Dunedin Market Report – March 2017 (February Data)
February was surprisingly low on turnover for the city with just 194 sales, down from 215 last February. The median sale price climbed to $350,000 up from $310,000 a year ago. This is demonstrating the competition for the stock coming to market and the continuing shortage of homes for sale.
The median number of days on the market was extremely low at 21 and a lot of those properties sold were likely to have been under contract within the first week of marketing.
The total value of sales was $73.9 million.
During a recent analysis of our last six months of buyer data, it has become clear that out of town investors are less active in the local market since the implementation of the 40% Loan to Value Ratios. Interestingly, this hasn’t affected the sales statistics significantly, with the slack being taken up by home buyers and local investors.
Another interesting statistic is the increase in unconditional offers at 32.7%, up from 15.5% in the previous three months.
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Joe Nidd AREINZ
Liz Nidd FREINZ