by The Landlord
Barfoot and Thompson said turnover was up significantly, prices were at all-time highs and the number of available listings dropped significantly.
Managing director Peter Thompson said it was the busiest December in the past 10 years. Even though it is the shortest selling month of the year, 1050 properties were sold – the agency’s fourth highest monthly total for 2014.
There were 28.5% more sales last month than in the same month in 2013.
The average sales price in December 2014 was $758,891, $1982 higher than November’s average price.
The median price increased to $720,000, which was $28,500 or 4.1% higher than November’s, and the first time the median price has moved above $700,000.
“At the same time the number of properties on our books at the end of December was 2500, our lowest number for any month end in the past 10 years. For us, this represents less than two months’ stock, and indicates that in the first quarter of this year, buyer choice will remain severely limited," Thompson said.
He said the strong activity in December was a continuation from November and October, when there was a catch-up from a slow September, due to the election.
Prices rose more slowly in 2014 than they did in 2013 – median prices were up 11.1% over the year for Barfoot and Thompson, compared to 12.7% the year before.
In 2014, 29.5% of homes sold for less than $500,000, compared to 38.6% in 2013. Homes worth more than $1 million made up 17.2% of sales last year, compared to 12.4% a year earlier.
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