Auckland's largest real estate agency had a reasonable month for sales in July, but selling prices were slightly weaker and stock levels remain high.
Barfoot & Thompson sold 957 residential properties in July, up from 902 in July last year and it was the highest number of sales the agency has had in the month of July since 2021.
It was also the third highest month for sales so far this year, behind only May which had 1072 sales and March with 1213, so not a bad result for the middle of winter.
Selling prices were a touch softer, with an average of $1,100,355 in July, down from $1,130,835 in June and $1,127,639 in July last year.
The median selling price showed a similar trend, dropping from $981,500 in June to $950,000 in July, compared to $970,000 in July last year.
However the price movements were fairly small and suggest the overall trend is for prices to remain relatively flat, perhaps with a slight bias towards being just a bit softer.
Stock levels remain high, with Barfoot's receiving 1605 new listings in July, which was the highest number of new listings the agency has received in the month of July since 2015.
That pushed the total residential stock the agency had available for sale at the end of July to 6074, which was the highest level of stock the agency has had available for sale in the month of July since 2008, putting stock at a 17 year high.
Barfoots had almost as many properties for sale in July as it did in the peak selling month of March this year (6268),
Overall, the numbers suggest little change in the Auckland market in July, with sales taking place where vendors are realistic on price and high stock levels giving buyers plenty of choice and keeping a lid on price growth in spite of low mortgage interest rates.
"From the city to the suburbs to the countryside, the market continues to offer lots of opportunity for vendors and purchasers with realistic price expectations," Barfoot & Thompson Managing Director Peter Thompson said.
Barfoot Auckland
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7 Comments
Stock levels still up, prices softer, but transactions up. Capitulation....?
And not a rebuttal in sight. That must be a sign of agreement.
A different quartile of buyers is a likely reason for lower average price
Quite right old chap, any decent bloke is offshore during NZs horrid winter.
Best sales in 4 years.. but biggest book in 17
prices fell during better sales numbers.... capitulation baby is starting
if 6144 does not hold on S&P500 life is going to get interesting real fast
Well quite a few people that I know are offshore on winter escapes, they'd be pleased that you describe them thus.
As for the likes of us we endure the gloom. Although its not bad
its actually quite dry for August, ground could dry out quickly from here....
Realism
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