June 15th 2010
REINZ (Real Estate Institute of NZ) today released the official figures for home sales covering the month of May 2010.
Crunching the numbers locally, we saw a reduction in the overall Nelson City median price from $355,000 to $323,500, representing a slightly higher than 9% drop in our overall median price. Meanwhile overall NZ on the whole saw just a drop of $6000 (approx. 1.7% fall) in May 2010 when compared to the prior month of April 2010.
Median days to sell varied from 67 in Central Otago Lakes to 35 days in Southland, while the NZ median increased 3 days from 40 to 43.
You’ll notice below in the graph that our local “days to sell” marry up pretty much with that too.
Reflecting the constant interest in “Bricks and Mortar” as a solid investment, REINZ President Peter McDonald said;
“While slightly down on the April figure and the March median of $360,000, the May median is still 3.7 per cent up on the median price of $337,500 in the same month in 2009, so we are still not seeing any significant fall in property values”
Nelson sales were spread, just like last month, a bit more evenly over the whole 2 – 3 – 4 bedroom mix. You’ll recall earlier in the year our market was dominated by 3 bedroom sales.
Here’s the official REINZ word on Nelson/Marlborough.
The median price for a Nelson/Marlborough home decreased to $330,000 in May from April’s $339,500 (May 2009: $330,250). At 230, residential sales were up on the 206 in April but down on the 252 in May last year.
Sales in Nelson City increased to 88 from the 78 houses sold in April (May 2009: 91). But the median price decreased to $323,500 from $355,000 in April (May 2009: $340,000).
The May median price of $350,500 for a Nelson Council Zone house is down on the April median of $367,000 (May 2009: $346,250). Sales increased from 131 in April to 158 last month (May 2009: 154).
72 houses sold in Marlborough zone in May, down on the 75 in April and the 98 in the same month last year. The median price increased from $285,000 in April to $306,000 in May (May 2009: $297,000).
SOURCE – www.REINZ.co.nz