WHAT PRICE HOUSES SOLD FOR IN JANUARY 2024
Mon 14, 2022February 14 2023 - Signs are that the real estate market for sellers is in recovery mode with several regions recording higher prices in January compared to the same time last year.
Although Auckland's median sale price has fallen under the $1 million mark again this month, for the fifth time in a year, to $975,000, this is still 3.4% more than a year ago.
There is regional variation in median sale prices, with Northland topping the scale with a 21% increase month-on-month from $630,000 to $762,000, and a 10.8% increase year-on-year from $687,500 to $762,000.
The national median house price for January was $760,000, indicating that the decrease trend year on year continues to slow, with the rate in January being -0.7% compared to November (-2.0%), October -2.8% in October and September (-3.1%). Compared to January 2023, the number of houses sold nationally in January 2024 increased by 4.9%. (Scroll to view your region and days on market).
Any drop in prices on the same time last year should be considered in the context of the 'frenzied' high value increases for many regions in 2021.
HOW LONG DOES IT TAKE TO SELL A PROPERTY?
The median number of days to sell in January was 50, up from the last months of 2023 but this is generally expected for January sales and an improvement on January 2023. Meanwhile, listings increased by 10.4% nationally.
Methods of sale have changed overall with auctions less favoured and other methods becoming more popular. However, while fewer properties are selling under the hammer, many do sell within days afterwards if the price is right.
The current market results amplify the importance of choosing a highly competent real estate agent with strong negotiation skills, rather than settling for an average one.
If contemplating selling a residential property, a farm or a business and wanting assurance that your real estate agent has been proven competent, request a list of vetted real estate agents - it's a free service for New Zealand vendors selling all property types.
Get in touch or call 0800 789 532 or find out more first - we're here to help.
These charts are best viewed on desktop, tablet or laptop. Continue scrolling to compare month by month changes.
Page updated February 14, 2024 by Trish Willis | Member of the Property Institute of NZ (IPAC) 2022
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