Pt Chevalier 2009 Real Estate Review
We have just completed a review of the 2009 real estate market for the Pt Chevalier area for all sales excluding sections north of Great North Road.
Volume of sales
During 2009 there were 112 sales compared with 86 sales in 2008 – that’s an increase of 30% but still down on the 150 sales per year that have usually taken place most years prior to 2008.
Value of sales
$72,186,150 worth of sales took place in Pt Chevalier during 2009.
Median price per quarter
$580,000 in the first quarter
$571,250 in the second quarter
$629,500 in the third quarter
$686,750 in the fourth quarter
The previous median record for a full year was 2007 at $669,000 so the final quarter median at $686,750 is an interesting development. Will it continue to strengthen through the first quarter of 2010 and beyond?
Median price per year
Here are the median prices for each of the last 6 years
2004 $495,000
2005 $532,500
2006 $590,000
2007 $669,000
2008 $613,250
2009 $608,000
Sales by price range
1 sale under $300,000
9 sales from $300,000 to $399,000
15 sales from $400,000 to $499,000
29 sales from $500,000 to $599,000
20 sales from $600,000 to $699,000
20 sales from $700,000 to $799,000
5 sales from $800,000 to $899,000
7 sales from $900,000 to $999,000
6 sales in excess of $1,000,000
The highest price achieved was $1,750,000
Market Share
Professionals Pt Chevalier office was clearly #1 in the area during 2009 with 44% of total sales value and an incredible 57% market share of all sales above $600,000. We finished the year with a very strong December selling 50% more value of homes in the area than all other offices combined!
2010 Prediction
As at the 15th of January 2009 there were 56 homes for sale in Pt Chevalier but on the same day in 2010 there are only 18 homes to choose from. It is now a sellers market versus the same month last year when it was a buyers market. If supply stays low and we continue to register fresh buyers every week then prices must continue to rise - basic Economics 101.
Our office had one of the most bouyant final quarters we have ever seen and we have almost run out of homes. We need at least 25 new listings right now – the buyers are waiting, we just need your homes!
Data used in this report collected from various sources including tracking by us of all homes advertised in the area, sold sign count etc. Data is for all sales in Pt Chevalier north of Great North Rd.January 15 2010 08:23 pm | Uncategorized
Ross Brader AREINZ
