The graph below depicts the monthly sales figures in Rotorua. There’s a minor decrease in sales compared to the previous month, but the trend seems to be either increasing or at least maintaining stability. For Rotorua’s market to be considered balanced, it would ideally need to achieve over 100 sales per month. As we’ve discussed earlier, a reduction in interest rates could be a significant factor in driving this, along with an overall improvement in the economy. There are numerous reasons to maintain a positive outlook for the future.
The graph below displays the distribution of property sales across various price ranges for April 2024. This month’s data appears to be quite typical, with no significant anomalies or standout figures. However, we can still derive important information from these figures.
For instance, we can observe that the price range of $751,000 - $800,000 accounted for 4 sales last month.
A cursory search on Trade Me reveals that there are currently 46 properties listed in Rotorua within this price range. If your property isn’t attracting much interest or viewings, it might not be among the top 4 in this price bracket. However, it could potentially offer the best value in a lower price range.
While this isn’t an exact science and numerous other factors could influence these figures, it’s still helpful to know the number of properties your home is competing against.
The graph below illustrates the median duration it takes to sell a property in Rotorua. This is interesting to both sellers and real estate agents as it offers insight into the pace of the market. Over time, we can observe whether the market is accelerating or decelerating. However, like all statistics, the information presented may not fully represent the reality but serves as a useful gauge.
A swift sale of most properties is a positive sign, whereas a slow sale is generally unfavorable. However, there can be significant discrepancies, especially in slower markets. This is because the data does not account for properties that were on the market for an extended period (e.g., 6 months) but did not sell and were eventually withdrawn. The statistics presented only consider the properties that were successfully sold.
Therefore, the actual selling duration is likely longer than what is shown. Nonetheless, the overall trend, whether it’s increasing or decreasing, remains a reliable indicator.
Great info