Barfoot & Thompson had its best month ever in March, with sales volumes and selling prices both setting new records.
Auckland's biggest real estate agency sold 1844 residential properties in March, the highest number of sales it has ever made in a single month.
March sales were up 64% compared to February, and up 68% compared to March last year. However, sales in March 2020 were affected by the country going into Level 4 lockdown towards the end of the month.
Prices also broke all previous records, with the average selling price hitting $1,107,869 in March, an increase of $32,461 (+3.0%) compared to February, and up by $114,341 (+11.5%) compared to March last year.
Barfoot's average selling price has been above $1 million since October last year.
The agency's median selling price increased to $1,048,000 in March, an increase of $38,000 (+3.8%) compared to February, and up $123,000 (+13.3%) compared to March last year (see the chart below for the monthly price trends).
New listings were also at their highest level for the month of March in 15 years, with the agency signing up 2138 new listings in March compared to 1941 in February and 1763 in March last year
However, the agency's total stock of homes available for sale dropped to 3394 in March from 3416 in February, and was at its lowest level for the month of March since 2016.
That suggests the supply of homes for sale in Auckland remains tight.
"In terms of both prices paid and the number of homes sold, this March was the strongest trading month in the company's history," Barfoot & Thompson Managing Director Peter Thompson said.
"Contributing to the extraordinary sales numbers during the month were 2138 new listings - the highest number of new listings in the month of March for 15 years and about a quarter higher than we would normally list at this time of year."
"Based on sales numbers, the reintroduction of LVR [restrictions] appears to have had limited impact," he said.
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