The housing market shifted down a cog from top gear in February to neutral in March, according to property website Realestate.co.nz.
"Sellers have put their foot on the brakes," Realestate.co.nz said in its March report.
"After gaining momentum in February, the property market sat idle in March," it said.
The website received 12,055 new listings in March. That's down slightly (-1.6%) from the 12,252 it received in February, and also also barely changed (+0.2%) from the 12,029 new listings it received in March last year.
Yet despite new listings remaining flat in March, the total number of properties available for sale on the website was at its highest level in 11 years.
Realestate.co.nz had 37,638 residential properties available for sale at the end of March, up 3.5% compared to the end of February. That means the total amount of stock available for sale on the website is at its highest level since March 2015.
This suggests the so-called buyer's market has remained firmly in place throughout the summer sales period, with February and March traditionally being the busiest months of the year for residential real estate.
Vendors may be starting to feel the sting of the buyer's whip, with the average asking price on Realestate.co.nz dropping to $887,162 in March from $898,677 in February, a decline of $11,515 for the month.
The biggest decline in average asking price for the month was in the Central North Island, including Taupo, where the average asking price declined by $82,078 for the month, followed by Bay of Plenty down $64,863 and Southland down $54,991.
The only regions where average asking prices increased in March from February were Northland, Coromandel, Hawke's Bay, West Coast and Central Otago/Lakes.
However, while vendors may be finding conditions more challenging, the current market could provide opportunities for buyers.
"We may have seen sellers hit pause on listings last month, but for buyers searching for the perfect property it is still a good time to be looking, with lots of options on the market," Realestate.co.nz spokesperson Vanessa Williams said.
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