Monthly Market Update - December
December is traditionally a month where owners looking to sell their properties are either happy or frustrated. Happy that their property sold by mid-December or frustrated that their property remained on the market over the holiday break as the buyers take their time to make real estate decisions. The median house price dipped slightly last month to $472,500 as a result of more apartment projects coming online and dropping the average.
First home buyers remain a dominant force but are finding it difficult to arrange finance as the banks continue to take a cautious approach. The number of new properties coming on to the market continued to slow in December, resulting in a significant drop compared to last year. Of note, sales increased by 16% compared to December 2018, but as expected they decreased by 10% from November 2019. One doesn’t need to be a mathematician to work out that listings feed sales so if there aren’t the properties to sell, eventually the sales will decrease. Due to these sales successes, days on market decreased by 5 days to 32 days.
Of course property listings are the lifeblood of any real estate business and the volume of listings coming into Harcourts from across the city continues to track well. Harcourts remains the preferred real estate company in Christchurch, with close to every second new property to the market being listed by your city’s favourite real estate brand.