The Canterbury region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales across the Canterbury region at 707 fell in the month on a seasonally adjusted basis, it was however up 17% up as compared to a year ago. The inventory of unsold houses on the market eased slightly in July having been as low as 16 weeks recently. The July level of 18 weeks of equivalent sales still remains significantly below the long-term average of 32 weeks.
The stratified mean sales price for properties sold in Christchurch at $375,325 was up 7% as compared to a year ago, and up from the prior month. There has certainly been a strengthening of prices through all of 2012 in the region as inventory and listings have dropped. The asking price expectation of new listings was up by 9% as compared to a year ago at $393,433, this takes the asking price and selling price to new record levels.
The level of new listings coming onto the market in July at 1,182 was down on the prior month and up just 1% as compared to a year ago.
This data indicates that the Canterbury market continues to experience a very strong seller’s market. Availability of property is tight and demand remains strong resulting in the rising prices for properties. The trend is likely to continue as new listings are not matching the pace of sales.