Hi, my name is Danny Valencia with My City Nest powered by Keller Williams and today I'm going to be sharing with you the data what's happening in the residential sales market, in the NW3 area. Now we're going to be looking at, first of all is the Available Stock and what's interesting to see is that there are 680 listings currently in the NW3 area.
Now compare that to the same time last year, same month, we're 20% down so we have buyers that are out there and reaching out to me and asking me Danny can you go out there and stimulate the market because we can't find what we're looking for online. So there is a lot of demand and the supply is just not keeping up. Now when we look at the New Stock, we're looking at 132 new listings come on the market in the month of February. That is slightly up from the month of February last year, 2019 and yet as I said with the available stock, the stock is just not keeping up with demand.
What is interesting to see is the Sales Agreed, that is up almost 80% when compared to the same time last year, 2019 and that's amazing to say. That goes to show that buyers and sellers are really narrowing that big gap that was there three years ago. So more sales agreed. But again, we need more stock for those buyers that are really confident in the market at the moment is a temporary well that remains to be seen. The price reduction in the NW3 area for February has also gone down ever so slightly around about 3% which again, with sellers, they seem to be more confident in the price that they'd be able to achieve. Does this mean that prices are increased? Not necessarily. What's happening is that pricing at the moment, sellers are more realistic, but then also Buyers are more realistic as what they can achieve with more confidence in the market.
So those are the most like a meeting of the minds and the transactions are being carried out more now than what there was a this time last year. And then we have time on marketing 544 listings. We're on the market for more than 12 weeks. And that's interesting to see because this is also reduced substantially when compared to this time last year.
So I hope this market update is helpful to you. And if you have any questions about the NW3 area or other prime areas in London, please feel free to get in touch. Danny Valencia with My City Nest powered by Keller Williams.