Well it seems that the buyers are out in force again 🙂 The last few weeks have seen a rather increased volume of buyers enter the market. Most of the buyers I talk to have said to me they have been looking for ages but only just come back into the market going to open homes in the last couple of weeks. And it is these people who are actually snapping up the buys out there. These buyers have been watching the market and have seen the progressive levelling out over the winter period. But it looks like that these buyers have started to get out there and pounce on what they see as a good buy now.
This trend is fairly typical but the downside that we are experiencing at the moment is there is very few new homes coming to the market. It has almost got to the stage in New Plymouth where we have got very few “good houses” left out there. The sudden influx of buyers to the market has caught us all by surprise and created a void in stock levels.
I specialise in the Westown area of New Plymouth and do quite in depth analysis of the listings and sales in the area. Last month in July there were 24 sales in the area. At the start of the month there were 31 houses on the market, of these there was as far as I know 2 properties withdrawn and over July only 5 new properties went on the market in Westown. So in a perfect world at the end of July there were only 10 houses left on the market in this location. Now that is a huge drop in supply in the area for buyers to look at. And a huge opportunity lost from the 10 remaining properties that probably didn’t have the price right.
At the time of writing this there have been a further 6 sales in Westown with 4 properties added to the market. Three of the properties that come on this month only spent a week on the market. So at the time of writing there are only 8 properties on the market in Westown that are “For Sale. Not a lot really.
I don’t know about the rest of New Plymouth exactly but just glimpsing at the open home grid and the amount of advertising that is going on and the very very few listings that all the real estate companies I have spoken to have got over the last 4 weeks the I think the supply of homes has more than halved. I will confirm this for July Market stats when I finish doing them.
This opens a great opportunity for new homes coming to the market. If you price your property right and have it presented well to the market and have the correct exposure to the market I think you will definitely sell your home in a good time frame. If you look at the stats you can see the sales are there and the buyers are buying. If you are looking at selling, I need more listings. Most of mine are now sold. 🙂 But more seriously if you are thinking of selling, it isn’t a bad time at all to come to the market in New Plymouth and maybe the rest of the country.