – 113 days (March 2016 – 123 days)
Property on market by Type
Flats – 35%
Terraced – 23%
Semi-detached – 19%
Detached – 19%
For more articles on Bath property data from preceding months and years, search “Bath Property Market” at www.madisonoakley.co.uk