Encouraged by the slow but steady return of warmer weather, homebuyers and sellers are coming out of hibernation, and the local property market is getting increasingly busy. It is something that estate agents fondly refer to as The Spring Rush!
Homebuyers who wish to be settled in their new homes in time for Summer know that they are now in a race against the clock to find a property and give themselves enough time for the purchase to be completed.
Let’s have a brief look at what’s been happening over the last month in the local Warrington property market.
There are currently 458 properties available for sale in Warrington. This is a 6% increase in the number of available properties since December when there were 430 available. Last month, there were 447 and the month before there were 445.
Of the 458 properties that are currently available, 82 came to the market in the last two weeks. That is 17 more than were put on the market in February. In January, there were 73 properties that were new to the market; in December there were 33; in November, there were 48; and in October, there were 71. This is good news for buyers and shows that the market has changed from a sellers' market to a buyers' market. Buyers now have more choice and feel less rushed into making a decision.
The average price of properties in Warrington is £269,292. This is an increase of 3% since last month, when the average house price was £261,154. The median price is £235,000.
Most of the properties available are in the £100,000 to £200,000 bracket, with 161 currently on the market. This is down from 182 last month. In January there were 192, in December there were 191, and in November there were 170 available.
There are 37 properties available in the £500,000 to £1 million bracket and they are spending on average 124 days on the market.
Properties in the £300,000 - £400,000 bracket remain the fastest movers, reducing the amount of time they spend on the market from 87 days in February to 64 days in March. In January, they spent an average of 61 days on the market. In December, they spent on average 80 days on the market. In November, properties in the £100,000 to £200,000 bracket were the fastest movers; they were on the market for 92 days.
They are closely followed by properties in the £400,000 to £500,000 bracket, which are now taking on average 92 days to sell, down 5 days since last month. This is a decrease of 111% since November, when they were spending on average 194 days on the market.
One-bedroom properties had a median price of £95,000 in January and December, up from £90,500 in November. In February and March the median price of a one-bedroom property in Warrington was £90,000 with an average price of £96,476. They are currently sitting on the market for an average of 281 days, down from 290 days in February. In January they sat on the market for an average of 297 days; in December, 288 days; and in November, 289.
This is another example of how selling property can take longer than people often imagine. If you’re looking to upsize from your first home, or are an investor looking to change your portfolio, please bear this in mind when planning.
Three-bedroom properties were the fastest movers in Warrington in March, spending an average of only 89 days on the market. They currently have an average price of £246,071 and a median price of £240,000.
Let’s take a look at the annual figures now.
The majority of sales in Warrington during the last year were semi-detached properties, selling for an average price of £249,947. Terraced properties sold for an average of £181,028, with detached properties fetching £420,874.
Overall, sold prices in Warrington over the last year were 4% up on the previous year and 11% up on the 2020 peak of £230,796.
This shows the high levels of activity in the local Warrington property market, which are likely to increase or, at the very least, remain strong as we head towards summer. There is a lot of demand and plenty of people looking to move around Warrington.
If you’re thinking of selling your property, feel free to contact us. If you’re thinking of buying, letting or renting a Warrington property, please don’t hesitate to get in touch. You can call 01925 235 338 or email firstname.lastname@example.org.