Heath Property Market – 47 days to sell a Property

In seller's markets, properties tend to sell faster because there are fewer sellers and more buyers. When more than one buyer is trying to buy the same property, that can result in a bidding war with offers received above asking price. While in a buyer's markets, buyers have more choices and can take their time. If the home isn't exactly what a buyer wants, a buyer will pass it over and keep looking. If you are a seller in a buyer's market, patience is key. So are we in a buyer’s or seller’s market? Read on!

Everyone is aware of the vast difference in house prices across Cardiff, and the different rates of price growth (last month I stated Property Values in Heath outperforms Cardiff’s by 15% since 1999) but there is also a gulf between how long the average property takes to sell in one area compared to another.

The average time in Cardiff is 84 days to find a buyer while in Heath it is 47 days, yet the Heath figure masks a wide difference., depending on price, bedrooms or type. I have carried out extensive research over the last six months, looking at properties from every agent and calculating the average time between it going on the market and having a sold status

Looking at Asking Price in Heath -

•    Under £100k – 63 days to find a buyer

•    £100k to £200k  - 49 days to find a buyer

•    £200k to £300k  - 38 days to find a buyer

•    300k upwards – 37 days to find a buyer

Looking at Bedrooms in Heath –

•    One bed – 48 days

•    Two  bed – 51 days

•    Three bed – 33 days

•    4+ bed – 47 days

Looking at Type of property in Heath

•    Detached – 66 days

•    Semi – 39 days

•    Terraced – 37 days

•    Flat – 58 days

With realistically priced properties flying off the shelves and this increase in new properties, this is evidence of strength in the Heath housing market that many didn't expect. Many believed that the Cardiff (and so the Heath) property market wasn't going to be strong enough post-Brexit as what was a sellers' market before the Brexit vote and Buyers' market in the early months after it may now be somewhere in between and the market might just be coming back into balance.

Like many have done throughout the Summer, if you would like to know the value of your Heath property, be it because you are just curious or thinking of moving in the next three to six months, I would be more than happy to pop round and give you a free valuation of your property, without any obligation whatsoever.