Only 131 Properties for Sale in Falmouth

This article is relevant from statistics to the end of last year since we are working from Land Registry statistics in arrears.

2017 started with some positive interest in the Falmouth property market.  Taking a snap shot of the Falmouth property market for the first quarter of 2017, the picture suggests some interesting trends when it comes to the number of properties available to buy, their asking prices and what prices properties are actually selling for.

 Let us first consider the number of properties for sale, compared to 12 months ago:

 

Type of Falmouth Property	Number of Properties on the Market 12 months ago	Number of Properties on the Market now	% change
Detached	51	37	-27%
Semi	35	31	-11%
Terraced	32	12	-63%
Flat	41	33	-20%

 

So when we add in building plots and other types of properties that don’t fit into the four main categories, that means there are 131 properties for sale towards the end of the first quarter compared with 176 a year ago, a drop of 26%.

 

Next, Falmouth asking prices, compared

to the same as a year ago, are 10% higher.

 

With that in mind, I wanted to look at what property was actually selling for in Falmouth. Taking  information from the Land Registry, the last available six months property transactions for TR11 show an interesting picture (note the Land Registry data is always a few months behind due to the nature of the house buying process and so November 2016 is latest set of data). The price shown is the average price paid and the number in brackets is the number of properties actually sold.

 

	Jun-16	Jul-16	Aug-16	Sep-16	Oct-16	Nov-16
Detached	£400,465 (13)	£424,877 (13)	£382,938 (17)	£502,585 (23)	£406,042 (12)	£450,163 (16)
Semi Detached	£241,497 (11)	£240,370 (9)	£305,786 (7)	£293,981 (13)	£306,778 (9)	£291,278 (9)
Terraced	£255,033 (13)	£290,000 (9)	£308,945 (11)	£287,650 (10)	£206,222 (9)	£247,000 (15)
Flat	£175,486 (9)	£233,208 (12)	£232,712 (13)	£237,300 (10)	£223,628 (9)	£164,694 (9)
All	£277,332 (46)	£304,540 (43)	£314,043 (48)	£368,405 (56)	£294,927 (39)	£306,354 (49)

 

So what does all this mean for the property owning folk of Falmouth?

Well, with less property on the market than a year ago and asking prices 10% higher, those trying to sell their property need to be mindful that buyers, be they first timers, buy to let landlords or people moving up the Falmouth property ladder, have much more price information about the Falmouth property market at their fingertips than ever before.

Those Falmouth people who are looking to sell their property in 2017, need to be aware of the risks of over pricing their property when initially placing it on the market. Over the last 12 months, I have noticed the approach of a few Falmouth estate agents is to suggest an inflated asking price to encourage the homeowner and secure the property to sell on their books. The down side to this is that when offered to the market for the first time, buyers will realise it is overpriced and wont waste their time asking for a brochure. They won’t even view the property, let alone make an offer. So when the price is reduced a few months later, the property has become market stale and continues to be ignored.

 

Whilst the Falmouth property-market has an unassailable demand for property – there is one saying that always rings true - as long as the property is being marketed at the right price it will sell.

 

If you want to know if your Falmouth property is being marketed at the right price, send me a web link and we will give you my honest opinion.