More Red in Feb 2009

Yes sales were down, and don’t I know it, I only completed 2 sales in February. Although I wrote up a third sale, we are still awaiting confirmation of acceptance of a LIM report, so that has meant that it will be carried across into March 2009 figures.

Volume was down quite a bit, by my calculations by over a third. With over 60% of the sales in the under $300,000 category its only natural that this will have a downward effect on the median once the REINZ report the final official tallied figures in about 10-14 days time. 18 x 2 bedroom units confirmed sold, with only 2 selling for prices above $300,000 is not going to do anything to assist in raising the median up into the generally accepted 3 bedroom level.

By my data it appears that only 1 section was sold, so that sort of co-relates with current building consent activity. Also the number of days to sell, the way I calculate it, is starting to creep up there.

Considering that some of these properties have been on the market with other agencies, expired, then picked up by the selling agency, the actual days to sell I feel is not accurately reflecting this overall total time on the market. Vendors (Sellers) need to be very mindful of current market conditions so that they are not chasing the market down.

0 thoughts on “More Red in Feb 2009

  1. avatarRussell

    Your prior post “what a difference a week makes” seemed to indicate Feb was going to be a boomer. How did it turn out for the office as a whole?

  2. avatarDavid Leggott

    From our offices perspective I’ll be able to let you know next week after our Group Meeting, but I feel confident at this stage that Stoke beat the others.