The number of residential sales through all Real Estate Agents dropped to about 2/3 of a long term average in June. The median sale price for the month hit an unrealistic $288,000 which was $38,000 above that of Palmerston North. It is usually the other way around! Feilding has a relatively small number of sales, which is why I look at the median calculated over 3 months, which evens out the worst of the highs and lows. Feilding’s median sale price for June, calculated over 3 months is $249,500, which compares to Palmerston North on $261,250, Levin on $171,000, Wanganui on $170,000, and New Zealand as a whole on $368,125.
We are finding that there is a shortage of good listings, and there is a good steady number of Buyers ready to make a move when the right property enters the market. The shortage of listings is detrimentally affecting the number of sales. As mentioned many times in this column, Winter is a good time to sell.
We now have half of a year’s statistics, and in terms of the number of residential sales in Feilding, 2012 rates behind the years 2002 – 2007, ahead of 2008, behind 2009, and ahead of 2010 and 2011. The market is ok, quite good in fact, and ahead of the last 2 years. It is not anywhere near as buoyant as Auckland and Christchurch however.
Kind regards, Michael