Barfoot & Thompson’s March sales were the weakest they have been for the month since March 2010 and both the average and median selling prices of residential properties sold by the agency were down on March last year.
Barfoot sold 1064 residential properties in March, well up from the 665 it sold in February but down compared to March last year when it sold 1110 and well down compared to March 2016 (1341 sold) and March 2015 (1597).
March is usually Barfoot’s busiest month of the year for sales which are typically around double those of February, but this year its sales in March were the lowest they have been for the month since 2010.
The average selling price in March was $931,292, up from $919,454 in February but still well below the peak of $968,570 set in March last year.
The median selling price was $860,000 compared to $820,000 in February and $900,000 in March last year.
At the same time the total number of homes the agency has available for sale is steadily increasing.
Barfoot had 4814 homes available for sale at the end of March compared to 4648 in February and 4413 in March last year.
That was the highest level of inventory Barfoot has had on its books in the month of March since 2011.
That was in spite of the fact that the new listings declined in March to their lowest level for the month since 2013, dropping to 1689 for the month compared to 1747 in February and 1983 in March last year.
Barfoot & Thompson managing director Peter Thompson said the choice for buyers was the second highest it had been in any month of the year for the last five years, beaten only by November last year, which pipped March’s inventory levels by 24 homes.
“March sales figures are always strong compared to the holiday affected trading periods of January and February, ” Thompson said.
“It is no surprise therefore that March sales numbers and prices are significantly higher than in the first two months of the year.
“What the sales figures underline, however, is that prices remain rock steady and that buyers have re-entered the market,” he said.