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Canterbury Property Pulse factsheet – November 2011

Posted on: December 19th, 2011 | Filed in Canterbury Property Market Factsheet

The Canterbury region property pulse factsheet for November 2011 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).

Property sales across the Canterbury region at 771 rose in the month on a seasonally adjusted basis in November, but were up a significant 19% as compared to a year ago. The inventory of unsold houses on the market fell further to just 23 weeks, well below the long-term average of 33 weeks of equivalent sales. This signifies a significant shortage in the region and certainly favours sellers in the market.

The stratified mean sales price for properties sold in Christchurch at $367,025 was up 11% as compared to a year ago, and up from the prior month. There has certainly been a strengthening of prices through all of 2011 in the region as inventory and listings have dropped. The asking price expectation of new listings was up by 4% as compared to a year ago at $375,836.

The level of new listings coming onto the market in November at 1,460 was well up on prior month but down 1% as compared to a year ago.

 

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