Auckland's housing market is starting to slow as it heads towards winter, with Barfoot & Thompson's sales taking a seasonal dip and prices easing back as well.
The agency, which is the biggest in the Auckland market, sold 731 residential properties in April, down from 1064 in March, which is traditionally the busiest month of the year, but up from the 664 it sold in April last year.
With the exception of April last year, Barfoots sold fewer homes last month than in any April since 2011.
Prices also eased slightly, with the median dropping from $860,000 in March to $830,000 in April, which was also below the April 2017 median of $850,000 and significantly below the record high of $900,000 set in March last year.
The agency's average selling price was $930,223, down just a tad from $931,292 in March and below the record high of $968,570 set in March last year, but up on the April 2017 average of $917,079.
New listings and inventory (the total number of homes the agency has available for sale) also dropped compared to March but were running ahead of the levels in March last year.
Barfoots signed up 1358 new listings in April, down from 1689 in March and up from 1292 in April last year.
The agency had a total of 4678 homes available for sale at the end of April, down from 4814 at the end of March but still high compared to previous years.
Inventory was the highest it has been for the month of April since 2011, suggesting buyers still have plenty of choice, and with prices being flat at best, vendors will need to be realistic in their price expectations to achieve a sale as we head towards winter.
"While there is no suggestion that prices are poised to start their upward climb, with prices no longer declining in comparison to 2017, the point has been reached where a further decline is the least likely future outcome," Barfoot & Thompson Managing Director Peter Thompson said.