The latest Real Estate Institute of New Zealand (REINZ) statistics are out for May, and with them comes news of an improved market. Below is a little bit of eye candy for those with in interest in real estate.
Sales volumes rose 35% compared to May 2015, with sales rising 54% in Levin, 52% in Manawatu Country and 30% in Wanganui. Compared to April sales volumes rose 11%, with sales rising 24% in Levin, 8% in Wanganui and 6% in Palmerston North. On a seasonally adjusted basis sales across the region fell 1%, indicating that the rise in sales in April was about in line with normal.
The median price across the region rose $16,900 (+8%) compared to May 2015 with prices rising 36% in Levin, 17% in Wanganui and 15% in Feilding. Compared to April the median price fell $1,000 (-0.4%), with prices rising 18% in Wanganui, 12% in Levin and 2% in Feilding. On a seasonally adjusted basis the median price increased 1% compared to April.
The number of days to sell improved by one day in May, from 35 days in April to 34 days in May. The number of days to sell improved by 14 days compared to May 2015. Over the past 10 years the average number of days to sell during May for the region has been 53 days. The weeks of inventory in the region has fallen by 18 weeks over the past 12 months to 17 weeks, and by two weeks compared to April.
REINZ Spokesman, Bryan Thomson noted that, “First home buyers continue to be very active in the region, although investors appear to have taken a step back from the market. The number of properties available for sale continues to fall rapidly, with the weeks of inventory falling more than 50% over the past 12 months. Vendor expectations are lifting, albeit slowly.”
– Source: www.reinz.co.nz