At 6pm on Saturday, the James Clearance Rate for $M+ was 43% on the 37 auctions we attended. Our Market Heat Indicator is now leaning back towards a buyers market. Considering the lack of stock on offer, this weekend?s results were a bit of a blow for those hoping for a positive late Spring market. The Weekly Review Bidderman, our demand indicator, was 1.3 bidders per auction. This weekend we made a real effort to cover more than just the really good homes, hence we have reported on 37 auctions. The results were not great. For several months we have seen an up and down Bidderman, however this weekend just on half the auctions we covered had no bidding at all ? i.e. the duck rate (no bids) was 50%. You could argue that it was because of low quality stock, but it wasn?t that bad overall. There were only 3 Volcanoes (4+ bidders) out of the 37 auctions we covered ? around 10%. In our opinion these two measurements indicate a significant fall in demand for properties between $1M and $2M.
