May 31, 2010
Over the last 3 months Nelson has seen its inventory of residential properties listed for sale drop off by nearly 15%. Over the corresponding time, our neighbouring district Tasman has seen an even greater fall off, they are 20% below the peak number of the last 3 months.
There are two camps when it comes to selling your property.
One says wait until the traditional spring rush, because there will be a flood of buyers. The downside here is that there will also be a plethora of comparable homes to yours, and that can also make buyers less competitive.
The other camps suggest like most things in life, look to take advantage of the ole’ supply and demand situation.
Consider then, the advantages of when the supply side dwindles down. In real estate speak that’s when you have less comparable properties on the market for buyers to inspect and make offers on. When there are buyers out there, and they don’t have as many homes that are equivalent to yours to compare price wise, then it works more to the sellers advantage.
The chart above shows what has been happening in the Nelson / Tasman region since late February 2010.
In my March Nelson Real Estate Property update I made you aware that it was taking 26 days on average to sell a two bedroom home in Stoke, my home patch.Then last months April Property Report for Nelson showed it was taking a median 24 days to sell. This was against the backdrop of investors awaiting “anxiously” the result to them (in the back pocket as it were) of this years Budget. Other property stats and previous Nelson Monthly Sales Reports are here.
It will be very interesting to see where Nelson Houses For Sale Inventory levels stack up (when compared to other regionals) tomorrow ,when realestate.co.nz release May 2010’s figures on 1st June in their NZ wide property report summary of May 2010.
UPDATE: think either I saw a wrong figure or transposed something incorrectly because this morning (2nd June) Tasman district are showing 388 listings, not the approx 350 something I saw yesterday. However Nelson is still dropping, down to 340 listings this am.