Review of the property sales market in the Motueka area in February 2014

February 22nd
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 4,719 dwelling sales in the month of January, down 4.3% on January last year and down 17.0% compared to December.

The national median price of $402,000 was an increase of $32,000 or 8.6% compared to January 2013, and a decrease of $25,000 from December 2013.

Real Estate Institute of New Zealand (REINZ) Chief Executive Helen O'Sullivan says, "There are a number of factors in play in the market in January, including seasonal factors and the ongoing impact of restrictions on high loan to value lending. As a result it is difficult to get an entirely clear steer on the direction of the market this month."

The median price across the Nelson/Marlborough region increased by $40,000 (+11.8%) compared to January 2013 to reach a new record high of $380,000.

Sales volume compared to January 2013 fell by 1.5% with a 4% increase in Richmond and flat sales in Motueka. The median price trend is now steady, although the volume trend continues to ease. The days-to-sell trend is now steady as well, with the overall trend for the region continuing to be steady.

For our local Motueka market we have had a very consistent January with new listings and sales very much in line with this time last year.

The median sale price is up from $337,500 in Jan 13 to $410,000 for Jan 14, reflecting the trend that we have seen over the last quarter of more sales of homes over the $500,000 mark.

The median days on market, has jumped out to 220 for this month. This will be a result of a number of properties that having sat for a while finding buyers. Considering the number of new listings has closely match the number of sales over the last few months, I expect that the days on market will drop back to our normal 50-60 day range next month.

I believe that we will have a busy finish to the summer with continuing interest in all types of property over a wide range of prices.

(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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