Nelson Home Sales Report October 2009 – PREVIEW

Increasing market sentiment as depicted overall by the graphics in the latest October 2009 NZ Property Report has been replicated during October in the local Nelson Property market.

ABOVE GRAPHIC – NZ Property Report Oct 2009

The usual surge in listings just did not happen.

Towards the end of winter residential property listings for Nelson were hovering around the 310 – 320 mark, lifting through September to 330 – 345, then October 2009 saw Nelson listings lift by just a few percentage points to sit around the 350-365 mark.

This has obviously been good news to property sellers ears.

Witness a multi-offer situation on one of our companies property listings earlier this week, 11 multiple offers were presented, with the one that was finally accepted having an offer price nearly 15% over the initial advertised price. I’ve also heard today of another multi-offer from a competitor company for another Nelson property in which I believe 8 separate offers were tabled.

What a difference a year can make?

Oct 2009 saw a near year on year doubling of residential sales to 91 units, compared with sales of 51 residential sales in Oct 2008.

Quite simply the impact of recent constraints on mortgage financial product availability have affected our market. To that extent our median (on a preliminary basis) sits at $315,000 which is considerably down on last months, but interestingly a near identical figure as Oct 2008.

A similar story with “Days taken to Sell”, Oct 2009 was 33 days verse 63 days for October last year.

CHART – click on above for larger version

One particularly fascinating development was the median “Asking Price to Listing Price” percentage.

It would be the first time in 12 months of compiling this Nelson monthly breakdown summary that practically all segments were achieving a median of 100%. (as above chart depicts)

ABOVE GRAPHIC – NZ Property Report Oct 2009

In fact only one didn’t acheive that median figure, that was for the 4 bedroom category……..still at 99.7% of asking price, you’d have to say it was close.

Sections rebounded and how!

After a slack showing at the start of 2009, where residential sections sold numbers were in the very low single digits per month, we’ve become accustomed to 10 a month or so for the last 3 months at least. October 2009 surged to 27 sections, and that must be close to a high for some considerable time I suggest.

Official REINZ October figures are due out shortly.

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to FurlAdd to Newsvine