Monthly Market Update - January
January continued its sleepy seasonal pattern where it seems that most of the population headed either North or South at the start of the month, returning mid-January from their family holiday. Over the holiday period, online property searches increased tenfold as holidaymakers took advantage of their downtime.
Median house prices for January continued their march north, increasing by 8.1% from the previous year and leveling at $470,000. This is a telling statistic and an indicator that the Christchurch property market is waking up, with buyers pushing hard causing prices to increase due to lack of supply. As the holidays ended for most around mid-January, there was a flurry of real estate activity capping off a robust month. There were 410 sales in Christchurch over January with days on-market naturally lengthening out to 46 days. Our auction rooms filled again at the back end of the month with some exciting results for both buyers and sellers alike.
As I travel through our large network of Harcourts offices across Canterbury, the feedback I’m receiving is that buyers are still nervous but committed to purchase. Our assistance with their purchase is welcomed due to the increased disclosure requirements and potential for litigation if things are missed. Our vendors are looking for, and committing to, stronger marketing campaigns to showcase their homes as standout properties. This is resulting in an increased volume of buyers ready to assess value. Our Open Home numbers remain high thanks to our advertising clout in the Bluebook, online and in The Press.
Property listings are the life blood of any real estate business and the volume of listings coming into Harcourts across the city continues to track well. Harcourts continues to be the preferred company across the city with close to every second new property to the market being listed by your city’s favourite company.