This chart provides an overview of property sales over the last two years, focusing on the monthly figures. In January 2024, a total of 40 properties changed hands, comprising 37 residential properties and 3 lifestyle blocks.
While the raw numbers are modest, it's important to consider the broader context. January typically experiences a slower real estate market due to various factors, one of which is most lawyers don’t return to work until the 23rd of January, it's true most settlements would have been pushed back to the week of the 23rd, but some may have pushed into February.
Despite the challenges, there is room for optimism. There is a significant increase compared to January 2024 Market Update, which saw only 26 sales. Is this a positive trend? I am interested in your thoughts.
The chart below illustrates the distribution of property sales across different price ranges, with such a low number of sales in Rotorua in January it is hard to read much into this particular chart.
As with the last chart with the very low sale numbers in January the median sale prices can be a little skewed, but still it does appear the steady climb continues. I would expect we will see many more sales when the February stats are released next month that will provide a clearer picture.
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