Busiest May in seven years!
After a busy summer season, the normal seasonal slow down into winter has not occurred this year. In May, Barfoot & Thompson had the highest number of new listings for May in 5 years. “But even this number of new listing was insufficient to meet buyer demand, and at the end of the month we had only 4356 homes on our books, the lowest number in five years.” (Peter Thompson) On the North Shore, multi offers and Pre- Auction offers are almost the norm. Times to sell are continuing to be fast & the number of weeks of supply in Auckland (at 21 weeks) is very low compared to the long term average (of 33 weeks). In Greenhithe all of the above are demonstrated well. Increased listings, even more sales, lack of choice for purchasers…..
On the North Shore, alarge part of the activity is in the first home bracket of the market. Investors, too, are out in force again. Builders can see the writing on the wall. Over the last half year, we saw an increase of consents – and over the last few months we have seen an improving number of newly built homes coming on to the market (e.g. in Mural Place, Greenhithe). In Greenhithe, we don’t really have first home buyers stock. Demand is evident in all price brackets. We, however, do have better choice in the $million plus bracket, with more listings coming to the market.
When supply outstrips demand, prices rise. Over the last few months, we have had many a delighted vendor. Prices are definitely going up(average sale price up 2.5% in May). Whilst we are being invited into more homes for appraisals, supply remains well below demand .
NOW would be a great time to list. Make sure, though, you get good advise & use the appropriate marketing methods to maximise your sale price!! It is sad to see some people undersell!
June 14 2012 09:12 am | Uncategorized