There was a significant decline in both the number of residential properties sold by Auckland's largest real estate agency in April and in their average and median selling prices.
Barfoot & Thompson sold 688 residential properties in April, down by -18% compared to April last year.
That was also the lowest number of sales made by the agency in the month of April since 2023, however it followed on from an usually high number of sales in March, when 1262 properties were sold, which was the most in the month of March since 2016.
The figures suggest the summer selling season came to an abrupt end in April.
April's prices were also slightly softer compared to March, with the agency's average selling price declining by $45,326 (-3.9%) to $1,131, 246, although that was still up by $20,557 (+1.9%) compared to April last year.
The median selling price was $955,250 in April, down by a more substantial $74,750 (-7.3%) compared to March, but was still up by $21,250 (+2.3%) compared to April last year.
However while sales levels and prices declined in April, new listings and the agency's total stock for sale both remained at very high levels.
Barfoot's received 1744 new residential listings in April, up +10.5% compared to April last year, while the agency had a total of 6356 residential properties for sale at the end of April, up +4.0% compared to April last year.
The number of new listings received was at a 21 year high for the month of April, and the total amount of stock for sale last month was at an 18 year high for the month, so prospective buyers will have plenty of choice heading into winter.
"April is often a difficult month to read clearly and this year is no exception," Barfoot & Thompson Managing Director Peter Thompson said.
"With school holidays, Easter and Anzac Day all falling across the period, activity typically softens from the March peak, making month-on-month comparisons less reliable than long term trends," he said
"With global uncertainty, fuel costs and broader economic pressures still in the background, conditions favour well prepared sellers and well advised buyers," Thompson said.
Barfoot Auckland
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5 Comments
Down, down and down in ponzi town. For the over leveraged specu tax avoiders...thats three downs. As in numerals "3".
The only growth is new listings and unsold listings. If those with greed blindness cant feel the truth arriving, they fully deserve what is unfolding.
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Some smoothed regression lines would be useful, given the lumpiness of the data and the small sample sizes.
The median selling price was $955,250 in April, down by a substantial $74,750 (-7.3%) compared to March,
Ouch, that's hell of a drop
But was still up by $21,250 (+2.3%) compared to April last year
Oh, so it's actually up when compared to the same month, never mind the click bait headline.
And down by $284,750 from its November 2021 peak. There's only so much information you can get in a headline Yvil.
If the current trends continue that will be -300k in no time. Or about ten years of minimum wage after tax assuming no other costs... including food.
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