The Northland 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 Northland at 139 showed a fall on a seasonally adjusted basis in July however as compared to July 2011 sales are up 19%. The inventory of unsold houses on the market fell in July to 103 weeks of equivalent sales from 126 weeks in June, as compared to July last year inventory is down 35%. This places the level of inventory below the long-term average of 133 weeks of equivalent sales.
Median sales price for property sales in Northland at $295,000 is up 8% as compared to a year ago, although down slightly from June. The recent trend continues to see selling prices remain flat over the past year. The asking price expectation of new listings fell in July to $358,710 and was down 6% from the asking price in July last year.
The level of new listings coming onto the market in July rose strongly to 547, representing a 63% year-on-year growth.
The data indicates that the Northland region is generating a good level of property activity with sales showing growth, a strong level of new listings and a stable price level. The inventory whilst showing a fall in the month is adequate to match buyer demand with the supply of new listings from sellers.