Upper Hutt and the National Trend
I thought it was interesting to note a positive change in the housing marketplace over the last week. It has been reported that the average time to sell a property has fallen sharply from this time last year. Nationally houses took 37 days to sell in July down from 58 in July 08, this is the biggest year on year improvement since 1991 when records began.
However Upper Hutt does seem to be bucking this national trend, we are actually seeing properties on the market for a little longer. In July the median sell time was 41 days, in the previous 3 months the times were 36, 37 and 37 days. This doesn’t pose a problem to the market but it does show that when examining the national market it’s always good to know what’s happening closer to home at the same time.
Another thing I have noticed is that the number of sales in Upper Hutt dropped again in July 2009 continuing on the pattern for the last 5 months of shrinking sales. Nothing of which will be a surprise to anyone who has been reading these columns over the last couple of years. It has simply been the usual winter market and I have no doubt that from September sales numbers will increase for a couple of months as we head towards the spring/summer market.
As expected the median selling price bounced back from the previous months $265,000 to $332,000. This was due to a higher number of 4-5 bedroom homes selling as opposed to the prior month of mainly 2-3 bed house sales.
So what does this mean to house prices? Nothing really! Prices are still stable as there isn’t much available stock for sale compared with recent times, so if priced correctly sales will still occur. I keep saying it, people will always need somewhere to live, and Upper Hutt is a great place to live.
If you are thinking of selling or moving, please contact me on the numbers below or here on my website.
0275 661 949