Real Estate activity up but house glut remains

New real estate stats show what the industry is calling "a late, but by no means insignificant rise" in market activity. A monthly report prepared by industry website shows a "strong rise in new listings coming onto the market" in November - up 7.3 per cent to 12,932.

Actual sales have failed to show any great lift though.

"These latest statistics in this report, which have been consistent for a number of months now, in regard to trends, all continue to point to a confident market, albeit a sluggish one," says the report.

"Asking price expectation whilst showing some weakness this month, does not appear to be under excessive pressure, however price would seem to be the only factor able to bust the logjam of unsold inventory of houses on the market."

The level of unsold houses on the market at the end of November rose again to 54,365 from 52,043 in October.

This represented the equivalent of 53.2 weeks of equivalent sales, as assessed on a seasonally adjusted basis.

A glut of houses on the market is still apparent - which agents say is driven by lacklustre sales rather than excessive new listings.

"The absolute level though at over a year of equivalent sales will continue to impact the market and maintain the "buyers-market" perspective."

Growth in new listings indicated a "sense of confidence on the part of sellers," said the report and it was matched with a slight drop in asking price expectation.



This article is published courtesy of NZ Herald - to read this and other Property related articles click here.

Posted: 1 Dec 2010

News articles

Browse articles
by date

September 2013

July 2013

June 2013

May 2013

December 2012

November 2012

September 2012

June 2012

April 2012

March 2012

February 2012

January 2012

December 2011

November 2011

October 2011

September 2011

August 2011

July 2011

June 2011

May 2011

April 2011

March 2011

February 2011

January 2011

December 2010

November 2010

October 2010

September 2010

August 2010

July 2010

June 2010

May 2010

April 2010

March 2010

February 2010

January 2010

December 2009

November 2009

October 2009

September 2009

August 2009

July 2009

June 2009

May 2009

April 2009

March 2009

February 2009

January 2009

December 2008

November 2008

October 2008

September 2008

May 2008

April 2008

March 2008

Please disregard these fields.

banner ad