July 2024 Market Update

The Real Estate Institute of New Zealand (REINZ) has released the October 2024 figures.To better understand the state of the market and where it might be heading, I created some simple graphs. Personally, I find it much easier to scan a graph to see not just how the numbers have changed since last month but also to identify any longer-term trends. It’s far more helpful for me than trying to make sense of numbers scribbled on a piece of paper. Hopefully, these visuals will be useful to you too.

The monthly sales figures show a steady overall increase, with July standing out as the second highest month for sales in the past two years. This is only slightly behind May of this year, which achieved 92 sales.

As we can clearly see the busiest ranges are certainly below $800,000, which is quite normal in Rotorua.

The median sale price does normally bounce around a little, of all the stats this one does need to be viewed as a trend rather than taking too much from an isolated individual month, the trend does still illustrate we still have some ground to make up from 2022.

The median or average time to sell in Rotorua, as illustrated below, has shown considerable variability over the past few years. This statistic is of great interest to us all. However, I believe it paints a clearer picture in a hotter market.

As I've mentioned in previous updates, the actual median in our current market is likely higher than the statistics suggest. This discrepancy arises because the data does not account for properties that lingered on the market for extended periods and were eventually withdrawn. Instead, it only records successful sales. In a hot market, nearly every property sells, making those figures more reliable indicators.