The Northland region property pulse factsheet for May 2012 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales in Northland at 150 in the month decreased on a seasonally adjusted basis in May and is up 13% as compared to a year ago. The inventory of unsold houses on the market at 124 weeks has fallen from the prior month of 141. It is now just below the long-term average of 133 weeks of equivalent sales.
Median sales price for property sales in Northland at $280,000 is down 2% as compared to a year ago. The recent trend has been a slight drop off having seen a strengthening in the second half of 2011. The asking price expectation of new listings rose in May to $450,142, a 15% fall from the asking price in May last year.
The level of new listings coming onto the market in May at 578 was down significantly from April, but up 56% as compared to a year ago.