I was wandering through Heacham earlier today, just as the sun was catching the lavender, and I noticed something that really made me smile. Usually, around this time of year, the property market feels like a frantic game of musical chairs where the music stops every five seconds. But right now, across our lovely corner of Norfolk, from the quiet lanes of Sedgeford to the bustling heart of Hunstanton, the current market activity feels a lot more like a relaxed Sunday stroll.
When we look at the current housing supply in the PE36 6 postcode area, the data tells a very specific story about the sheer amount of choice available to those looking for a new home. Currently, for every one property that successfully completes a sale, there are 33.3 properties remaining on the market. That is a staggering level of stock when you think about it!
The Current Mood: High Choice for Buyers
At the moment, the balance of the market is firmly in favour of the buyer. To put that in perspective, imagine walking into your favourite local bakery at midday on a Saturday. Usually, you’d be lucky to find a single loaf left. But in today’s PE36 6 market, it’s as if the shelves are overflowing with every type of treat you can imagine, and you’re the only person in the shop. You can take your time, look at the ingredients, and perhaps even ask for a cheeky discount.
Our current ratio of stock levels has stayed steady at 33.3 available properties for every monthly sale. It hasn't budged since last month, which tells us that the rhythm of the market is very consistent right now.
What’s on the Shelves?
We currently have 99 properties for sale across the PE36 6 postcode. That’s four fewer than we had last month. While a few homes have found new owners, the volume of properties currently for sale is still very high compared to the number of people actually signing on the dotted line each month.
On average, we are seeing 3 sales per month in the area. When you have 99 homes sitting there and only 3 being "checked out" every four weeks, you can see the depth of choice available. It’s a very calm, measured environment. In fact, the turnover rate—which shows the proportion of total stock that successfully sells each month—is just 3%.
The Price Gap
Here is a little secret from my notebook: the average price people are asking for in PE36 6 is £410,752. However, the price people have actually paid over the last year is closer to £359,715. That is a gap of over £50,000! Because there is so much choice for buyers, they are being much more careful about what they are willing to pay.
What This Means For You
If you are thinking of selling: You need to be the "Star Baker" in the shop window. Because there are 98 other neighbours competing for the same handful of buyers, the competition for sellers is high. Your home needs to look its absolute best and be priced very sensibly. It’s not a market where you can "try a high price and see what happens"—with this level of housing supply, buyers will simply move on to the next available option.
If you are looking to buy: Good news! You are in the driving seat. You have the luxury of exploring from Ringstead down to the seafront in Hunstanton without the fear of being outbid the next morning. You have plenty of choice, so don't be afraid to be picky.
If you are a homeowner: Even though market activity is measured, people are still moving into PE36 6. We’ve seen 34 families find their forever homes here over the last year. The high level of demand for the "Norfolk lifestyle" keeps our area special, ensuring that even with high stock levels, our coastal community remains a highly desirable place to live.