The median house price for Timaru rose in October to $235,000, compared to $207,500 in September 2010. This large jump is mainly due to increased activity at the higher end of our market. Please note that because of the relatively small size of our market, our median tends to fluctuate substantially. Therefore the long-term trend line tends to be a more helpful indication of what prices are doing.
The volume of house sales in Timaru remained low again in October with just 37 houses sold compared to 63 in October 2009. House sales for the year to date have averaged 39 per month. To put this figure into perspective, the average number of sales per month for the previous 15 years (Jan 95 – Dec 09) is 62 sales.
The median days to sell rose again from 116 in September to 123 days in October. However, several of the property sales in October had been on the market for over 12 months. There are currently 364 houses available for sale in the Timaru residential market. This is a slight drop from last month, but effectively the stock levels appear to be remaining stable.
Yet another month of sub-40 house sales for Timaru. How long will this last? Our guess is not too much longer. We had a record October for property under contract since 2005. It will be interesting to see if this translates into a jump in unconditional sales across the market in November – or was it just our office having a fantastic run? Time will tell, but either way, we are short of quality listings and have good buyers waiting to buy now. Maybe the tide is turning.
You can download a pdf version of this report here.