The real estate market in Kerikeri continues to shift, with September showing noticeable changes in sales volume and property prices. If you’re looking to buy or sell in the area, it’s crucial to stay updated on the latest trends. Let’s dive into the numbers.
September 2024 Market Snapshot
- Number of Sales: 22 properties (down from 25 in August)
- Total Sales Volume: $17,094,999 (down from $24,052,802 in August)
- Average Sale Price: $777,000 (down from $962,000 in August)
- Average Listed Price: $831,000 (down from $1,031,000 in August)
- Lowest Sale Price: $122,000 (down from $240,000 in August)
- Highest Sale Price: $1,290,000 (down from $2,350,000 in August)
- Sales at or Above Asking Price: 2 properties (same as in August)
- Average Sale Price vs. Listing Price: $37,055 below asking (improved from $67,259 below in August)
- Average Days on Market: 166 days (up from 152 in August)
- Lowest Days on Market: 7 days (same as August)
- Longest Days on Market: 819 days (up from 615 in August)
- Properties Sold at Auction: 2 (up from 0 in August)
What the Numbers Mean for Kerikeri Homeowners
In September, the total sales volume saw a notable drop to $17.09 million from $24.05 million in August, while the number of sales decreased slightly to 22. This reflects a market where fewer properties are being sold, likely due to reduced buyer demand or hesitation in the current climate.
The average sale price also declined to $777,000 from $962,000 in August, a shift that could indicate buyers are seeking more affordable homes or sellers are adjusting their expectations. This trend aligns with the decrease in the average listed price, which dropped to $831,000 from $1,031,000 the previous month.
Market Highlights
While the highest sale price in September was $1,290,000, down from $2,350,000 in August, it’s encouraging to note that two properties sold at or above asking price, matching August’s performance. Sellers are still seeing competitive offers for well-priced properties, though overall, the average sale price vs. listing price was $37,055 below asking, an improvement from the $67,259 difference in August.
Days on Market and Sales Patterns
One interesting development is the increase in the average days on market, which rose to 166 days from 152 in August. Additionally, the longest time on market jumped significantly to 819 days from 615 in August. These figures suggest that some properties are taking longer to sell, potentially reflecting a more cautious or selective buyer pool. On the flip side, the shortest sale still occurred in just 7 days, showing that well-priced homes can still move quickly.
Auction Activity
After no properties sold at auction in August, September saw 2 properties sold via auction. This might indicate that sellers are exploring alternative methods to achieve quicker sales in a softening market.
Conclusion
September brought a notable dip in both sales volume and prices in Kerikeri, but there are still opportunities for sellers to secure competitive deals, especially for properties priced attractively. The market may be slower overall, but auctions are seeing renewed interest, and sales above asking price are still happening.
If you’re looking to make a move, Russell Road Property can help you navigate the current market with our client-first approach. Whether you need an appraisal or expert guidance, reach out to us for support in your next real estate transaction.