The signs of weakness are clear - as the downturn is becoming more widespread. 486 suburbs across NZ recorded a fall in prices over the last three months which is double the number of suburbs of the preceding three months. But What we are seeing in the market since its peak in November last year is a slow retreat not a stampede and that fall is not a dramatic as everyone would have you believe.
The results in May sales show vendors are accepting that if they want to sell, they must reappraise their price expectations while buyers are realising that prices are not falling off a cliff face.
Auckland which includes Franklin shows a 2.2% decrease over May 2021 But on closer inspection when we compare it against the last three months, and they are down 1.4 percent and 2 percent lower than the average for the previous three months.
Evidence that buyers prices are edging lower rather than falling rapidly resulted in sales numbers for Auckland for the month reaching 1761, up on April by 140 but down dramatically on May 2021 from 2856 to 1761 – a movement of 1095 or 38.3% year on year.
The combination of solid new listings, modest sales and lower month end listings indicates that some vendors not able to achieve the price they want for their property have delisted rather than lower their asking price. Traditionally this time of the year to see less houses on the market as people wants to wait until spring. But houses sell all year round and wouldn’t you want to face less competition rather than more when you bring your house to the market.
Remember that if you are buying and selling in the same market what your dollar will buy you is reality.
Want to know what all of this means to you – if you are looking to make that move – smaller / larger / sea change then give Victoria a call – she is
the key to next adventure!