Home | May 2024 Market News
Trends we are noticing are:
REINZ Chief Executive Jen Baird says the market shows a general theme of more this month with higher sales counts, increased stock levels, more listings, and properties selling more quickly than a year ago. These annual increases contrast with current challenges in securing finance, changes in the job market, and the wait on OCR and interest rate changes.
The total number of properties sold in New Zealand increased by 8.0% compared to April 2024, from 5,834 to 6,303, and by 6.8% year-on-year, from 5,903 to 6,303.
“The seasonally adjusted figure is an important indicator of the underlying market trends. By seasonally adjusting the data we can see whether the change in sales is part of a normal change we would expect, or something else is happening.” says Baird.
“Nationally, seasonally adjusted figures show a 5.2% increase, indicating that year-on-year sales counts performed slightly above expectations – an encouraging sign despite the current economic challenges.” Listings increased nationally by 25.4% year-on-year from 7,359 to 9,225, continuing a trend since the start of 2024.
“With a continued flow of new options coming to the market adding to a large level of stock this does provide a lot of choice for buyers and a sense that they can take their time to make decisions.”
The national median sale price decreased slightly by 1.3% year-on-year, from $780,000 to $770,000, and decreased by 2.5% compared with April 2024, from $790,000 to $770,000. “The seasonally adjusted figures show a 1.2% decrease, showing prices performed slightly below the change usual for May. The volume of listings and choice can affect prices as well as vendor price points adjusting to buyer demands.”
Nationally, median Days to Sell decreased by 5 days, from 49 to 44 days, compared to a year ago. For New Zealand, excluding Auckland, median Days to Sell decreased by 8 days year-on-year, from 51 to 43 days.
“There’s solid buyer interest and activity, and more listings are coming to a well-stocked market. While some buyers are taking their time, others are snapping up properties at attractive prices before the expected slowing during the winter months and the potential reemergence of investors mid-year. It might be a few months yet before the residual impact of readjustments post the government’s 100-day plan and budget are felt. Indeed, there are cool economic breezes being felt but there are signs of more positive activity ahead,” adds Baird.
Compared to May 2023
Compared to April 2024
The current median Days to Sell of 35 days is less than the 10-year average for May which is 38 days.
The median price for Canterbury increased 4.8% year-on-year to $680,000. “Most vendors have accepted the current market, adjusting their prices to meet market expectations and listening to feedback. Open home attendance remains steady across the region, with new listings attracting higher numbers. Interest rates, increased stock levels and lack of buyer urgency influenced market sentiment.” – Jen Baird, REINZ CEO
National Median Price $770,000
Compared to May 2023 this has decreased by 1.3%
National Median Days to Sell 44
The total number of properties sold in New Zealand increased by 8.0% compared to April 2024, for New Zealand from 5,834 to 6,303, and by 6.8% year-on-year, from 5,903 to 6,303.
Nationally, seasonally adjusted figures show a 5.2% increase, indicating that year-on-year sales counts performed slightly above expectations.
Listings nationally increased by 25.4% year-on-year from 7,359 to 9,225, continuing a trend since the start of 2024.
The national median sale price decreased slightly by 1.3% year-on-year, from $780,000 to $770,000, and decreased by 2.5% compared with April 2024, from $790,000 to $770,000.
Nationally, median Days to Sell decreased by 5 days, from 49 to 44 days.
Information sourced from REINZ Real Estate Institute New Zealand
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