Barfoot & Thompson's January sales volumes down 30% compared to last year, prices flat

Barfoot & Thompson had a slow start to 2017, selling just 629 homes in January compared to 721 in December and 893 in January last year.

It was the lowest number of sales the agency has achieved in the month of January since 2011. January 2017’s sales were down 264, or 30%, year-on-year.

Prices were flat compared to December but remained below the peak hit in October last year.

The median price of homes sold by the agency in January was $846,500 compared with $840,000 in December and October’s peak of $865,000.

The average price in January was $913,938 compared to $913,709 in December, and the peak of $943,801 in October.

The sales figures provide further evidence that the Auckland market is cooling, because while sales numbers were down in January the number of new listings the agency received during the month was up, and so was the total number of homes for sale it had listed on its books.

Barfoot’s took on 1142 new listings in January compared with 776 in December and 919 in January last year.

That helped push the total number of listings the agency has available for sale to 3620 at the end of January, compared with 3270 in December and 2574 in January last year.

It was the most listings the company has had on its books in January since 2013.

Barfoot & Thompson Managing Director Peter Thompson said prices remained rock steady compared to those being achieved at the end of last year and this had reversed a three month price decline from October’s high.

The increase in new listings and inventory levels was giving buyers more choice.

“At the start of this year buyers enjoyed greater choice than has been the case at this time of year for four years,” Thompson said.

However only 79 or just 12.5% of the properties the company sold in January went for less than $500,000.