colinrealestate

Traditionally the real estate market’s year begins slowly, with holidays, family, beach and sun shine on the minds of most potential purchasers.

At the end of January, residential stock levels were the lowest level since January 2007 across the country. The average measure of stock in January dropped to 28.7 weeks of stock, based on the rate of sale. This is also well down on the average of 39 weeks.

New listings rose by 4% in January, with 8,849 new listings, however demand continues to outweigh supply, therefore we are still in a ‘sellers’ market.

The asking price across the country still continues to provide strong results, with the seasonally adjusted asking prise rising by 4% to $440,507, this is up by 5% compare to last year. This was primarily driven by the Auckland market that reached $607,226 (over $600,000 for the second time in history).

However regions across the country that reported asking price increase with the greatest rises were Otago, Central Otago, Lakes, Northland and Malborough.

Lifestyle listings fell across the country in January, however asking prices have risen by 1.4% compared to the recent 3 month average. This is up by 5.2% on last year with Central Otago recording the record high.

Filed under: REAL ESTATE | Tagged: Real Estate