Temporarily withdrawing a property from the market because it failed to sell in its first few weeks of listing can improve the chance of a later sale data from TwentyEA has revealed.
New data shows that whether a property’s price is lowered upon relisting makes virtually no difference to its chances of selling.
The property analytics firm found that more than half (53.4%) of all residential property sales occur within the first five weeks after being listed, and three-quarters (75.7%) happen within the first three months.
The chance of a sale after the first three months drops to just 14.5%.
CHANCES OF SELLING
In 2024, TwentyEA recorded 550,000 properties withdrawn from the market. After a rest period of three months, 90,000 were relisted. Fifty-four per cent (49,000) had a price reduction, while 46% (41,000) were listed at the same or a higher price.
The 49,000 with lower prices had a 42.4% chance of selling, while the 41,000 with the same or higher price had a 42.1% chance.
The graph below illustrates that if a property is going to sell, it is most likely to do so in the early weeks of being on the market.
In 2024, 59.4% of all listed properties achieved a first sale agreed (SSTC) and this progression is shown week by week below. Weeks are listed on the X-axis.
Katy Billany (main picture), Executive Director at TwentyEA, says: “A 42% likelihood of sale in both cases is substantially higher than the 14.5% chance of selling if a vendor had not withdrawn their property.
“It’s very interesting that it makes virtually no difference as to whether or not the price was lowered and goes to demonstrate that timing and market demand often matter more than minor price adjustments. That said, when the property is re-listed, the price should always be set strategically to reflect current market conditions.
“Our analysis suggests that if time is not a critical factor, sellers should consider withdrawing their property from the market if it hasn’t sold within the first few weeks. Allowing a rest period of at least three months can significantly improve the chances of success.”
DRAWN OUT PROCESS
Further analysis by TwentyEA found it typically takes 123 days from listing to exchange and 200 days to completion.
Billany adds: “An average of 123 days from listing to exchange and 200 days to completion shows just how drawn-out the moving process has become.
“Streamlining this timeline through better communication and upfront information would make a real difference for both buyers and sellers.”
