May 13th, 2013
The Real Estate Institute of NZ (REINZ) has just released consolidated sales figures for properties sold NZ wide in April 2013.
Although the Nelson/Marlborough region saw a drop in median price to $339, 000 from last months $350,000, part of that could have been attributed to the large amount of new listings coming to market, offering buyers much more choice than usual.
As I mentioned, anecdotally wise, in last months review…
“local conveyancers report (ed) this week that March was busy, and 2 mentioned it still seemed to be the same for the start of April.”
So it was with Nelson recording 105 property sales in April, matching March 2013s number exactly.
In the Institutes regional commentary;
Sales volume compared to April 2012 was 34% higher with an almost doubling of sales in Nelson City and strong increases in Richmond and Motueka. Compared to March sales volumes fell by 14% with sales flat in Nelson City, but falling elsewhere across the region.
The number of days to sell improved by five days compared to March, from 40 days in March to 35 days in April. Compared to April 2012 the number of days to sell improved by eight days. Over the past 10 years the median number of days to sell in April across the region has been 40 days.
In comparision to the above informations, DOM (Days on Market) for Nelson City dropped 2 days as an average from 32 to 30 days.
However the standout takeout from this months charts is that Nelson sold twice as much (105 Vs 55) properties in April 2013 as it did in April 2012.
By itself its an interesting figure, and not too much to worry about….more worrying for home buyers is the headline of Tony Alexanders latest 13th May 2013 BNZ-REINZ Residential Market Survey…
Lots of buyers, fewer vendors.
Many in Real Estate have seen this before.
And that friends, that was the month that was, April 2013.
May 13 2013 | Buyers and Nelson and New Zealand and Sellers and Stats / Sales Data and The Market | No Comments »
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.
April 11 2013 | Buyers and General and Nelson and New Zealand and Sellers and Stats / Sales Data | No Comments »
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.”
March 14 2013 | Buyers and Nelson and New Zealand and Sellers and Stats / Sales Data and The Market | No Comments »
Feb 14th, 2013
The Real Estate Institute of NZ, REINZ, released their NZ wide sold (residential selling prices that is) figures a few days ago.
And the chart shows itself thus…. (like usual click on chart for higher res version)
Interesting factoid of the month was the extra activity in the 4 bedroom market, surprising….well in a Nelson way that is, that out of the 8 properties sold, only 2 had their prices published. The other 6 had either PBN, by negotiation or otherwise. Interestingly Tony Alexanders survey of NZ agents will be out in the next few days…..and it will make interesting reading from a Nelson perspective. Anecdotal evidence would seem to hint that even experienced Nelson agents are struggling a bit when it comes to pricing larger family homes ( as in 4 /5 / 6 bedrooms plus) , and are really “leaving it to the market to decide the selling price.”
The report also mentions;
4,933 houses sold in January 2013, an increase of 21% on January 2012 …… and that the National median house price is up 4.2% compared to January 2012, but eases 4.9% from December 2012
…. so in a word balanced I’d say, especially considering to all intents and purposes, it was a holiday month in NZ, and in Nelson a very sunny one at that. When talking about New Zealand wide housing prices for the month, the Institute reported;
The national median house price is up 4.2% compared to January 2012, while the Auckland median price is up 8.1% compared to January 2012. The Canterbury/ Westland median rose 5.8% and Nelson/Marlborough 4.6%.
…. and just to make sure we got back in the top 3 a second time….they brought this figure up…
For the month of January, Canterbury/Westland recorded the shortest days to sell at 31 days, followed by Auckland with 33 days and Nelson/Marlborough with 40 days.
So is it time to arrive in Nelson and get that property at a 5 – 10 % discount to market?
Factor this one from REINZ in first ….
Over the past 10 years the median days to sell for the month of January has averaged 44 days across New Zealand.
Nelson was 40 days in Jan 2013…..I’ll let you do the maths …. plus I’ll let you ponder the thought “… perhaps there is a reason why that’s the case?”
Anecdotal wise…..well if last night was any pointer…..hmmm…..
Two agents just from our office in Stoke
had individual talked about offers on separately just listed properties, but in correct fashion, the listing agents have insisted, obviously after consultation with their vendors, to have all offers presented next Monday night (ie; after the heavily advertised first Open Home) - would be interesting to see how those first any offers stack up, that’s for sure? (And just to answer the commentators who email me about “mentioning the specifics” … I will here for the first time let you know which properties I am referring to – this one here http://www.summit.co.nz/RR32042 and this other one right here http://www.summit.co.nz/SR32045 )
With a team of over 30 hungry agents just in Nelson – Stoke – Richmond …. you tell me that wasn’t the right decision for the individual property owners interests?
DATA – www.qv.co.nz
Hmmm… seems I’m not the only one?
Quotable Value (“QVNZ”) shows the Nelson real estate market’s SOLD properties on just a gentle “uphill tick” ….. with the passing lane being occupied by the fast ones from Auckland and Christchurch …. actually – just exactly how we like it … nothing too radical there.
Although they’re reporting that….
With the increase in nationwide values no longer solely being driven by Auckland and Canterbury, the increase in values for most parts of the country signals an increase in confidence as well.
…..won’t win any short term fans in the interest rate department.
NZs largest auction site, Trademe, quips in around about here too….
Chart – www.trademe.co.nz
…and shows a bit more nationwide info from their data partner - Quotable Value New Zealand. Keen property observers will notice the “Average Value” propositions for NZ and where Nelson sits in that matrix. Interesting stuff. If you want a hand to interpret it – hey – you know what to do – pick up the phone.
Nelson is fortunate in that our sales figures aren’t really singled out in the overall picture side of things, but this month the following reference …..
REINZ Stratified Median Housing Price Index
The REINZ Housing Price Index eased 1.0% in January compared with December to sit at 3,488.1. Wellington rose 1.1% in January, while Auckland fell 2.1% and Christchurch 4.4%. For the 12 months to January, the Auckland Index rose 11.8% and the Christchurch Index rose 9.9% compared to the National Index increase of 7.2%. Outside of the main centres, the Other South Island Index was the next strongest with an increase of 3.9% for the 12 months to January 2013.
….does sure hint that even in the Mainland….that last sentence above…..hints that a change could be in the air.
February 14 2013 | Buyers and General and Nelson and New Zealand and Sellers and Stats / Sales Data and The Market | No Comments »
Jan 10th, 2013
Whew….that’s another year of figures over!
and that’s folks is…how 2012 finishes.
And that is how 2012 finished up folks. More in the following days, but a heads up if you are an interested party….a buyer/potential buyer of Nelson property who has been following my monthly updates for the last 4 years (over 880 articles posted) , you may think you’ve spotted a developing trend…..in fact an accelerating one if 2012 is anything to take favour from.
Strange? No, and not really if you’ve been reading here regular like…..you’d completely understand why.
Must take out one thing so far thou…..check out the days to sell for 2 bedroom units….amazing! Who says the days of investment property are over? Unfortunately that probably is short term as I suspect its got just a tad to do with interest rates, and after press comments this week….it looks like someone wants to put the “brakes” on this activity.
One could suggest that Nelson offers folks a totally proven investment strategy in the lower end, even if you are only just looking at a totally manageable basic 2 bedroom investment…..but then I’d be offering an opinion….and I committed to you a few months back I’d be holding back in the future from doing so….so therefore I won’t be.
January 10 2013 | Buyers and General and Nelson and New Zealand and Sellers and Stats / Sales Data and The Market | No Comments »