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

January 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 that there were 5,688 dwelling sales in the month of December, down 1.1% on December last year and down 18.3% compared to November.

The national median price increased $2,000 compared to November to $427,000, a new record median high. Waikato/Bay of Plenty, Manawatu/Wanganui, Taranaki, Nelson/Marlborough and Canterbury/Westland all reach new high median prices.

Real Estate Institute of New Zealand (REINZ) Chief Executive Helen O'Sullivan says, "The softer trend in sales noted in November 2013 continued into December. The shorter selling month in December means that a drop from November sales volumes is a normal part of the seasonal pattern.

The median price across the Nelson/Marlborough region increased by $15,000 (+4.3%) compared to December 2012 to reach a new record high.

Compared to December 2012 sales volumes fell 5%, with sales down across most of the region, although volumes were steady in Motueka.

Helen O'Sullivan noted that "the Nelson/Marlborough region is continuing to see uplift in the median price and relatively strong volumes compared to the rest of the country. Market activity was stronger in December than November with more listings and a rise in the numbers attending open homes."

The median price trend is now steady, although the volume trend continues to ease. The days to sell trend continues to improve more strongly. The overall trend for the region is now steady.

For our local Motueka market we have a recovery in the number of properties listed in December back to almost the previous year's level. Sales remained strong considering the lower number of new listings over the last 3 months.

The median days on market are a healthy 57, given that many offers now require a conditional period of 21 days; 57 days equates to only 36 days of marketing before getting the acceptable offer. The median price for the month was $380,000.

For the coming year there looks to be plenty of confidence in the market as indicators show there are plenty of sellers and buyers preparing to transact property.

(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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