ERGO Graphs and Stats documented below are based on data received at the time of publication from internet marketed residential property sold by licensed Real Estate sales persons within Post Codes 4310, 4312, 4314. Due to the nature of the market new data is continually sourced and this information will be incorporated in our next publication.
New Plymouth Market August 2017
August 2017 has shown a complete change of numbers from the month previous, listings up, sales volume down, median price up, which shows the volatility in the local market.
A pleasing change is the increase in the listing numbers and resulting increase in stock levels, with 214 properties available at this moment. Some of this increase can be attributed to the decline in sales in recent weeks. Less sales with an increase in listings will naturally drive up stock levels.
In the last 30 days 50% of the new listings have been in the under $400,000 price brand, with sales for August in this band being 40% lower than what we have seen in recent months. The majority of sales activity was in the $400,000 to $600,000 price band. In the next 60 days, we will see if the increase in the under $400,000 listings generates sales activity for this group. With the recent increase in sales activity in the $400,000 plus band this has caused the median price for the month of August to jump up $80,000 form what was recorded in July. If the increased listing in the sub $400,000 properties are cleared in the next 60 days, this will likely cause the median price to fall.
The median time to sell is still around 30 days, which has been the trend since the beginning of the year. Reviewing 2016 data for July and August the median time to sell was 20 days.
In summary, the local market as stated previously is volatile.
Keep up to date with Loren on email@example.com for regular & relevant data & stats.