Sales, selling prices and stock levels were all on the up at Auckland's largest real estate agency in March.
Barfoot & Thompson sold 1213 residential properties last month, which was the most it has sold in the month of March since 2021, when it sold 1844.
The median selling price increased to $970,000 in March, from $930,000 in February and $950,000 in January. However, it remained below the $1 million median where it ended 2024, and was down $80,000 compared to March last year.
The average selling price also increased for the second month in a row, to $1,145,045 in March, but was still down by $41,417 compared to its 2024 year end average of $1,186,462. It was also down $82,450 compared to March last year.
The increase in sales and prices in March was sufficient for the company to proclaim: "The long-anticipated housing market recovery has arrived."
The one challenging figure in the agency's March figures was the very high level of stock for sale on its books.
Barfoots had 6268 residential properties available for sale at the end of March, up 9.2% compared to March last year.
That was the highest number of properties Barfoots has had available for sale in any month of the year since March 2009, putting stock levels at a 16-year high.
"Buyer choice remains at an all time high despite the high sales in March, and we listed 2103 new properties in the month, through a combination of new builds reaching the market and existing properties," the agency said in its March report.
"Although both the median and average prices paid in March were at their highest this year, buyers continued to be cautious, and the prices being paid remain below where they were at this time last year," it said.
However the agency struck an optimistic tone overall in its report.
"Higher sales numbers at modestly higher prices is a positive sign that improved market activity is likely to be sustained over the next few months," it said.
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18 Comments
Imagine how much further prices will fall as the recovery gathers speed over winter.
The median selling price increased for the second month in a row to $970,000. However, it remained below the $1 million median where it ended 2024, and was down $80,000 compared to March last year.
Implying medium price in March 2024 was 970,000 + 80,000 = 1,050,000 but now 970,000 so down 7.6% in a year?
By March 2026 mediums will have fallen to 896k on this trend and recovery will be even more embedded.
Oh I get it, its a recovery in sales numbers.... not prices.
Pretty noisy data, based on one agent in one market, I wouldn't get too excited in either direction. Possibly an early indicator for those who can't wait for the REINZ HPI data but take it with a few pinches of salt.
My thoughts too. In terms of the full orchestra, sound of a tambourine, not a bass drum.
Recovery?
Yes, they said it, but they are spruikers.
Not sure Interest.co should be putting it up as a headline, though.
A second wave of a Ponzi, is still a Ponzi. The more you blow up the paper bag, the bigger the bang.
Not possible once the cat has been let out of the bag and then peed on it.
Big call and some would suggest anything but that. But that is their job I guess.
🔄🤷🏻♂️
Looks like their sales volumes are about back at pre-covid levels, and well down on 10 years ago.
Oh, and spare a thought for all those hard-working, honest, car sales people. Car sales levels are about where they were 10 years ago....
Oooops, Barfoots recovery declaration was supposed to be released yesterday morning along with other pranks.
How many times has the market declared recovery now? And on the same day as The Comb reports that
There is minimal evidence around the country that the upturn in the real estate market which started early in 2023 by some measures is producing sustained price rises. A net 3% of agents this month have reported that by their observations of what is happening in their area prices are falling.
It would help if the lies where a bit more co-ordinated to make them more believable.
How many times has the market declared recovery now?
Reminds me of Zwifter...
Market never fell in Riverhead or ChCh
A mere whiff on the wind of something and they shout from the rooftops XD Only to be picked to pieces over their conspicuous use of their data. There's flogging a dead horse, and then there's barfoot loudly proclaiming to the flogger that the half-rotten corpse is still alive.
Barfoot say something like this every 6 months. They’ll be right one day. I do think the end of down market is getting closer but with interest rates being closer to bottom of cycle than most realise any upturn will disappoint many. All of which is good news for younger kiwis and NZ in general.
The median selling price increased for the second month in a row to $970,000
The chart shows it as Jan 950k, Feb 930k, Mar 970k, so that has increased one month in a row
And Jan 25 was -50k from Dec 24
March quarter is always has the most sales, so moving on, nothing to see here
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