Auckland's largest real estate agency has recorded its lowest level of March residential sales since the Global Financial Crisis.
Barfoot & Thompson sold just 765 residential properties in March, down by 35% compared to March last year and down 59% compared to March 2021.
March is traditionally the busiest month of the year for residential property sales, but Barfoot's sales this year were down around the levels usually seen in the middle of winter.
The 765 properties sold this year was the lowest number of sales the agency has recorded in March since 2008 when the GFC was getting underway.
The total stock of homes the agency had for sale at the end of March was relatively stable at 4751, down from 4873 at the end of February and slightly down from 4816 at the end of March last year.
However, new listings received during March were up at 1460 compared to 1309 in February, and with sales at such a low level that could push up stock levels further.
Selling prices appeared stable, with an average selling price of $1,102,933 in March compared to $1,101,980 in February, although the March price was down by $131,639 (-10.7%) compared to March last year.
The median selling price was $1,025,000 in March, up by $2000 compared to February but down by $155,000 (-13.1%) compared to March last year.
Barfoot & Thompson Managing Director Peter Thompson said buyers were starting to return to the market.
"Buyer confidence lifted and in the month we sold 765 homes," he said.
"While this is well down on the number of sales we normally make in March, sales were up 86.6% on those in February, and the highest number of sales we have made in a month since May last year.
"The median price in March at $1,025,000 and the average price at $1,102,933 for the month were on a par with the prices paid in February and both figures have shown stability over the past three months.
"Based on these figures, there is greater reason to believe from a price perspective the market has plateaued rather than continuing to fall," he said.
Barfoot Auckland
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