Catch up time for the region

Napier’s turnover during March continued at a strong level with 123 sales – 11% above the 10-year average.

However, the Napier market is becoming progressively tighter because sales activity of recent months has out-stripped the number of new properties coming up for sale.

The total number of properties listed for sale in Napier is only half of what it was this time last year. The lack of availability of homes to sell is not only limiting buyer choice, but constraining the scope for sales turnover in the months ahead.

The time on the market has improved substantially, as well-presented homes in good localities sell twice as quickly as a year ago. The demand for such properties often results in multiple offers and a price premium (above the asking price) being achieved.

Unsurprisingly the median price is trending upward with the Quotable Value monthly house price index showing a 9.1% improvement in Napier during the past year and an 9.6% improvement in Hastings compared to the same time last year.

After an extended period of relatively stagnant prices, this recent improvement is narrowing the gap between this region and major population centers – it’s catch up time for the region!

This price recovery means that sellers can expect better prices than those achieved during the market peak of 2007 with prices an average of 3.5% higher in Napier and 4.2% higher in Hastings.

Around 92% of Hawkes Bay properties sell by Private Treaty, with the few remaining sales divided between Auction and Tender. No-price selling methods are NOT popular with local buyers who overwhelmingly prefer a clear asking price, and sellers can lose when the best buyer is forced to wait until a particular deadline before they can buy.

For more information please contact Malcolm Cox on (06) 835-4321.

Napier Sales Turnover

Napier Sales Turnover

Napier Median Price

Napier Median Price

Napier Days to Sell

Napier Days to Sell

 

 

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Catch up time for the region