Barfoot & Thompson lost 40 sales from its October 2018 residential statistics in the figures it presented this week, making its October 2019 performance look less weak.
According to the calculations the real estate agency presented last November & December, it sold 884 homes in October 2018. In the statistics out this week, that figure dropped to 844.
A 6.8% sales decline thus turned into a less unfavourable 2.4% decline.
Barfoots’ managing director, Peter Thompson, focused on various rises, including the turnaround from starting October with its listings at their lowest in over 2 years, but ending the month with listings up 33% over September’s and up 41% over the average for July-September.
However, the market was looking a lot rosier a year ago. The agency finished October last year with 441 more new listings than it had at the end of this October, a 21.6% fall. The median price was down just $5000 (0.6%) from September, and up 2.2% from the figure for the previous 3 months, but was down $15,000 (1.7%) from last October.
The biggest difference was in available stock at month’s end – up 126 (3.4%) from September, but down by 1000 (21.2%) from a year ago.
Mr Thompson said this week: “Vendors returned to the Auckland residential market in strength in October, setting the scene for an active selling season in the run in to year end.”
He saw the rise in stock & sales from September to October as “a smooth, steady acceleration as we emerged from the winter selling season, (which) has set the platform for a positive run in to the Christmas/New Year break.
“What October’s data signals is both vendors & buyers are coming to accept that the market conditions that have prevailed for more than 2 years now are the new norm, and that there is no big price increases or major price declines on the horizon.
“There is growing acceptance that today’s prices represent where the market is valuing property, and that’s where it’s likely to stay.
“Some 30% of all the homes we sold in October were for in excess of $1 million, with 9.5% of that number being for in excess of $2 million. Top-end values are not proving a barrier to sales.”
Sales statistics as presented, plus a correction line:
Attribution: Agency release, 2018 check.