The Manawatu / Wanganui region 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 Manawatu and Wanganui region at 293 in the month rose on a seasonally adjusted basis in July, and was up a significant 24% as compared to a year ago. The inventory of unsold houses on the market rose slightly to 39 weeks, this maintains the level of unsold houses on the market below the long-term average of 41 weeks of equivalent sales.
Median sales price of properties sold in the Manawatu and Wanganui regions at $225,000 was up 5% as compared to a year ago, and very slightly lower than the figure in June. The asking price expectation of new listings was down 4% as compared to a year ago at $260,085.
The level of new listings coming onto the market in July at 580 was up from prior month and up a significant 53% as compared to a year ago.
This data indicates that the Manawatu / Wanganui region is a fairly balance market which is experiencing more activity than has been seen on recent years. Sales have been strong over the past 18 months whilst prices have been flat. The recent rise in inventory is ahead of sales and could potentially tip the balance in favours of buyers with a strong selection of property to choose from.