The Coromandel district property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales in the Coromandel region totaled 42 in the month of July, this represented a rise on a seasonally adjusted basis and also showed a 5% rise as compared to a year ago. The inventory of unsold houses rose to 200 weeks of equivalent sales. This represents an 18% rise in inventory as compared to July last year and places current levels equal to the long term average.
Median sales price for property sold in the Coromandel in July at $312,500 a fall of just 1% as compared to a year ago and down from the prior month. The asking price expectation of new listings was down 1% as compared to a year ago at $421,153 but up significantly on the June level of $421,153.
The level of new listings coming onto the market in July at 209 was up 8% as compared to a year ago and up from June indicating a start of a seasonal rise as the market heads into Spring.
The data indicates that the Coromandel region is a fairly balanced market with inventory levels right on long-term average which means that neither buyers nor sellers have the upper hand. Sales activity is steady as are sales price, the key driver of the market in the coming months will be governed by the supply side of new listings matched to sellers asking price expectations.