December was a busy month again with a significant amount of property sold across the city. Interestingly, the number of sales far outstripped the new listings coming to the market taking the number of listings on Realestate.co.nz from over 500 down to the mid 400’s by early January. To put the current market conditions into perspective, there were 891 listings available in December 2014.
The median number of days on the market was just 21 which is incredibly low for December. The number of house sales in the city was 215, along with 10 section sales. This was down on the 246 sales last December but this most likely just reflects the lack of listings available rather than a decline in demand.
The median sale price was $330,000 and the total value of sales was $81.5 million.
With the continuing demand and the lack of new property coming to the market during December, we are expecting a busy start to the year. There are a lot of frustrated buyers out there who have either missed out on property due to competition or who have been unable to find the right property with the lack of stock available. We are confident we will see a good injection of new listings to the market in the coming weeks.
Don’t hesitate to contact us on [email protected] or 477 4470 if you would like to arrange a visit from one of the team to help establish the value of your property in the current market.
Joe Nidd AREINZ
Liz Nidd FREINZ