The Nelson 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 Nelson region at 120 in the month fell slightly on a seasonally adjusted basis in July and was down 6% as compared to a year ago. The inventory of unsold houses on the market fell to 28 weeks. The level has now fallen below the long-term average of 31 weeks of equivalent sales.
Median sales price of properties sold in the Nelson region at $337,000 was up 7% as compared to July 2011, but down from the prior month. The asking price expectation of new listings was down 10% as compared to a year ago at $383,694.
The level of new listings coming onto the market in July at 199 was down on the June figure of 216 and down 6% as compared to a year ago.
This data indicates that the Nelson region is fairly well balanced with sales activity steadying whilst inventory is falling as lower listings are reducing choice in the market fro buyers. Sellers however are not pricing new listings higher despite the strong prices for property sales indicating that buyers and sellers are fairly well balanced with neither having the upper hand.