April 11th, 2013
This afternoon March 2013 Sales figures have come out. According to the Real Estate Institute of NZs local representative, as far as the Nelson market was concerned;
The median price across the region rose by $13,500 (+4.1%) compared to March 2012, with prices in Richmond and Motueka rising the fastest. Compared to February the median price increased by $9,500 (+2.8%) with prices falling in Motueka but stable in Richmond.
Sales volume compared to February was 22% higher with notable increases in Richmond and Motueka. Compared to March 2012 sales volumes increased by almost 10% with sales in Richmond up 76% and up 15.4% in Nelson City.
The number of days to sell remained steady at 40 days compared to February and eased by five days compared to March 2012. Over the past 10 years the median number of days to sell in February across the region has been 38 days.
REINZ Chief Executive, Helen O’Sullivan commented that “the Nelson market continues to suffer from a shortage of listings with buyer demand outstripping the supply of listings. Despite that first home buyers are active in the market along with some investors looking to buy while interest rates remain low.”
The median price trend continues to improve, although the volume and days to sell trends remain sideways. The overall trend for the region has now eased to sideways.
I’ll report fully in the next few days, its getting busy again.