The Otago region property pulse factsheet for October 2011 is published using data from Realestate.co.nz and REINZ (Real Estate Institute of NZ).
Property sales in the Otago region at 229 in the month fell on a seasonally adjusted basis in October and were up significantly by 27% as compared to a year ago. The inventory of unsold houses on the market rose very slightly to 29 weeks, currently this level is in line with the long-term average of 28 weeks of equivalent sales.
Median sales price of properties sold in the Otago region at $232,000 was down 5% as compared to a year ago, and up very slightly on the prior month. The asking price expectation of new listings was up 8% as compared to a year ago at $280,220.
The level of new listings coming onto the market in October at 407 was in line with September, but was down a significant 31% as compared to a year ago.