It comes after listings in its network fell by more than a thousand
Last year has been a challenging year for real estate firm Barfoot & Thompson despite its December sales being greater than its sales in December 2018.
The real estate company sold 779 properties in December 2019 compared to only 504 sold in the same month in the previous year, but it confirmed that it sold a total of only 9,323 in 2019 – a 4.4% drop from 9,659 properties sold in December 2018.
Its median December 2019 price also dropped 1.1% from the same month in the previous year, from $875,000 to $865,000. Meanwhile, the average December 2019 price was $949,100 – also a drop from $950,300 in December 2018.
Read more: Auction activity to plummet in the holidays
Drop in listings in Barfoot’s network may have been to blame – decreasing from 4,194 at the start of the year to only 3,191 in December.
According to Interest.co.nz, average and median house prices remained at unchanged levels for three years despite the shortage of listings for sale, with the average 2019 dropout rate being under 13% while that in the previous year was just over 13%.
On the bright side, the stable median prices from January to October 2019 of $831,000 jumped to $891,000 in November and only dropped to $865,000 in December.
