July 2023 Monthly Market Report for Medway

The wettest July on record followed the hottest June on record, according to the Met Office, but the wet weather did not dampen the property market. 

Summer is always a busy time for the property market. The summer holidays give people a chance to reassess their lifestyles, leading to many of them deciding to put their properties on the market. Buyers and sellers are also aware that if they would like to be settled in their new homes in time for Christmas, they need to start looking now.

Let’s have a brief look at what’s been happening over the last month in the local property market around Medway and surrounding areas.

There are currently 1603 properties available on the market in our area. This is an increase of 46.3% compared to the same month last year. This is great news for buyers, as it means that they now have more choice. 

In June ‘23, there were 1583 properties available on the market around Medway and the surrounding area; In May, there were 1581; In April, there were 1473; in March, there were 1565 available; and in February, there were 1404 properties available on the market in our area. 

There has been a steady flow of properties coming onto the market each month. In July, there were 393; in June, there were 421; in May, there were 433; in April, there were 357; in March, there were 466; and in February, there were 352. 

In July, 273 sales were agreed around Medway and the surrounding area. In June, 280 sales were agreed; in May, 286 sales were agreed; in April, 285 sales were agreed; in March, there were 326; and in February, 264 sales were agreed. The local market is remaining busy despite the doom and gloom in the national media concerning the property market.

In February, we saw 209 price reductions across Medway and the surrounding area. In March, there were 230; in April, there were 179; in May, there were 199; in June, there were 262 and in July, there were 284. The spike in price reductions over the last two months may be as a result of sellers wishing to draw attention to their properties in order to move in time for Christmas. When properties are priced properly, they sell quickly. Setting an unrealistically high asking price at the outset can delay your move by several months.

In July, there were 641 slow movers across Medway and the surrounding area. This is a property that has been on the market for 12 weeks or more. In June, there were 629; in May, there were 592; in April, there were 537; in March, there were 594; and in February, there were 642. 

Slow movers can often be due to the 3 Ps: presentation, promotion, or price. We are proud to be one of the top agents in the area with the smallest number of slow movers. Choosing the right agent for your property can make a very real difference in achieving your moving plans.

In February, each property in Medway and the surrounding area had an average of 66.5 daily views on Rightmove per property. In March, there were 60.1; in April, there were 52.8; in May, there were 51; in June, there were 45.5; and in July, there were 45.6. The local facts are that there is a high level of activity in the local property market as we head towards the final quarter of 2023. 

If you’re looking for further information about Medway and the surrounding area’s property market, or if you’re thinking of selling or buying in the area, please don’t hesitate to get in touch. You can call 01634 393 700 or email theteam@docksidekent.com.