|Christchurch Metro||Aug 2014
|Property on Hand||1876||1411||33%|
|Average Sale Price||$488,734||$428,005||14%|
*Based on residential only figures
Christchurch Metro Overview for September 2014:
Sales are down by 22.7% indicating a hesitancy that has been creeping into the market. Buyers are displaying caution when it comes to making a purchase, and are not prepared to pay more than what they think is fair market value. This is requiring vendors to readjust their price expectations if they wish to sell.
There has been a drop in the number of new listings and auctions in the Christchurch Metro region, which is due to the expected winter dip and also a “wait and see” approach until after the election. Sellers are also holding on to property as there is no certainty they will be able to buy an appropriate house elsewhere.
Average prices are still up on the same time last year, however there has been a drop since June’s all time average price high of $529,092.
Disclaimer: All Harcourts MarketWatch figures are current to the end of the reported month and are compared to the same month ended for the previous year. ‘Written Sales’ is defined by all sales brought to contract status, where ‘Settled Sales’ are the results of contracts completed at the close of the reported month. Written Sales are a snapshot of the markets temperature while Settled Sales show what has happened in the previous month.