Real estate agency Barfoot & Thompson’s latest monthly residential statistics show a big depletion in listings & month-end available stock.
Figures from the Auckland agency for September show listings up compared to August & the average of the previous 3 months – normal for the start of spring – but nearly 30% down compared to a year ago.
Stock on its books for sale at the end of September was down slightly from the levels in August & the average of the previous 3 months, but down 18% compared to a year ago.
That’s a shrinkage of 820 homes available for sale, from just over 4500 to just under 3700.
Managing director Peter Thompson said on the release of the figures on Wednesday: “After a relatively quiet winter, the expectation was that with the arrival of spring we would see house sale activity increase, and the market did not disappoint.
“The most significant number in the month’s trading data was the increase in new listing at 1204, up 14.4% on those for August and up 12.2% on the average number for the previous three months.
“These new listings provided the market with the greater choice it was seeking and this assisted sales numbers for the month to reach 771, up 3.4% on those for the previous month and up 6.8% on those for the same month last year.
“It is the highest number of homes we have sold in September for 3 years.
“Attendances at auctions during the month were up, as was the number of sales under the hammer.”
Mr Thompson said that, while price remained a significant consideration, “the main barrier to higher sales numbers remains the lack of listings to meet demand. Sales numbers at month end have now declined month on month for 6 months.
“At the end of September we had only 3694 properties on our books, the lowest number in 32 months. You need to go back to 2016, when the market was at its most active, to see the number of properties for sale so low.
“With restricted choice & increased competition on the auction floor, or post auction, there was no pressure on prices to decline.
“Sales numbers were strong across all price segments, with 10% of all sales being for less than $500,000, 31% selling between $500-750,000 & 30.1% for in excess of $1 million.”
Mr Thompson said lifestyle property prices were stable through a combination of solid buyer interest & a shortage of property for sale, while interest in rural and had picked up, particularly south of Auckland.
Figures below show September figures followed in brackets by those for August, the average for June-August and finally September last year, with percentage change from each period:
Average price: $922,863 ($930,090, -0.8%; $929,894, -0.8%; $929,757, -0.7%)
Median price: $850,000 ($830,000, +2.4%; $825,000, +3%; $835, +1.8%)
Sales: 771 (746, +3.4%; 804, -4.1%; 722, +6.8%)
New listings: 1204 (1052, +14.4%; 1073, +12.2%; 1709, -29.5%)
Month-end available stock: 3694 (3818, -3.2%; 3922, -5.8%; 4515, -18.2%)
Attribution: Agency release.