Barfoot & Thompson's June stock levels hit a 17 year high last month giving buyers plenty of choice

There were mixed messages in Barfoot & Thompson's sales results for June, with sales numbers declining compared to May but selling prices showing a reasonable increase.

The agency, which is the largest in the Auckland residential property market, sold 876 residential properties in June, down from 1072 (-18%) in May, but up by 29% compared to June last year.

Last month's sales were also the strongest they have been for the month of June since 2021.

Selling prices were also firmer, with the agency's average selling price increasing from $1,085,751 in May to $1,130,835 in June, up by $45,084 (4%) for the month, but still down by $105,501 (-9%) compared to June last year.

The median selling price increased by $53,000 (6%) from $928,000 in May to $981,500 in June, but remained down by $38,500 (-4%) compared to June last year.

Overall that was a reasonable result for the agency for the time of year.

However stock levels remain high, with Barfoots having 5831 residential properties available for sale at the end of June.

That was down by 4% compared to May, but was still the highest level of stock for sale for the month of June since 2008.

That puts the agency's stock levels at a 17 year high, which means buyers are still spoiled for choice.

It is significant that the latest stock levels remained high in spite of the lift in sales numbers and a reduction in new listings, which declined from 1855 in May to 1405 in June (-24%) and were down by 7% compared to June last year.

"June is normally a month when sales activity starts to tail off with the approach of winter, but this June was a strong sales month," Barfoot & Thompson Director Stephen Barfoot said.

"The market may be drifting in terms of prices, but when it comes to turnover it is stronger now than is has been since sales and prices peaked in 2021," he said.

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