June 9th, 2011 (UPDATED June 13th)
Based on preliminary data, it would appear May 2011’s results show an upturn in volume over recent months.
Although at 89 residential sales, its just one more than last Mays 88 Sold number. A growing number of 4 bedroom sales feature in this months chart.
Median price at $335,000 is pretty much in the 320,000 – 350,000 band that Nelson has been tracking for the last twelve months or so.
Regular readers of the excellent NZ summary published by realestate.co.nz on the 1st of each calendar month, would have noted that their was a bit of red and mixed results contained in the property “Asking Price Expectations” section of the latest report released on June 1st 2011.
Was better news for the Nelson region [2% up in asking price] where I have witnessed many examples [3 & 4 way multi-offers for instance] over the last 4-6wks, that hint more favourably towards the sellers, a fact that seems to coming out. Due to the delayed nature of sales results publishing though it might be another month or so before its going to be obvious if their is any trend in this.
Reinforcing this sentiment further was the regional inventory breakdown, where Nelson still features favourably.
Statistics NZ seem to be reporting a bit more mellowing on the home front, but they’re not shouting from the treetops yet. Although in light of this, it was promising that Nelson recorded 14 section sales for May 2011.
Meanwhile QV report though that Nelson property values were -0.9% down , whilst neighboring Tasman was -1.3% down, and Marlborough – 5.4% down.
In summarizing national housing prices / values, Quotable Value NZ [QV] state;
“Values are now 1.6% lower than the same time last year, and 5.7% below the market peak of late 2007.”
I’ll update this post with further details whence the official Real Estate Institute of NZ figures are released.
I noted with interest the sales price to CV ratio, as displayed in this chart, ….surely the media will have headline fun with this.
UPDATE MONDAY 13th JUNE 2011
Today the official NZ figures came out and saw Nelson as such;
Median was $329,500 but that was for the whole region, Nelson City remained at $335,000 as reported and Richmond at $365,000…..although re Richmond the institute point out “Care needs to exercised with the Richmond result given the small number of sales occurring in that suburb.”
Regarding Days to Sell, they report; “The Nelson/Marlborough region’s days to sell remained steady at 57 days in May 2011 compared to April 2011, and increased by 13 days compared to May 2010.”