Sales were flat but selling prices took a tumble at Auckland's largest real estate agency in July.
Barfoot & Thompson sold 727 residential properties in July, little changed form the 711 it sold in June and 723 in May. However, that is up 19% from July last year.
The number of new listings the agency has been receiving has also been flat over the last three months, with 1213 new listings in July, 1266 in June and 1262 in May.
Total stock available for sale has declined steadily for five consecutive months, down to 4076 in July from 4873 in February.
The big mover in July was price, with the median selling price shedding $45,000 to $950,000, after remaining unchanged at $995,000 for the previous three months.
That is the lowest the median price has been since September 2020, and is now down $290,000 (-23%) since it peaked in November 2021.
The average selling price declined by $30,826 to $1,067,070 in July, putting it at its lowest point since November 2020.
Barfoot's average selling price has now declined for four consecutive months.
The latest figures suggest the market has settled at a relatively low level, with July's sales down 17% compared to their pre-Covid level in July 2019, while price continues to be a major factor in determining a sale.
Barfoot & Thompson Managing Director Peter Thompson said it was unlikely there would by any large movement in prices as the market moved out of winter and into the election period.
"For the third month in a row sales have hit 700 and prices have remained stable, indicating the market has found a natural plateau and we can expect an uplift in activity as we approach spring," Thompson said.
"Our teams across the city are reporting a significant increase in enquiries from potential vendors as we look towards spring.
The interactive charts below track the monthly movements in Barfoot & Thompson's sales, selling prices and new listings.
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