Auckland's largest real estate agency Barfoot & Thompson had a reasonably strong finish to the summer selling season.
The agency sold 1180 residential properties in March, which was down by 36% compared to March last year.
However the sales levels in March last year were exceptionally high and leaving those aside, March sales this year were the highest they have been for the month of March since 2016.
Average and median selling prices remained below last year's peaks but have not shown a dramatic slide.
Barfoot's average selling prices in March was $1,234,572, up $38,000 from $1,196,036 in February, but down just over $44,000 from the peak of $1,278,647 set in December 2021.
The median March selling price was $1,180,000, up from $1,122,500 in February, but down $60,000 from the peak of $1,240,000 set in November last year.
Overall, prices appear to be flattening after coming down from the highs achieved at the beginning of summer. Barfoot's latest figures also suggest buyers will be finding more homes on the market to choose from.
The agency had 1994 new listing in March, which apart from last year was the highest number of new listings it has received in the month of March since 2015.
At the end of March Barfoots had a total 4816 residential properties available for sale, the highest number in any month since March 2019.
Barfoot & Thompson Managing Director Peter Thompson said predictions of price falls were a little premature, but was cautious on where prices might be headed.
"While the sales prices in March are the third highest on record, too much should not be read into one month's trading and the dominant sentiment around where prices are heading remains uncertain," he said.
"Overall, the rate at which prices are increasing is declining."
"Buyers are being more cautious than at the end of 2021 and vendors are trimming back price expectations that were based on the prices that were being achieved at year end.
"The most significant shift in March was the growth in the number of listings at month's end."
"With 1994 new listings in March, the month end listings reached 4816, the highest number we have had on our books in nearly three years," Thompson said.
"This level of listings will ensure that buyers will not only have a good amount of choice, but it will also give them additional time to make measured decisions."
"It also means vendors who are prepared to be flexible as to the price they will accept will create the opportunity to reach an agreement on price," said Thompson.
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