Ray White Now New Zealand - September Edition - Page 18
WHY ARE WE CONTINUING TO SEE STRONG RESULTS ?
Several factors drive real estate markets ; 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 , conditions are favourable for sellers . Conversely , when supply is high and demand is low , conditions are favourable for buyers .
What are we seeing now ?
Simply put , we are selling more than we are listing which is creating an undersupply of stock . Combined with sustained levels of unprecedented demand , the property market is firmly favouring those looking to sell despite the recent housing policy announcements by the Government and the resurgence of COVID-19 .
Throughout August , we saw 889 ‘ new listings ’ come onto the market , a 48.7 per cent decrease compared to the same period last year . The decrease in ‘ new listings ’ has been met with an increased number of sales 1,101 , meaning we oversold our portfolio in August by 212 . Our members are selling more than they are listing , which impacts the total available listing supply , which is currently 20.84 per cent less than this time last year and 24.24 per cent less than the same period two years ago . With a total of 2,837 listings on the market in August for buyers to choose from , these stock levels continue to favour our sellers .