Barfoot & Thompson's average and median selling prices both declined in July, while sales volumes were up at the real estate agency, which is Auckland's largest.
The median selling price of residential properties sold by the agency was $800,500 in July. That's down $44,500, or 5.2%, from $845,000 in June, and lower than it was in July 2018 ($810,000), July 2017 (810,000), and July 2016 ($840,000).
Barfoot's median is now barely above $800,000, a figure it has not been below since March 2016.
The average selling price was $919,648 in July, down $20,297, or 2.2%, from $939,945 in June, but up slightly from the July 2018 average of $912,487.
However Barfoot's sales volumes picked up in July with 879 unconditional sales, 93 more than the 786 in June. That's also up 49, or 6%, from 830 in July last year, and up from 747 in July 2017. That gives Barfoot & Thompson its best sales for the month of July since July 2016 when 1034 properties were sold.
"The modest fall in both average and median prices was enough to unlock sales numbers," Barfoot & Thompson Managing Director Peter Thompson said.
"The fall in prices has contributed to a greater number of sales conditional on buyers selling their own property going ahead."
There was also a lift in new listings with the agnecy signing up 1154 newlistings in July, up 14% on July last year and up 9.2% on July last year.
That is unusual because July is usually the lowest Month of the year for new listings apart from December, when listings tail off as the market prepares to virtually shut down over the Christmas-New Year period.
Barfoot's total stock levels were also down at the end of July, with a total of 3864 residential properties available for sale, down 5.4% compared to June and down 6.1% compared to July last year.
That was the first time that Barfoot's total stock has dropped below 4000 since September 2017.
The drop in stock numbers and the fall in prices suggests vendors are getting realistic in their price expectations and are meeting the market to achieve a sale.
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