Feb 2013 Nelson Property Home Sales Update

March 14th, 2013

The Real Estate Institute of NZ (REINZ) has released the sales statistics covering Feb 2013.

Although the region saw a median of 334, 500 Nelson City was stated as 338, 750. (by my calcs 340,000)

Their monthly commentary was headed “Late Summer Surge for Real Estate Market In February” and this was reflected in a new record for the Stratified Housing Price Index, as it reached a new record high of 3,544.9 .

In discussing the “Days To Sell” statistic, the institute noted that all regions, with the exception of Northland, Nelson/Marlborough and Southland, saw an improvement in the number of days to sell between February 2012 and February 2013.  Regarding local “Days to Sell”  the institutes local representative commented;

The number of days to sell remained steady at 40 days compared to January and eased by three days compared to February 2012. Over the past 10 years the median number of days to sell in February across the region has been 43 days.

Though as you can see by the chart above there are some differences.

The REINZ Chief Executive, Helen O’Sullivan commented that “the Nelson market has become more challenging with vendors sticking to price expectations and buyers generally being prepared to wait. Buyers remain active in the market and a continuing shortage of listings further complicates the picture.”

The local spokesperson also mentioned “The median price trend continues to improve, although the volume and days to sell trends remain sideways. The overall trend for the region continues to improve, albeit modestly.”