We have experienced a month with multiple offers happening almost daily. This pressure on buyers has meant that we are seeing a significant increase in people making unconditional offers. Obviously this contains an element of risk for buyers so we are being very careful to make sure they have done all the ‘Due Diligence’ that they feel they need to.
The median number of days on the market has reduced from 26 to 22 which is extremely low. The number of sales in the city was 239 including section sales, a little up on 227 last month.
The median sale price was $289,000. The total value of sales was $78.7million. There were 7 section sales for the month. The most notable feature of the selling price distribution this month is the proportion of sales under $300,000.
Listing numbers are sitting at 719 compared to 946 this time last year. This highlights the demand preventing inventory levels from building, particularly considering there were 392 new listings advertised in the last month on Realestate.co.nz compared to 357 new listings for October 2014.