Latest figures from real estate website Realestate.co.nz suggest the housing market could be headed for a relatively quiet summer.
The number of new listings on the website has increased for the fourth consecutive month, with 10,712 new listings in November, an increase of 1,183 listings (12.4%) compared to October, and 5.2% compared to November last year. increased.
However, the total number of inventory available for sale on the website doubled as new listings, rising from 25,602 properties in October to 28,014 properties in November. This is his 2412 addition (+9.4%) this month.
This means the total number of residential properties for sale on Realestate.co.nz at the end of November increased by 45% compared to November last year.
However, asking prices have gone in the opposite direction, heading lower this month.
The average asking price fell nearly $31,000, or 3.3%, from $920,678 in October to $889,879 in November.
The combination of an increase in listed stocks, an even more significant increase in total equity levels, and a decline in asking prices suggests a fairly weak market.
However, we'll have to wait until the New Zealand Real Estate Institute's November sales figures are released in a few weeks to find out if that's the case.
After all, listing properties for sale is one thing, but what really matters is selling them.
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