Asking price eases slightly as listings drop

November saw national asking price ease slightly, but it is stillsitting at the second highest average in NZ history. Asking price in the Waikato region has reached anall time high. The number of homes for sale has recovered slightly, while the number of new listingsentering the market has dropped, after a strong October across the country.

Data released today by Realestate.co.nz in the NZ Property Report, reports that trends are continuingon par with activity across the year. We enter the festive season with the overall market firmly pointed in favour of sellers across the majority of New Zealand.

​Average national asking price remains high, rising 7% to $463,142 from this time last year and is downby just 0.6% from the record set last month. This slight drop in asking price can be attributed to largeasking price decreases in the Coromandel and Hawkes Bay region and then several smaller price decreases in the major regions of Auckland, Wellington and Canterbury.

​Much of the country experienced asking price increases, however, with Waikato’s new asking price record set at an average of $389,886 – a 2.7% increase from the previous month. Gisborne and theWest Coast regions saw asking price average rise by over 10% compared to the previous month, withincreases of 10% and 12.8% respectively. “Asking prices have remained high with most of the countryat or near the record asking prices seen last month”, said Realestate.co.nz Acting CEO, Phillip Dunn.

Inventory across the country has continued its recent recovery and now sit at 25 weeks of stock when measured against the current rate of sale. This recovery, though positive, is still a long way down onthe long-term average of 38 weeks.

Listings results this month conflict with trends from the past three years. Historically, Realestate.co.nzdata has reported higher listings in November compared with October. Nationally, November 2013 data reports that new listings have fallen 2% from the same time last year, and are down 5% from lastmonth. A total of 13,311 new listings came onto the market during November. Dunn says this figurewasn’t unexpected. “This isn’t surprising considering the strong numbers we saw in October”.

“We expect to see a further drop in listings during the traditional seasonal lull over the upcomingDecember – January 13/14 period,” said Dunn. “History shows listing numbers will begin to increaseagain come late January / early February.”