Navigating Edgbaston's Q1 Property Market: A Comprehensive Analysis

Navigating Edgbaston's Q1 Property Market: A Comprehensive Analysis

**Market Dynamics Overview:**

Examining the Q1 2024 property market in Edgbaston's B15 area reveals intriguing insights into the evolving landscape. Here, we delve into the key statistics and trends shaping the local property market:

**1. Increased supply:** With 299 properties for sale in Q1 2024, there's a notable uptick compared to the same period of 2023, the preceding quarter, and the six-year average. This surge in available properties presents buyers with enhanced choices, signalling a competitive market landscape.

**2. Steady New Listings and Sales Agreed:** Despite the increased property availability, both new listings and sales agreements remain steady compared to last year and the long-term average. This stability reflects confidence and equilibrium in the market, fostering a conducive environment for transactions.

**3. Consistency in Price Changes and Market Withdrawals:** The levels of price changes, fall-throughs, and withdrawals exhibit consistency, indicating a balanced market sentiment. Sellers are maintaining discipline in pricing strategies, with withdrawals occurring primarily among properties unable to align with market dynamics.

**4. Pricing and Market Correctness:** Properties priced and marketed correctly are witnessing successful transactions, underscoring the importance of realistic pricing strategies. However, those failing to adhere to market realities face the dilemma of either adjusting their asking price or withdrawing from the market.

**Insights from Price per Square Foot Analysis:**

Interpreting value by means of a £ per square foot analysis is a very useful and insightful guide and the stats are in!

**- New Listings:** The average asking price per square foot for newly listed properties in Q1 2024 stood at £482, marking an 11.06% increase compared to Q1 2023. This upward trend suggests a shift towards higher price brackets, potentially contributing to price sensitivity challenges.

**- Sales Agreed:** Properties with sales agreed in Q1 2024 boasted an average asking price per square foot of £452, reflecting a 5.85% increase from Q1 2023. However, this disparity between listing and sales prices highlights a 5.21% gap, indicating a potential overpricing issue affecting market absorption rates.

Edgbaston's Q1 property market presents a nuanced landscape characterized by increased availability, steady transactional activity, and pricing sensitivity. By embracing informed decision-making and adapting to evolving market dynamics, both buyers and sellers can unlock opportunities and navigate the market with confidence, fostering a resilient property market ecosystem in the heart of B15.

Stats are based on house in B15 only.

Contact us now for complimentary analysis specific to you and your Edgbaston home on 0121 5170251 or andy@mchugohomes.co.uk.

Andy McHugo

Director