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 February 2018
Reviewing numbers for February, the big change has been in the number of new listings that have come to the market in the last couple of weeks. The month of February started with 175 properties marketed and closed with 248.
The other noticeable aspect has been the 60 new listings in the last 2 weeks. We would need to go back many years to see such a rapid increase as this. Looking into the price range of where these have come from, 50% are in the under $400,000 price range. In the $400,000 – $500,00 price range, 15 new properties have come to market and with the remainder being in the $500,000 to $1,200,000.
Looking into the makeup of the current properties available, 55% of the market are for properties with a price expectation of under $400,000. Reviewing the recent sales data shows approximately 40% of sales are for properties under the $400,000. This demonstrates that this area of the market is still quite active.
Reviewing the various areas in New Plymouth where properties are listed, we find that there are twice as many listings in postcode 4310 than there are in the remainder of New Plymouth, which demonstrates previous trends that the western side of the city has a greater amount of activity then the eastern side. Reviewing sales by postcode since the beginning of the year shows exactly the same trend, with 60% of sales in the west and remainder in the east.
Looking at the current list of properties available, vendors expectation of price, 50% of the properties are advertised at $30,000 or more above the rating value.
The other aspect of why the improvement in the numbers is there has been a decline in the number of withdrawn properties in the last 2 months compared with withdrawals at the end of 2017.
Time taken to sell a property is showing a return to what was the previous norm of 24 days. There has been continual improvement taken in the time to sell since July’s peak of 40 days.
It will certainly be interesting to see what the rest of 2018 brings.
Keep up to date with Loren on firstname.lastname@example.org for regular & relevant data & stats.