The median house price for Timaru rose in December to $215,000, compared to $205,000 in October 2010. We did see a few more sales in the top end, however 80% of sales were under the $300,000 mark. 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 rose in December to 47 houses sold compared to 38 in November 2010 and 40 in December 2009.
This is the first month since July 2010 to break 40 sales. For the year Jan – Dec 2010 we averaged 39.5 sales per month. To put this figure into perspective, the average number of sales per month for the previous 15 years (Jan 95 – Dec 09) was 62 sales.
The median days to sell fell from 82 days in November to 72 in November. This fall probably correlates with the rise in buyers activity over December. We estimate there currently 369 houses for sale in the Timaru residential market. Based on the averages number of sales per month for 2010 (39.5) this means there is approximately 9 months supply of stock available.
Last month we asked this question… “will the rising stock levels put further downward pressure on stock levels or will it encourage buyers to start buying with some better choice in the market?”
It appears thatsome fresh well priced stock has helped increase the buyer activity. Our question now is if this increase in volume will continue into 2011 or was it just a pre Christmas rush?
Only time will tell, however we feel that the volume of sales will slowly increase over 2011 to more normal levels as buyers and sellers become more comfortable with the economic recovery.
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