The Opua real estate market slowed down in September, with fewer sales compared to the previous month. However, there are still interesting trends worth noting for both buyers and sellers.
September 2024 Market Snapshot
- Number of Sales: 3 (down from 8 in August)
- Total Sales Volume: $2,614,000 (down from $5,807,000 in August)
- Average Sale Price: $871,333 (up from $725,937 in August)
- Average Listed Price (of those sold): $886,000 (up from $780,000 in August)
- Lowest Sale Price: $755,000 (up from $370,000 in August)
- Highest Sale Price: $1,019,000 (down from $1,170,000 in August)
- Sales Above Asking Price: 0 (down from 5 in August)
- Average Sale Price vs. Listed Price: $14,666 below asking (improved from $24,500 below in August)
- Average Days on Market: 62 days (down from 111 in August)
- Lowest Days on Market: 32 days (up from 22 in August)
- Longest Days on Market: 96 days (down from 175 in August)
- Properties Sold at Auction: 0 (same as August)
What the Numbers Mean for Opua Homeowners
September saw a significant decrease in the number of sales and total sales volume, with only three properties sold compared to eight in August. This may reflect the overall cooling down of the market as fewer listings entered the market and buyers became more selective.
However, the average sale price increased to $871,333, up from $725,937 in August, suggesting that higher-value homes were still in demand. Additionally, the average listed price of properties sold also rose slightly, indicating that the homes on the market were priced higher than the previous month.
Key Highlights
Unlike August, which saw five properties sell above asking price, September had no such sales. However, the average sale price vs. listed price narrowed, with homes selling only $14,666 below the asking price, a notable improvement compared to the $24,500 gap in August.
The lowest sale price was higher this month at $755,000, which is significantly above August’s lowest sale of $370,000, while the highest sale price dropped to $1,019,000 from $1,170,000 in August.
Days on Market and Sales Trends
The average days on market decreased sharply to 62 days from 111 in August, which may indicate that the fewer homes available for sale were also more attractive to buyers. The longest days on market dropped to 96 days, down from 175 days in August, reflecting quicker sales overall.
The lowest days on market was 32 days in September, a slight increase from the 22 days seen in August. Even though fewer properties were sold, the speed of transactions picked up in comparison.
Auction Activity
For the second consecutive month, no properties were sold at auction in Opua. Private sales continue to dominate the market in this area.
Conclusion
September brought fewer sales but higher average sale prices to Opua and Surrounds, with the market shifting towards quicker sales and less variation between sale price and listed price. Whether you’re selling or buying, the market trends indicate a continued demand for homes, especially those priced realistically. Russell Road Property is here to assist you with expert advice tailored to the unique Opua market.