We present to you analytical data prepared by Latvia's largest real estate company - LATIO.
This is data for September, and these are the five key indicators of the real estate market.
- Average time to sale (the period during which a property can be sold at market price) - 36 days. For comparison - in August, 31 days. In July, 28 days.
- Number of properties sold within a month from the date of listing - 12%. For comparison - in August, 14%, in July, 16%. It is worth noting that for the Latvian real estate market, this is a very quick timeframe if you manage to find a buyer within a month.
- Number of properties advertised with inflated prices - 58%. According to LATIO, many property owners post listings with inflated prices. Some hope that the buyer will like their offer and will be willing to pay more. Others deliberately do this to create room for negotiation.
- Number of transactions above market value - 2%. According to September statistics, only 2% of buyers were willing to pay more than similar properties actually cost.
- Number of transactions without attracting credit - 26%. Only 26% of buyers purchased properties with their own funds. It is worth noting that when official income is present, many prefer to obtain a bank loan when purchasing real estate.
It is important to note that "properties with inflated prices" are mainly serial apartments. The number of offerings is increasing, and their cost is slightly declining. If someone has the hope that prices for serial apartments will start to grow again, this is not justified.
Utility costs are rising, the technical condition of old buildings is deteriorating, and many prefer apartments in new buildings. Therefore, sellers of serial apartments should adapt to the market situation.
As for the new apartment segment, the number of offers from developers is decreasing. Secondary apartments (in new buildings) are also in demand. Therefore, in this segment, on the contrary, there is a rise in prices.
Source: Mājokļu tirgus septembrī: darījumu skaits Rīgā audzis par 4% - Nekustamo īpašumu ziņas - City24.lv nekustamo īpašumu sludinājumu portāls
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