The Otago 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 Otago region at 206 in the month fell on a seasonally adjusted basis in July but was up just 1% as compared to a year ago. The inventory of unsold houses on the market slipped slightly 25 weeks, this level remains slightly below the long-term average of 28 weeks of equivalent sales.
Median sales price of properties sold in the Otago region at $246,000 was up 8% as compared to a year ago. The asking price expectation of new listings fell in July to $272,739 and shows a fall of 3% as compared to a year ago.
The level of new listings coming onto the market in July at 385 was down very slightly on June, and up a more significant 27% as compared to a year ago.
This data indicates that the Otago region marginally favours sellers in the market although the recent flow of new listings is moving the market back into a more balanced position.