November a slow month for Rotorua house sales

November proved another slow month in the Rotorua real estate market, with only 59 sales.
While this was up on the 54 recorded in October, Real Estate Institute of New Zealand Rotorua spokesman Ian McDowell said the figure was still disappointing.
"It is still a pretty hard market. There are buyers out there, but they are very choosy."
November 2009 saw 69 sales and the figure has been between 63-72 since February this year.
On the upside, the median sale price of $265,000 was the third highest of the year, topped by $285,000 in August and $272,250 in May.
"It is good to see that median come back up to where it should be. Last month, it was right down to $223,100."
He said the low October figure was caused by a high number of lower-end properties selling, but November had seen a return to a more even mixture across the spectrum.
The November median was 18.8 per cent higher than October and 15.7 per cent up on the same time last year.
The average time taken to sell properties was 54 days - down on the 58 recorded in October and the year-to-date average of 58.8 days.
Mr McDowell expected the market to slow down during Christmas and the industry was hoping to see it come back up stronger in the new year. But people who had taken properties off the market and become "accidental landlords" are largely sitting tight.
"Values haven't come up yet. When that starts happening, those properties will start moving again."
Nationally, a late spring surge has lifted sales back from 3903 in October to 5138 in November. The median price rose to $360,000 - not far off the record median of $360,500, recorded in March.
Reinz spokesman Bryan Thomson said listings were up and activity was expected to continue.
"With pent-up levels of people, now in the market, who need to buy or sell homes, we can expect the increased activity to continue through December and the summer, without the usual slowdown during Christmas."
Thomson said last week's Reserve Bank decision to hold the official cash rate at 3 per cent would reassure buyers and the sector was looking forward to more positive levels of activity than it has seen recently.
RESIDENTIAL PROPERTY SALES
November 2010
Median sale price: $265,000.
Number of sales: 59.
Days to sell: 54.
Total sales value: $17,593,950.
October 2010
Median sale price: $223,100.
Number of sales: 54.
Days to sell: 58.
Total sales value: $14,059,300.
November 2009
Median sale price: $229,000.
Number of sales: 69.
Days to sell: 49.
Total sales value: $21,157,500.