Prices on hold as listings fall

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Auckland's biggest real estate agency says prices are holding firm but there is a shortage of listings going into 2016.

Wednesday, January 6th 2016, 12:00AM

by The Landlord

Barfoot & Thompson reported an average sales price in December of $869,492, down 0.8% on November. The median price was $800,000, up 0.6%. 

But the 796 sales done by the agency's salespeople were 19.3% down on November and the lowest number in any December month in four years.

There were 757 new listings in the month and Barfoot & Thompson finished the year with 2431 properties on its books, the lowest number for any month in 20 years.

Managing director Peter Thompson said: “The factor most likely to impact on January sales was the extremely low number of listing at the end of December which, at 2431, was down 25.2% on those in November, and the lowest number for any month for more than 20 years. With a growing population and the number of new builds failing to keep pace with demand, competition for properties is likely to remain strong in the first quarter of 2016.

“January’s sales data is always influenced by the summer holiday period, and it is likely to be mid March when February’s sales data is available that a clearer understanding of prospects for 2016 emerge," he said. “What is clear, however, is that with so few properties on the market, now is an excellent time to list."

There were 278 sales for more than $1 million in December. Only about 5% went for less than $500,000.

Barfoot & Thompson reported an average price for 2015 of $817,096, up 14% on 2014.

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