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February Market Comment

By Alan Atkins
REINZ, the most up to date source of real estate data in New Zealand, announced today that there were 4,841 dwelling sales in January 2015, up 2.6% on January 2014 and down 31.5% compared to December. The national median price was $426,000 for January, an increase of $24,000 or 6.0% compared to January 2014.
Real Estate Institute of New Zealand (REINZ) Chief Executive Helen O’Sullivan says, “The data for January reflects the typical summer slowdown at this time of the year, with volumes dropping back and prices easing across the country.  December was a strong month, so the slowdown in January was a little more pronounced than usual.
For the Nelson/Marlborough region the median price rose a smidgen compared with December while sales volumes fell 22%. REINZ Chief Executive, Helen O’Sullivan noted that “the Nelson/Marlborough region has continued to see high levels of activity from both local and out of town buyers, with strong enquiry and good attendances at open homes right through January.  The number of listings has risen, leading to more choice for buyers and a more active market.” All three trend measures are now falling, as is the overall trend for the region.
Our local Motueka market remained steady for January with a healthy number of new properties coming on to the market. Sales also remained strong with similar numbers sold compared to last January and the median price remaining around $400,000. Median days on market compared to last January were down from 230 to 67 this drop is indicative of the trend in the market over the past year.
While the jump in median sale price is more a reflection of the number of high value properties sold during the month the fact that higher value properties are selling indicates the growing confidence in our local market.
Statistics quoted in this article are sourced in-house, REINZ and Realestate.co.nz, while we endeavor to keep the figures as accurate as possible they cannot be guaranteed.
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