Dorset Property Market Update: September 2024 – A Buyer’s Market?
As we step into autumn, the Dorset property market is experiencing some notable shifts compared with last year. If you’re looking to buy or sell, here’s a closer look at the latest trends and what they mean for you.
Surge in Buyer Registrations
In September 2024, the number of new buyers registered with DOMVS was 22% higher than in the same month last year, although slightly lower than the unusually high figures we saw in July and August. This sustained level of interest reflects ongoing confidence in the market and proves that many people are still eager to make a move.
A Record Number of Properties on the Market
Now may be the perfect time for those looking to buy, as there is more choice. The number of properties listed for sale with DOMVS has reached an all-time high, with stock levels up 68% year-on-year and 17% higher than just a month ago. While this is partly driven by a changing market and DOMVS’ increasing share of the market, it is also due, in part, to the growing popularity of our Whisper List. With 37 out of 232 available properties now listed discreetly, this alternative option is becoming increasingly attractive to sellers who want to quietly market their property while searching for their next home.
The Shift Towards a Buyer’s Market
With so many properties now available, the balance between supply and demand has shifted. Buyers have more options, giving them greater negotiating power. The average number of registered buyers per property has dropped to 17.1, compared with 28.9 last year. While this gives buyers more leverage, sellers with a determined estate agent (like DOMVS!) to handle the negotiations are seeing great results.
Viewing Activity: More Bookings, but Spread More Thinly
Interestingly, while the number of viewings has increased 11.75% year-on-year, the higher number of properties on the market means individual homes are receiving fewer viewings. Buyers are actively looking, but with so much choice, viewings are spread more thinly across the available properties.
Adapting Sales Strategies: The Importance of Pivoting
Given the fluidity of the market, we’ve adapted our selling strategies. As conditions change week to week, we’ve pivoted for some of our listings—moving from informal tender to auction, or vice versa – and moving away from traditional private treaty sales, when sellers want to accelerate the process. Read more about the different techniques for selling property here.
Seller Reactions: Pricing Adjustments vs. Holding Firm
Sellers are responding to the shifting market in various ways. Some are adjusting their prices to stay competitive in a more crowded marketplace, while others are holding firm, waiting for the outcomes of the Autumn Statement. Although financial uncertainty looms, we expect the market to continue with momentum once clarity around the economic outlook emerges.
Conclusion: The Market Remains Active and Optimistic
Despite the shift towards a buyer’s market, the Dorset property sector remains vibrant and active. While negotiations may take a little longer, the high number of new listings shows that homeowners are still keen to move. Whether you’re buying or selling, we believe that now, as always, is the right time to make a move.
