The Best Way to Measure Sales
I have to confess to finding the last fortnight’s media comments about the housing market fascinating, not least of all because it seems that the tide has turned and all appears well again now February statistics are out. The reason I find it so fascinating is that from real estate circles the market has bounced back considerably in February compared to January. Well I may not be the brightest button in the box but now is the time I start studying for a masters degree in stating the obvious.
I don’t have any issues with a positive spin going on what really aren’t great figures but while the market appears to be stabilising and more sales taking place it is important to remember this happens every year which is why I maintain that the best way to measure housing data is year on year. For example sales in Upper Hutt in February 2009 totalled 54 compared to February 2008's 97, again compared with Februarys 2007s 114. This gives us a greater idea of true comparables.
What I have found encouraging is that the median sales price is only down a little from February 2008. $325,000 then to $321,250 in Feb 2009. These figures actually show a stability and hopefully show that we are near the end of the downward cycle. It sounds sometimes that I’ve become a doom and gloom merchant myself, I can assure you that I haven’t. I believe with the price falls that it is a great time to be a buyer but I also don’t believe there is ever a bad time to buy property providing you look long term and not short term.
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