Barfoot & Thompson's selling prices rose slightly in October even as the number of sales dropped away

There were mixed signals in the sales results of Auckland's largest real estate agency in October, with selling prices up but sales volumes down.

Barfoot & Thompson sold 696 residential properties in October, down from 768 in September (-9.4%) and down by -25.2% compared to the 930 properties sold in October last year.

October's sales were also the lowest for the month of October since 2022.

Selling prices on other hand, were slightly improved.

Barfoot's average residential selling price $1,093,379 in October, up by $18,514 (+1.7%) compared to September and up by $14,349 (+1.3%) compared to October last year.

The agency's median selling price was $967,500 in October, up by $27,500 (+2.9%) compared to September and up by $17,500 (+1.8%) compared to October last year.

The picture on new listings was also mixed, with the agency receiving 1845 new residential listings in October, up by +4.3% compared to September and up by +14.9% compared to October last year.

The total stock of residential properties for sale on Barfoot's books remains extremely elevated at 6508 at the end of October, which was up +4.9% compared to September and up +8.0% compared to October last year.

The number of homes Barfoot's has for sale at the end of each month has almost doubled since 2015 and was at its highest level in 18 years at the end of October.

"Prices had a mini rally in October in spite of the level of property sales being at its highest for nearly two decades," Barfoot & Thompson Managing Director Peter Thompson said.

"These modest price gains were made in the face of sales for the month of 696, one of the lower number of sales in a month this year," Thompson said.

"Buyers are currently presented with an exceptionally high level of choice across all price segments," he said.