MARKET OVERVIEW
August was a lack lustre month insofar as sales in your area are concerned with there being no sales recorded by Propstats.
While stock remains in very short supply, let's not forget that winter always plays a big role in market performance.
We are moving out of the 'off season' and it is likely that the summer months will see more stock entering the market.
My feeling is that, should this occur (as it has in past years) it will be those properties who list ahead of the pack that will benefit from the backlogged buyer demand.
It is probable that, should more stock become available as we approach the traditional selling season, that the current tension between supply and demand will abate and the market settle.
There is a discernible anxiety to sell amongst many property owners.
Whilst there is an appreciation that the market currently represents a 'perfect storm' for a seller, there is a concern that, having sold (probably at an unprecedented price and in next to no time), finding something to buy may be a real challenge. For this reason, the current market has become self-perpetuating!
I certainly trust that an influx of new summer stock will ease matters.
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