Thanks to a collaboration, A&N Vastgoed now have access to an advanced and unique data system, fully tailored to housing market in The Hague. This data supports our many years of experience as real estate specialists in The Hague and, with this data, we can keep you up to date on developments in the current housing market.
Below you will find the key figures for the third quarter of 2020 with a link to the full report.
The above graph with average asking prices shows a trend of slightly rising asking prices in The Hague. The outliers in the graph are individual months; on average, the asking price has risen slightly during the pandemic. Except for September 2020, which is a significant outlier. The price increases can be explained by the persistent housing shortage. This is consistent with our daily experience. The amount of demand for homes in the segment up to 500,000 euros results in a substantial number of candidates who want to view a property. In the segment below 200,000 euros, we are seeing that people are willing to pay a considerable higher amount without having seen the property. Logically, this kind of practice drives up the price.
The graph above shows how long homes are listed for sale on average. We are seeing an average increase in the third quarter of 8 days. What we are seeing is that this increase only occurs for properties in the higher segment, homes up to 500,000 are sold on average in one bidding round. Although it often takes longer for a property to be sold in the absolute highest segment, we often find that these types of properties are so popular in certain districts that the viewing options are fully booked within a day.
The above graph showing the number of new properties listed shows a slight decline in the third quarter. This is mainly seasonal, the holiday period always leads to a decline in new listings. But here, too, the housing crunch is at the root of it.
Our experience in the buying and selling process is that despite Covid-19, overbidding is still commonplace. In the price range up to 300,000 euros, we are seeing that you would need to overbid by at least 10% in order to become the happy owner. In the higher segment above 500,000 euros, we are seeing that you would need to overbid by at least 5%. However, we have also regularly seen that even in the segment above EUR 500,000 properties are outbid by 10%.
View the full report here with all data for Q3 2020.