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

September 18th
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 5,481 dwelling sales in the month of August, down 16.3% on August 2013 and down 7.0% compared to July.

The national median price was $420,000 for the month of August, an increase of $30,000 compared to August 2013, and an increase of $4,000 from July.

Real Estate Institute of New Zealand (REINZ) Chief Executive Helen O'Sullivan says, "The real estate market appears to be 'idling' as buyers and perhaps even more so, sellers, await the outcome of the September 20 election.

"Sales volumes are 7.0% down from July 2014, and are 16.3% down on 2013 levels. The upcoming election is not the only factor however, as this is the tenth consecutive month of sales volumes being below the prior year's levels."

For the Nelson Marlborough region the median price rose by $5,000 (+1.4%) compared to July, with prices rising in Nelson City and Richmond by 4%, but falling 13% in Motueka.

Sales volume compared to July fell 3.5%, with sales falling 6% in Nelson and 18% in Marlborough/Kaikoura, although sales rose 32% in Motueka.

The median price trend is now easing, with the volume trend falling. The days to sell trend is also now falling, with the overall trend for the region also now easing.

For our local Motueka market the strong number of new properties coming to the market has continued from July into August and looks set to remain firm continuing into the spring.

The number of sales has also remained substantially above those seen this time last year, and it makes sense that the more houses that are for sale the more that are selling.

The median days on market have jumped a little locally, but looking at the sales I would think that the median days to sell are trending downwards. The median sale price has drop to $315,000 reflecting a higher number of sections and older homes selling.

With the high level of sales activity that we experienced over the winter months continuing strongly into the spring, I expect that sales and prices will remain firm for the rest of the spring and into the early summer.

(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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