Weak sales, resilient prices

Barfoot & Thompson’s latest data reveals the agency sold 396 homes in May. That was down by 28.3% on the 552 sold in April and by 51.8% on the 821 sold in May 2019.

The agency’s managing director, Peter Thompson, says the sales numbers do not show the full picture as they are for unconditional and commission paid sales only.

“The pipeline of conditional and non-commission paid sales from May is strong, and these sales will show up in June’s results.”

However, while sales were down, prices showed only minimal change and new listings seemed to be recovering.
The average price in May was $947,707, which was down by 1.6% on April but up by 2% on the same month last year. Likewise, May’s median price was $914,000, which was up by 1.6% on April and by 7.5% on last year.

Thompson describes prices as “resilient” but is focusing on the number of new listings for the month, which was 1,097.

“While down 7.5% on those for May last year, it is a number that does not support the view that investors will abandon the housing market in large numbers in the post Covid era.”

At month end, the agency had 3,821 properties on their books – which was in line with month end listings for the previous three months.

Thompson says that, overall, the Auckland market’s initial reaction to the Covid interruption has been uneventful.

“Sales are taking place but given the extended nature of the transfer process, are not yet showing up in completed sales data, and prices are not under pressure.


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