Market Review Quarter First 2013
Our market is alive and well!
The first quarter of 2013 has been very encouraging for Corum Troon with greater activity on all fronts including an increase in the number of ‘clean’ buyers and realistic sellers and tentative positivity from various financial institutions.
The figures speak for themselves with year on year sales up by 40% including several closing dates with anywhere from three to six offers received. Of these sales 60% have been purchasers sourced from outwith the area with 50% of these coming from Glasgow, a trend which has always benefited property sellers in Troon greatly.
One reason for these increases has been the lack of property coming to the market in the immediate vicinity which has created a pent up demand for new stock. The majority of sales have been achieved between £150,000 to £400,000. There remains a lack of activity between £400,000 and £800,000 although we do have a number of potential purchasers available for the right property at £800,000 and above.
When it comes to ‘what is selling’ it is pleasing to see a diverse spread of property type attracting plenty of interest from upper conversions in South Beach to bungalows in Barassie and all receiving both an encouraging number of viewers and indeed good offers in or around the home report value.
So do these figures suggest there is a chink of light at the end of the tunnel? Possibly, but at Corum Troon we believe the answer lies in our reaction to the changes in our market and difficult trading conditions. We have acted quickly this year to re-assess current values across all property types but more importantly we have, however difficult the news we may have to provide clients with, managed our clients expectations accordingly.
In summation the outlook for the rest of the year is for more of the same and we look forward to easier trading conditions through (hopefully) less press negativity and an easing on lending ,although this may be wishful thinking, we can nevertheless look back on the last three months and be extremely positive about the rest of the year.