April 16th 2010
Today, REINZ (Real Estate Institute of NZ) released the official figures for home sales covering the month of March 2010.
From a Nelson perspective we saw a reduction in the overall median price, however NZ on the whole saw a 1.7% increase in March
Two bedroom property sales for the March month saw a days to sell of just 26 days, 15% faster than last month.
(CLICK ON ABOVE for larger version)
Nelson sales over the past month have shown a touch of robustness about them, especially in that all important 3 bedroom family market, and to be frank, still polarized in that 300 – 400 region. Although in saying that the real hot spot seems to be the 325-375 region.
In their report on Nelson Council zone homes, the Institute reported that 92 houses sold in Nelson City in March, and the median price was $327,500
Sections were, for want of a better term , steady, with just 9 – 10 sold, although that is quite an improvement on mid last year where we were looking at 1 – 3 sections a month selling. The median size for March 2010 was 841m2.
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.
Strong demand from genuine home buyers
At 3268.8, the REINZ Monthly Housing Index increased 1.7% over the previous month.
Although to be fair, and more local, Nelson falls under what REINZ call – “Other South Island” – a quick peek at that local breakout category shows it jumped from 3213.7 to 3313.7, bang on 100 points, or an increase of 3%.
And just like February, illustrating our predominantly family market, 40 x 3 bedroom homes sold, taking a share of 47.25% of Nelson homes sold for the month.
It great to see green return again, especially to the crucial Days on the Market component above.
Nationally, the residential dwelling median price is at its highest March level in over 20 years.
500 posts – where has the time gone?
REINZ President says;
“The median sale price of $360,500 is the highest March figure in twenty years and, after dropping to just 3666 in January, the number of sales broke through the 6000 barrier last month.”
After easing in February to $330,000 from $341,250 in January, the median price for a Nelson/Marlborough home has recovered to $337,000 (March 2009: $320,000). Sales increased to 223 from 207 houses sold in February (March 2009: 286).
Sales in Nelson City zone increased to 92 from the 74 houses sold in February (March 2009: 109). But the median price fell to $327,500 from $352,250 (March 2009: $317,000).
The March median price of $353,250 for a Nelson Council zone house is $5,500 down on the February price but still up the January median of $342,000 (March 2009: $320,000). Sales increased to 158, up on the140 houses sold in February but down on the 184 sales in March last year.