New Plymouth's city median price is up to $406,000 in May. Two months ago in March that figure was $357,050. How does the median price go up 13.7% in 60 days? Well, it doesn’t. We are talking about two groups of houses selling.
In March, of the 88 properties sold 30 were priced between $300,000-$374,000, and 30 between $375,000-$599,000. Small numbers in other price bands either side, which was inconsequential.
In May a lot more higher value properties sold. Only 27 in the range of $300,000-$374,000, but 46 in the $37,0005-$599,000 bracket, 40 of those over $400,000, (only 21 in March).
There is always this variation in the type, location and value of houses sold month to month. These variations distort the monthly median prices both up and down month by month. The only true value in these monthly sales figures is identifying trends over time. We may have a trend developing, but maybe not. Another 3-6 months will tell us. What we do know is that many properties are experiencing multiple offers when they are priced and marketed correctly.
If your property is not receiving that sort of attention, we need to discuss a change to these factors and get your property ‘in the zone’ where buyers are active.