Auckland real estate agency Barfoot & Thompson’s average & median house sale prices slipped in January to start the year slightly lower than in 2018, after picking up in the last few months.
2 years ago the agency’s median & average sale prices rose from December to January, giving agents hope that the peak reached in October 2016 might not be relegated to history, but that resurgence didn’t happen this summer.
The agency did record more sales in January than in both January & December 2018, but sales fell well short of the average over the final quarter of 2018.
Managing director Peter Thompson said yesterday: “From a price perspective, the market has started the year at the same point it was in January 2018. The average sales price for the month at $927,181 was down significantly from the $950,312 in December, but that trend between January & December shows up at the start of each year and not too much can be read into it, given the interruption to marketing caused by the holiday season. The same trend is there for the median price, which at $827,500 is down 5.4% on that for December.
“However, when you compare the average & median sales prices in January to those in the same month last year, they are almost identical. January’s prices reflect the state of the market we reported in December, which saw prices edging back.”
Mr Thompson said sales in January were the highest for 3 years: “It points to vendors accepting that the market has moved in favour of buyers, and they are trimming their expectations as to the price they will accept. However, there is certainly no indication that there is a major decline in prices.
“We listed a solid 981 properties in January, and at month end had 4334 properties on our books, 3.4% higher than in December. This is the highest number of listings we have had at the end of January for 7 years.
“Market indications are that a significant number of new listings will hit the market in February, further increasing the already strong level of buyer choice. There is no lack of buyer interest for well priced property in all price categories, and attendance at open homes since Christmas has been surprisingly strong.
“We continued to sell properties across all price bands, with 28.8% of sales being for in excess of $1 million and 41.5% being for under $750,000.”
January sale & price statistics:
|January 2019||December 2018||Previous 3 months – average||January 2018|
|Average price||$927,181|| $950,312|
|Median price||$827,500|| $875,000 |
|New listings||981|| 555|
|Month-end available stock||4334||4194|
Attribution: Agency release.