The number of homes being listed for sale on Realestate.co.nz is well down on a year ago and there are big regional variations in asking price trends.
There were 8144 homes newly listed for sale on the specialist property website in January, down 14.6% compared to January last year, while the average asking price was $542,514 which was up 3.7% compared to December but still below its peak of $568,215 set in August.
The Auckland market appears to be subdued compared to the rest of the country with the number of new listings in January down 18.4% compared to a year earlier, with the region's average asking price dropping to $828,629 which was down 2.3% compared to December.
Around the rest of the country vendors appeared more optimistic, with eight regions posting record high asking prices.
Central Otago had the highest average asking price in the country with an all time high of $861,723, although the number of homes newly listed for sale in the region in January was down 35% compared to a year earlier.
Other regions to post record high average asking prices were Bay of Plenty $501,961, Waikato $440,784, Taranaki $373,668, Wellington $489,029, Canterbury $483,233, Coromandel $574,271 and Southland $276,924.
Most regions experienced a significant decline in the number of new listings in January compared to a year ago.
Realestate.co.nz chief executive Brendon Skipper said inventory levels (the total numbers of homes listed for sale on the website divided by the average number of weeks it takes to achieve a sale) was at an all time low of 14.7 weeks in January, compared to the long term average of 34 weeks (see chart below).
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