So our October numbers show anything but a market in turmoil . for more than 90 days . Twice as many in fact . Nearly 38 per cent of today ’ s listings are older than 90 days .
Whilst the usual trend is for October ’ s sales to exceed September ’ s , we did flag in last month ’ s Ray White Now that listing numbers in recent months were relatively weak . So it ’ s pleasing to see somewhat of a bounceback in the value of residential stock listed for sale during the month at $ 6.1 billion , which was well up on $ 5.5 billion in September . We also reported last month that auction clearance rates , auction bidder numbers and days-on-market have stabilised , pointing toward a more balanced market between buyer and seller . This stabilisation has no doubt created greater confidence in potential vendors to come to market .
The total amount of property for sale in the market has risen sharply this year . In October 2022 we held 21,377 listings , a 39 per cent jump over the prior October when we held 13,005 listings . The most interesting aspect of this is not the fact that listings are up by this much , as we held more listings in the same month in 2017 , 2018 and 2019 , and just five per cent less in 2020 . It ’ s that there were so many more listings that had been on the market
So what happens to these listings ? Extrapolating our data for the first 10 months of this year , these listings will have a 48 per cent chance of selling .
We ’ re seeing some great case studies of properties that have been on the market for some time being re-marketed as auctions and subsequently sold . An example of this is Ray White Windsor identifying 10 properties that had been on the market for between two to three months , and then taking them to auction , achieving seven sales in 42 days . Our ‘ relaunch campaign ’ encourages vendors that have been on the market for some time to have a renewed marketing campaign via the auction method to close their sale by Christmas . Many of our clients will see value in not having to worry about what the market might be like in 2023 , and bring fresh energy to their campaign to achieve a result before year ’ s end .
Dan White Managing Director Ray White Group
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