The Taranaki region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales across the Taranaki region totaled 179 in the month reflecting a significant rise on a seasonally adjusted basis in July and were up 63% as compared to a year ago. At the same time the inventory of unsold houses on the market went up again to 36 weeks of equivalent sales having fallen in June. This sees inventory now well above the long-term average of 27 weeks of equivalent sales.
Median sales price of property sold in the Taranaki region at $261,000 was in line with the same month last year and down slightly from the prior month. The asking price expectation of new listings was down 3% as compared to a year ago at $300,680, which represented a rise from the June level of $278,586.
The level of new listings coming onto the market in July at 256 was down on the prior month but at the same time up 22% as compared to a year ago.
This data indicates that the Taranaki region is quite unstable. Recent sales have been up and down for the past year, although the underlying trend is to growing sales, at the same time levels of new listings are up which has pushed available inventory above the long term average. This leaves the market fairly well balanced between buyers and seller favouring neither significantly over the other, as a consequence price are remaining fairly stable.