The West Coast district region property pulse factsheet for July 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales on the West Coast of the South Island at 38 in the month fell on a seasonally adjusted basis in July but was up 15% as compared to a year ago. The inventory of unsold houses on the market rose to 73 weeks. This level continues to see inventory well below the long-term average of 104 weeks of equivalent sales.
Median sales price of properties sold on the West Coast at $215,000 was down 2% as compared to a year ago, but up on the prior month. The asking price expectation of new listings though was up 9% as compared to a year ago at $270,892.
The level of new listings coming onto the market in July at 103 was up as compared to prior month and up a very significant 53% as compared to a year ago.
This data indicates that the West Coast district continues to favours sellers in the market although the recent fall off in sales matched to the rise in new listings is moving the market back into a more balanced position.