Barfoot & Thompson’s average & median house sale prices both dropped over 5% from March to April, sales fell 40% and new listings fell 35%.
The agency’s managing director, Peter Thompson, said on Wednesday sales fell to their lowest level in an April since the 2008 global financial crisis, but lower turnover had a limited impact on values: “Sales numbers in April were down by about a third compared with the average for the previous 3 months, yet, given this significant fall, the average & median prices held steady. The median sales price at $850,000 for the month was down only $5500 on the average median price for the previous 3 months. The same trend was there around the average price, which at $917,079 was down only $25,000 on the average for the previous 3 months.
“While prices have declined from March’s all-time record highs, the fall relative to the average for the first quarter of this year is modest, and on a year-on-year basis the median price is up 3.7% and the average price is up 5%.
“It is a changed market from what we have been experiencing for a number of years and you have to go back 9 years to find an April in which fewer homes were sold.”
Mr Thompson said new listings in April were excellent at 1292 and, combined with lower sales, this allowed stock numbers & buyer choice to remain high: “At month end we had 4214 listings on our books, close to what it has been at month end each month this year, but 48% higher than it was at the same time last year.
“The decline in sales numbers was felt evenly across all price ranges, with more than a third of all sales being for more than $1 million. Sales of property under $500,000 accounted for 6% of all sales.”
Attribution: Agency release.