Sales, selling prices and stock levels were all on the up at Auckland's largest real estate agency in March.
Barfoot & Thompson sold 1213 residential properties last month, which was the most it has sold in the month of March since 2021, when it sold 1844.
The median selling price increased to $970,000 in March, from $930,000 in February and $950,000 in January. However, it remained below the $1 million median where it ended 2024, and was down $80,000 compared to March last year.
The average selling price also increased for the second month in a row, to $1,145,045 in March, but was still down by $41,417 compared to its 2024 year end average of $1,186,462. It was also down $82,450 compared to March last year.
The increase in sales and prices in March was sufficient for the company to proclaim: "The long-anticipated housing market recovery has arrived."
The one challenging figure in the agency's March figures was the very high level of stock for sale on its books.
Barfoots had 6268 residential properties available for sale at the end of March, up 9.2% compared to March last year.
That was the highest number of properties Barfoots has had available for sale in any month of the year since March 2009, putting stock levels at a 16-year high.
"Buyer choice remains at an all time high despite the high sales in March, and we listed 2103 new properties in the month, through a combination of new builds reaching the market and existing properties," the agency said in its March report.
"Although both the median and average prices paid in March were at their highest this year, buyers continued to be cautious, and the prices being paid remain below where they were at this time last year," it said.
However the agency struck an optimistic tone overall in its report.
"Higher sales numbers at modestly higher prices is a positive sign that improved market activity is likely to be sustained over the next few months," it said.
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