As we approach the end of the year, the market is returning to normality with 254 sales in November which is only 15 sales short of the same month last year. Listing numbers continue to improve and there are now 538 listings on realestate.co.nz up from around 350 earlier in the year. Many buyers are feeling relieved now that they are seeing some choice available to them. We are recommending potential vendors be pro-active in the New Year as this supply of buyers may be soaked up by excess supply of new properties to the market and the time to sell may increase as a result.
Median days on the market was 22 but will stretch out a little over the holiday period as buyers take a break from the property hunt. The median sale price has raised slightly to a new record $385,000. The total value of sales was an amazing $110.6 million.
Due to the pressure in the market, we are seeing many offers being made on an unconditional basis in order to be as competitive as possible. In our case, over the last three months, more than 40% of successful offers have been unconditional and almost 50% of properties were sold in multiple-offer situations.
We would like to thank all our clients for their continued support this year. Have a safe and enjoyable Christmas break - see you in 2018!
Joe Nidd AREINZ
Liz Nidd FREINZ