Last Tuesday we received the April house sales data from the Real Estate Institute of NZ, who reported that “Our seasonally adjusted results tell us that, compared to what we expect when moving from March to April, the observed small decrease in median price was less than expected, and the observed huge decrease in sales count was more than expected.”
Days to sell: In April the average number of days taken to sell a house was 41 days, well above the 10 year average for April which is 34 days.
What about prices: The median level remained exactly the same at $850,000, no change from April 2018, and down 0.9% from March 2019. This may be the city’s new normal.
Regarding sales levels: The Auckland sales count for April 2019 was down 16.3% from April 2018, and a huge drop of 21.9% from March 2019.
Falling sales levels mean falling revenue for real estate agents and inevitably salespeople will leave the sector. Those who stick through the lean patches will be the ones to deal with when things pick up again as they’ll know the market really well and will have great insight to offer.