Listings, sales, and prices rise
The latest figures from REINZ revealed a notable uptick in the housing market in March – a surge evident from the substantial increase in listings and stock levels, providing buyers with more options than seen in recent years.
“Listings increased substantially, up by 23.9% nationally compared with March 2023, reinforcing a trend we have seen since the beginning of 2024 with more property coming to market,” REINZ CEO Jen Baird (pictured above) said.
Regional and national sales trends
The report highlighted that sales activity has increased across most of the country, with significant growth noted in several regions.
“Sales activity was higher in 13 of 16 regions compared to March 2023,” Baird said in a media release. “Gisborne led the way with the highest year-on-year increase in sales (+27.8%).”
Price developments and market predictions
The national median sale price has also seen an increase, moving up 2.7% year-on-year to $800,000.
“This is the second consecutive month recording a year-on-year increase in the median sale price nationally,” Baird said. “This, along with the increased year-on-year levels of sales and listings, suggests that we are past the lowest point of this market cycle.”
REINZ’s market outlook
Looking ahead, Baird remains cautiously optimistic about the future of the real estate market as it adapts to current economic conditions.
“The current economic environment with higher interest rates and some uncertainty in the jobs market will mean some buyers remain cautious, however growing numbers of buyers are acting now,” she said.
Upcoming changes in regulations are expected to attract more investors, potentially increasing competition and further driving market activity in the coming months.
Click here for full Monthly Property Report. To compare the latest figures from last month’s results, click here. For the January figures, click here.
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