House prices up; available properties down

There haven’t been many properties for sale around here for a while now, and those that have come up seem to have mainly sold pretty quickly and at robust prices. That observation is confirmed by an article in the Horowhenua Chronicle:

Median house sale prices in [Horowhenua] have hit the half a million dollar mark for the first time ever, on the back of a nationwide property price explosion.

More properties were selling more quickly and for huge prices, with real estate bosses citing a lack of housing stock as a significant factor — the market simply can’t meet the demand. …

Norwell said the Horowhenua District reached a record median house price in December 2020 of $525,000, a figure that was up 36.4 per cent from the same time last year where the median sale price was $385,000.

“Sales volumes for the district also increased 61.9 per cent year-on-year from 42 properties sold in December 2019 to 68 properties sold in December 2020,” she said.

Homes were not sitting on the shelf for long. The time it took to sell a property in Horowhenua decreased from 31 days in December 2019 to 24 days in December 2020.

Source: Horowhenua Chronicle, 29 January 2021, Page 31.

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