WHY ARE WE SEEING STRONG SALES RESULTS NOW ?
SUMMARY
• October saw records tumble as we posted our best month of sales ever .
• Record levels of buyer activity are driving demand .
Real estate markets are driven by a number of factors however the two basic fundamentals of supply ( the number of total properties for sale ) and demand ( the number of buyers active in the marketplace ) play a significant role in establishing market conditions that favour sellers or buyers . In general terms , when supply is low and demand is high , these conditions are favourable for sellers . Conversely , when supply is high and demand is low , these conditions are favourable for buyers . So what are we seeing now ?
October saw our best ever month in sales where our Ray White members helped over 6,500 households which resulted in over $ 5.7 billion in sales . When we look at our auctions for the month , records tumbled with 65.8 per cent of all auctions selling under the hammer on auction day . This was clearly driven by record levels of demand seeing 5.3 registered bidder on average across our auctions .
Supply Typically throughout October and November we see an increase in ‘ New Listings ’ coming to the market and this year , we are seeing that same trend emerge . ‘ New Listings ’ were up by 1.3 per cent this week . This is the first increase we have seen for a number of months ( refer Chart 1 ). When looking at the ‘ Total available Listings ’ there are currently 18,589 properties for buyers to choose from which is a three per cent increase compared to last year however when we compare this to the year prior there are 4,276 less listings ( refer to Chart 2 ).
Chart 1 : Listing authorities
This chart shows that the number of new listings is up 1.3 per cent compared to this time last year .
# Listing Authorities / 28 days
# Listings OTM
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000
Chart 2 : Total available listings
30k 25k 20k 15k 10k 5k
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020
Source : Ray White Listings Data
This chart shows the total number of listings are up three per cent compared to this time last year .
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020
Source : Ray White Listings Data
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