Most recent market figures can be found here:
Last updated: October 2019
Sellers take note: the average selling price of houses has reached a new record with 313 thousand euros. The shortage in the housing market is increasing, to the detriment of buyers. De NVM speaks of a typical sellers' market. Read on to discover what this means for your selling plans.
Increasing housing shortage continues
The trend from the previous quarter has continued over the past three months. There are 5% fewer existing homes for sale, which increases the shortage in the housing market. This means that house prices are likely to rise further. House prices are 7.2% higher compared to the third quarter of last year. The average selling price has continuously risen over the past six years, and does not seem to deviate from the trend for now.
New construction becomes more expensive
This development can partly be explained by the disappointing new construction output. In fact, roughly the same number of new homes have been put up for sale compared to previous quarters. However, these homes are less sold due to high prices. New construction projects remain on the market longer. As a result, there is no flow of residents, which also hampers the market for existing homes.
Decline in mortgage rates leads to lower housing costs
There is also positive news. Most mortgage providers have lowered the mortgage rates again. The average rate for ten years fixed is 1.44%, whereas it was about 1.9% last year. Although housing costs are going down, the increase in house prices does not immediately lead to more buyers. However, this works in favor of sellers who exchange their home for a more expensive one. This is because they can combine a high yield with a new low interest rate.
Source: Van Bruggen Adviesgroep
What does this mean for your selling plans?
Buyers have had fewer choices this quarter as well. As a seller, you therefore have a chance of more bids on your property, resulting in a higher selling price. With the right Real estate agent by your side, you can achieve a nice profit on your house.
Furthermore, there is a high chance that you can sell your property faster. On average, the selling time is 38 days, so selling within a month is not unthinkable.
| 3rd quarter 2019 | Development compared to the previous year | |
|---|---|---|
| Number of homes sold | 36,365 | +0.9% |
| Number of homes for sale | 38,159 | -13.9% |
| Average selling price of homes | € 313,000 | +7.2% |
| Selling time of sold homes | 38 days | |
| Tightness indicator* | 3.1 |
* How much choice does the consumer have?
Source: NVM
