North Wellington Market Stats for March 2010
The average sale price for homes in North Wellington took a tumble in March by about $40k. It is too early to make much of this as the margin of error from month to month is high, but it certainly came as no surprise to me to see this drop. The market response to the tax announcements made in late February began in the middle of March after a three week lag. Many rented out homes came into the market (and still continue to enter the market) which eased the supply shortage which extended from mid last year into February.
The time to sell in March sat at about three weeks, as it has for much of the last year apart from the summer holiday time that shows as a spike on the graph. I would expect this to lengthen in the next few months as stock levels continue to build up and demand is held in check through uncertainty.
There was a good deal of activity in March as buyers who had been looking for months snapped up the first of the influx of properties onto the market. April will show a much more subdued level of activity, as will May. A great time to purchase if you are in the market for a family home or you want to start out on the property ladder with slightly softer prices and low interest rates.
April 23 2010 04:49 pm | North Wgtn House Market Trends
