Daily Archives: March 15, 2010

Nelson Home Sales Report for February 2010

15th March 2010

Friday, the REINZ (Real Estate Institute of NZ) released the official figures for home sales for the month of Feb 2010.

They commented;

The national median for days to sell in February was 46, up three on the January figure, but still 16 fewer days than the corresponding period a year ago. Sales were quickest in Wellington and Southland at 32 median days.

In light of that though, tis interesting to note that from a Nelson Council zone house perspective, our 2 bedroom sales for the Feb month saw a days to sell of just 29 days, while the 18 x 4 bedroom homes sold in a median time of just 24 days.

(CLICK ON ABOVE for larger version)
That certainly reflects what we have been seeing on the ground, however in so saying that was contrasted by the median of 64 days for 3 bedroom homes. In calculating the median though, its more a reflection of the fact that some February sales were older “on market” properties that weren’t “in the market” until last month.

In their report on Nelson Council zone homes, the Institute said officially;

74 houses sold in Nelson City in February (January 2010: 61; February 2009: 86). The median price increased to $352,250 (January 2010: $315,000; February 2009: $320,000).
The median price for a Nelson Council zone house was up at $358,750 in February (January 2010: $342,000; February 2009: $330,000). 140 houses sold (January 2010: 111; February 2009: 160).

Sections tapered off, with only 4 changing hands in Feb 2010. Their median price was a quite low figure of $130,000, whilst the median size was 997m2.

Again like last month, NZ’s national sales trends don’t really offer any real pointers to predicting which direction our local market is moving, certainly not in a decisive way.

If anything it’s more of a “leveling out situation.”
Also like last month, and still illustrating our predominantly family market, 37 x 3 bedroom homes sold, taking a share of 50% of the homes sold for the month.

median up-down fe 2010

And its good to see so much green return again, especially after last months chart, which the REINZ hinted at in their opening statement of the latest Home Sales report;

Total residential dwelling sales recovered last month from their lowest level in nearly two decades, but the national median price has remained steady at $350,000

Its also a point to note that Nelsons median (Feb2010 $358,750) does track quite close to the national New Zealand figure.