November 2011 Nelson Property Home Sales Report

Dec 10th, 2011

Like last month, Nelson city saw an uptick in November 2011 with the release of sales data figures by the Real Estate Institute of New Zealand (REINZ) yesterday, Friday.

Overall they said;

The REINZ Housing Price Index rose 1.1% in November compared with October. The REINZ Housing Price Index recorded increases in all markets apart from Other South Island. Compared to November 2010 the REINZ Housing Price Index rose 2.6%, and the Index is now 2.3% below the peak recorded in November 2007

Nelson is included in that “Other South Island.”

So again, just like I reported for Oct 2011 figures, a steady month with the DOM (days on market) stat in a healthy range for our core 2-3-4 bedroom market.

Homes Sold Nov 2011 - Nelson City Zone

REINZ DATA

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

Officially the Institute state that house sale numbers “increased only modestly” but noted

Volumes increased more strongly in Nelson and Richmond, after falling back in October.

They also report that the median price across the region (that’s the whole region, not just the Nelson City figures I quote) eased back by almost 4.0% compared to October but held steady
compared to November 2010.

However mirroring what I’m seeing and hearing happening at street level, they comment;

Anecdotal evidence suggests that buyers in the region remain cautious, although there is increasing interest from buyers coming from other South Island locations.

Although they note “the number of days to sell for Nelson/Marlborough eased by five days to 38 days in November, compared to 33 days in October, and improved by 11 days compared to November 2010”, Nelson City zone actually saw the reverse, down from 33 days in Oct to 28 days in November.

Section sales picked up, with 14 transpiring over November 2011.

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