Barfoot & Thompson’s sales volumes were subdued in July but prices remained largely stable for Auckland’s largest real estate agency.
Barfoot sold 830 residential properties in July, down 8% from the 903 it sold in June, but 11% ahead of the 747 it sold in July last year.
It’s the second lowest number of sales for the agency in the month of July since 2011, reflecting the generally quiet market conditions prevailing this winter.
The median price of all the homes the agency sold in July was $810,000, exactly the same as it was in June and in July last year.
The average sales price was $912,487, which was down slightly from June’s $928,842, but slightly up on the July 2017 average of $908,319.
Generally Barfoot’s median and average prices have remained within a narrow band over the last 12 months, with small monthly movements either up and down, suggesting prices overall have remained largely stable during that period.
However something to keep an eye on as the market heads towards spring are new listings and inventory levels.
Barfoot listed 1057 additional properties for sale in July, which was the lowest it has been in the month of July since 2011.
At the same time the agency’s inventory – the total number of properties it has available for sale – was 4115, the highest it has been for the month of July since 2011.
That suggests buyers still have plenty to choose from, even with the decline in new listings, which could give them an advantage when negotiating with vendors.
“July is traditionally when prices reach their low point for the calendar year, and with sales numbers holding up the signs are there that not only is the market weathering winter well, it is setting itself up to be active in the coming spring,” Barfoot & Thompson Managing Director Peter Thompson said.
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