Review of the property sales market in the Motueka area for January 2011

January 20
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]

December's sales and residential property values ebbed from November levels but on a more positive note, both market activity and median prices remained up on figures from earlier in the year, according to statistics released today by the Real Estate Institute of New Zealand (REINZ).

December sales volumes are always subject to the timing and impact of the great New Zealand Christmas shut down and January's figures will provide a better picture of market activity over summer.

Across the Nelson/Marlborough district the median price eased back to $327,000 in December from $330,000 in November, with the number of sales recorded for December 159 down from 213 in November.

The economy appears to be just ticking along with no great changes affecting the local property market, and most commentators are still picking that floating interest rates are the way to go.

Locally we are still experiencing a relativity low volume of real estate sales. However as we have been saying this for almost 6 months now, perhaps this is the new norm.

There was better than usual buyer interest over the Christmas / New Year period with a number of sale and purchase agreements written, refreshingly without been subject to the buyer selling their property which was a fairly standard buyer requirement over the previous months, leaving us with a small backlog of contracts dependant on the sale of the buyers property.

As the current conditional sale and purchase contracts clear this should create a bit more activity in the market over the next 2-3 months.

(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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