Real estate company Harcourts is continuing to report a low level of new listings as a feature of the property market, which it says will continue to stabilise.
There were fewer new listings last month than in May 2008, while the average written sale price in all but one region,Northern, was down on May 2008.
Areas hardest hit by the slowdown last year are experiencing a marked increase in the volume of sales. There was a 43 per cent lift in sales in Harcourts' northern and Christchurch regions and a 76 per cent increase in the central region.
"In our view attractive lending rates, positive immigration statistics and some positive rumblings internationally have all contributed to the increased activity," said Bryan Thomson, Harcourts' New Zealand chief executive.
"Of equal stimulus is that most sellers are now fully conversant with the realities of the current market and are entering negotiations with realistic expectations."
He expects the solid real estate market to continue.
There was a 24 per cent fall in exclusive listings with Harcourts in the northern region, a 16 per cent fall in the central region, 18 per cent fall in Wellington and 27 per cent fall in Christchurch.
The average sale price in the northern region was little changed at $480,000. The average price fell 4 per cent in the central region, 11 per cent in the Wellington region, 8 per cent in Christchurch and 17 per cent in the South Island provincial region.
