August Residential Sales Stats Released
The lack of new listings coming into the market has resulted in lower sales. The number of residential properties sold during August for Gisborne City was down to 33 sales. The median sale price was $280,000. This was due to the small number of sales rather than any significant lift in the market. The average days on market were back up to 50 days. This indicates older stock has been cleared out. For those folk who have been thinking about selling, now is an excellent time to enter the market, as there is less competition between sellers for buyers.
Click here to view actual sales
source: REINZ statistics – unconditional sales for August – Gisborne City
September 15 2009 04:30 pm | regional
Ross Brader on 15 Sep 2009 at 9:44 pm #
Seems strange that there are all these homes (334) for sale http://tinyurl.com/okplvm in Gisborne but only 33 sales in the month. Is there really a shortage of stock because listings on the webs indicate 10 months supply.
Neil Walker on 16 Sep 2009 at 11:07 am #
That’s an interesting observation. I think on closer inspection, one would find the number of properties that are actually for sale and priced right for this market, may be significantly lower than the research would indicate. Of interest is that the local property guide (newspaper media) is well down on properties for sale. Perhaps some agents just put properties up for sale on the net, without really qualifying the owners situation. I feel that the motivation to sell needs to be uncovered more. Then we would have a more accurate snap shot of the market.