Barfoot & Thompson’s sales healthy in September but stock levels still high and price signals mixed

Auckland’s largest real estate agency had a respectable lift in sales to mark the start of spring.

Barfoot & Thompson sold 1032 residential properties in September, up 16% compared to August and up 5% compared to September last year.

That was the highest number of sales that Barfoots has had in the month of September since 2020.

Price signals were mixed.

The agency’s average selling price was $1,089,686 in September, up by $8654 (0.8%) compared to August but still down by $10,669 compared to July and down by $41,149 compared to June.

The median price continued its downward trend in September, coming in at $930,000 for the month, down $20,000 compared to both July and August and down by $51,500 since March.

September’s median price was the lowest for that month since 2020.

The agency also received a spring boost in new listings with 1781 properties added to its books In September, up 10% compared to August and up 14% compared to September last year.

That was the most new listings Barfoots has received in the month of September since 2020.

The agency’s total stock of homes for sale declined for the second month in a row to 5775 , however that was still 15% higher than September last and was the highest level of stock the agency has had on its books at the end of September since 2008, putting stock levels at a 17 year high, which means buyers still have plenty of choice.

“It was a great start to the spring buying season,” Barfoot & Thompson Managing Director Peter Thompson said.

“Buyers were committed and there was a general feeling that now was the time to act before prices started to increase,” he said.

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