Review of the property sales market in the Motueka area for December 2010

December 17
By Alan Atkins, Ray White Motueka

[Editor's note: Ray White Motueka is the Principal Sponsor of Motueka Online, and one item of assistance it provides is a regular, general update on the state of property sales in the area. The reports do not contain any promotion of Alan's company, but are provided purely for informational purposes]

A late spring surge in the residential property market across the country has lifted the number of sales above 5,000 with the national median price up to $360,000.

The REINZ are attributing this increased activity to pent-up levels of people now in the market who need to buy or sell homes and say we can expect the increased activity to continue through December and the summer without the usual slowdown over Christmas. Across the Nelson/Marlborough district the median price rose from $320,000 in October to $330,000 in November.

"With sellers coming to terms with current market prices and buyers reassured about the long term stability of interest rates, confirmed last week by the Reserve Bank Governor, we can look forward to more positive levels of real estate market activity than we have seen over the past six or eight months," says an REINZ spokesman.

As we approach the holiday season the numbers of new properties coming on to the market locally has dropped off from the 43 in October down to 26 in November and it looks like around 20 will be listed this month leading up to Christmas. We have seen a jump in residential sales to 12 for November which is an encouraging result when compared to the 6 sales recorded in October.

This is still down on the numbers during the boom phase of the market but at this level well priced, presented and promoted properties shouldn't have to wait too many weeks before attracting a buyer.

(Statistics quoted in this article are sourced in-house and from REINZ. While we endeavor to keep the figures as accurate as possible they cannot be guaranteed.)

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