When assessing the relative health of a property market, house prices tend to get a lot of attention but of equal value (and sometimes of greater importance to the seller) is how quickly the property is likely to sell
Back in January 2007 the average time a property remained on the market in Sunderland was 113 days whereas now in March 2015 that figure is 363 days - more than three times as long!
There are variations when you look at the property type - Detached houses showing the smallest relative increase from 148 days on the market in 2007 to 394 days in 2015 (a +166% change) compared to Flats showing the greatest increase from 122 days on the market in 2007 to 441 days (a +261% change)
That said, Time on the Market and the actual Time to Sell are two different things - vastly overpriced or unattractive properties that are never going to sell will skew the Time on the Market data in a way that does not affect Time to Sell data...which records the time between a property being first advertised For Sale and the sale completing
Looking at the Time to Sell in Sunderland in March 2015, the average Time to Sell is 157 days
Breaking this down further to look at price bands, properties valued at under £100k have an average Time to Sell of 164 days, which is more or less identical to the £100,000 - £200,000 price band (162 days). Interestingly when you look at properties in the £200,000 - £300,000 and 300,000 - £400,000 price bands, the Time to Sell comes down to 114 days and 102 days respectively, rising again when you get above £400,000
Somewhat unsurprisingly when looking at property types the shortest average Time to Sell is for the popular and numerous Semi-detached (147 days) compared to 187 days for the longest average Time to Sell for Flats
Given the scarcity in Sunderland I would have expected 3 bedroom or 4 bedroom properties to have the shortest average Time to Sell but this is not the case, 2 bedroom properties sell quickest with an average Time to Sell of 134 days compared to 170 days and 160 days respectively for 3 & 4 bedroom properties
It's also interesting to note that despite a lack of significant new home building during the period, there are many more homes on the market to sell in Sunderland in 2015 than there were in January 2007, an increase of 537 homes from 1,319 being advertised to sell in 2007 to 1,856 this month, with increases across the board across all property types
This increase in competition may partly explain why properties can remain on the market for much longer in 2015 than in 2007...
For a free, impartial chat about any aspect of the Sunderland property market give me a call on 0191 567 8577 or pop into our 11 Frederick Street office