More Choice and a Shifting Landscape in PO20
Hi there, I’m Jodie Stubbington. Imagine you’re wandering down the high street in Selsey, an ice cream in hand, or maybe you’re watching the tide roll in at East Wittering. Have you ever looked at the rows of houses and wondered: if I put a "For Sale" sign up today, how would it fare against the other properties currently for sale, and would buyers see it as the standout choice?
The answer has shifted quite a bit lately. If you’ve been keeping an eye on the shop windows of estate agents from Runcton to Woodgate, you might have noticed a few more "For Sale" boards than usual. Right now, in the PO20 area, we are firmly in a "Buyer’s Market."
To put that in plain English: it’s a bit like going to a café and finding plenty of empty tables. You can take your time picking the best spot, you aren't in a rush to order, and you might even ask for a cheeky discount on your cake because there isn't a queue out the door. The level of choice for buyers is currently very high.
Understanding the Stock Levels
The most important thing I look at is the balance between the housing supply and the number of successful transactions. Think of it like a shop’s shelves. We look at the volume of stock currently available compared to the current rate of market activity.
Right now in PO20, the ratio of available housing supply to monthly sales has reached 16.7. That is a massive jump from last month, where that ratio sat at about 12.5. Because this figure indicates a high volume of choice relative to demand, it tells us that buyers are very much in the driving seat. They have more power to negotiate, and they aren't feeling the pressure to rush into a decision because the stock levels are so healthy.
Current Market Activity
At the moment, there are 561 properties currently for sale across our beautiful patch of West Sussex. To give you an idea of the current market activity, about 36 homes are finding owners every month.
Only about 6% of the houses on the market are successfully moving to "Sold" status each month. It’s a bit like a gentle stream rather than a rushing river. While we’ve seen some eye-watering sales recently—like over £15 million at Lakeside Holiday Park in Runcton and over £11 million in Woodgate—the everyday market for most of us involves significantly more competition for sellers.
What Does This Mean for You?
If you are thinking of selling: You need to be the "best house on the street." Because there are 561 other options for buyers to look at, your home needs to look its absolute best and be priced very realistically to stand out against the competition. Your home is still a wonderful asset, but you’ll need to be more strategic than you would have been this time last year given the increased choice for buyers.
If you are looking to buy: This is your time to shine! You have a significant amount of choice right now. From character cottages in Birdham to modern family houses in Woodgate, you can afford to be picky. You have more "haggling power" because sellers are aware of the high housing supply currently available.
If you are staying put: Don't worry! While the market activity is more measured, the PO20 area remains a highly desirable place to live. The average price people are actually paying (about £387,820) is still strong, even if the "asking prices" you see online are often a bit higher (averaging £490,085).
Whether you're in West Itchenor or Sidlesham, the market is catching its breath. It’s a great time to browse, a great time to move up the ladder, and a very important time to get expert advice on navigating the current stock levels if you’re planning a move.