After a strong performance in July, Barfoot & Thompson’s sales eased back in August.
Auckland’s largest real estate agency sold 889 residential properties in August, down from 957 in July and unchanged from the 889 it sold in August last year.
The average selling price was slightly weaker too, dropping from $1,100,355 in July to $1,081,032 in August (-$19,323, -1.8%), while the median price was unchanged from July at $950,000, which was just $2500 lower than August last year.
New listings were also steady with 1622 received in August, up a tad from 1605 in July, but up by 11.6% compared to August last year.
That helped keep stock levels high, with the agency having 5873 properties available for sale at the end of August, down by 3.3% compared to July but up by 13.8% compared to August last year.
August’s stock level was the highest it has been for the month of August since 2008.
The high level of stock for sale, and the influx of fresh listings onto the market, should ensure that buyers will continue to have plenty of choice as we head into spring.
That is also good news for vendors, provided they are realistic in their price expectations.
“The Auckland market is trading well for vendors who are pricing their property in line with current market conditions as there is strong demand from buyers at current prices,” Barfoot & Thompson Managing Director Peter Thompson said.
“Vendors holding out for prices to lift are missing out,” he said.
A notable feature of Barfoot’s sales in August was the number of properties that sold for under $1 million.
“They made up 56% of all sales in August and this highlights the growing attraction of lower cost townhouses and apartments – three years ago sales in this price category made up 41% of sales,” Thompson said.
Conversely, sales of property over $2 million were at their lowest level in five months.
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