Daily Archives: November 14, 2011

October 2011 Nelson Property Home Sales Report

Nov 15th, 2011

Seems to have been an upturn in the figures out last Friday. Nelson got mentioned this way…

Firstly about sales volume…..

Only four markets showed an increase in sales volumes during October, with Taranaki, Wellington, Nelson/Marlborough and Southland all reporting increases.

…and secondly in regards to a lift in prices……(the important note here was that the lift was compared historically to Oct last year…making it more relevant than just last month or the month before)

Compared to October 2010, Southland also recorded the strongest lift in prices (+20.4%), followed by Central Otago Lakes (+9.1%) and Nelson/Marlborough (+7.3%).

So again a stable month I’d say…but interestingly enough the DOM (days on market) stat certainly seems to also have, overall, come down.

REINZ DATA

…click on the above chart to see the “readable version.”

My take on the data for Oct is displayed above…you don’t have look too much further than the breakdown on the chart of Days to Sell to tell you a story. The situation with 5 beds and above was very tainted this month with some high end “reported sales” and that meant that the median in that category was $1,112,500. (My spreadsheet didn’t like that figure?)

However, in spite of the lack of investor buyers, its patently obvious to see from the sales of 3 bedders (orange bar on chart) above, the family buyer has finally realized we are living in the best home buying times of the last 10 years. Sort of follows on from my post a few days ago really.

Mirroring the situation reported by the Department regarding consents, & justified confidence in…..sections sales registered a pitiful 4 in total.

Its also curious to note that North Island regional property (that is – other than Auckland or Wellington) have…..according to REINZ stats last Friday fallen in real terms by 9.7% from the “peak”, whilst South Island regional (keeping in mind this includes a place called Christchurch) was reported, also last Friday by REINZ, as falling by only 3.6 %.

Can I forward, that for once in the past few years, us Mainlanders, have a “documented something” to smile about?

DATA SOURCE – Real Estate Institute of New Zealand (website www.reinz.co.nz)