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

November 15th
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]

REINZ, the most up to date source of real estate data in New Zealand, announced today that there were 6,691 dwelling sales in the month of November, down 6.6% on November last year and up 2.7% compared to October.

The national median price increased $17,475 compared to October to $425,000, a new record median high.

Real Estate Institute of New Zealand (REINZ) Chief Executive Helen O'Sullivan says, "The increase in real estate sales for November was weaker than expected, with November sales up only 2.7% over October 2013.

"As the average increase between October and November over the last ten years has been more than 10%, this indicates a further softening in sales volumes. The restrictions on high LVR lending may well be a driver of the softer sales figures, with sales below $400,000 falling almost 20% compared to November last year."

For the Nelson/Marlborough region the median price overall fell by $5,950 (-1.6%) compared to October, with prices falling in Motueka and Marlborough/Kaikoura, but rising in Richmond and Nelson City.

Sales volume compared to October fell 6.4% with a more than 30% fall in Nelson. The overall trend for the region continues to improve.

For our local Motueka market the new listings coming on to the market has been on par with last year, with a small jump in the number of sales compared the October but still below last November. It appears that whatever the reason for the slow down over September and October, there is now more confidence returning to our local market.

The median days on market were at 61 for November which were lower than October and last November, not surprising considering the squeeze on stock over the last 12 weeks. The median sale price came back to $350,000 with only 3 sales over $500,000 for the month.

All things considered that market is shaping up to be a busy one over the coming summer months with perhaps Christmas and the New Year Holidays being little more than a speed bump for buyers and sellers.

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

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