In this update we look at the REINZ statistics from the previous month to get a snapshot of what is happening in the Dunedin real estate market. We also answer, what does this mean for you?
Number of Sales: While the amount of sales this February were quite a bit less than the same month of the previous year, 115 sales is still a good amount. What does this mean for you? There are currently over 700 properties for sale in Dunedin, if you want yours to be have a sold sticker on it this month, you need to ensure that buyers are going to choose your home over the competition.
Median Price: Property value and what is my house worth are topics that seem to be front of mind for many New Zealanders at the moment. For the Dunedin real estate market this meant a difference of $125,000 in the median sale price, which was down from February in 2022. What does this mean for you? If you are putting your home on the market, it is more important than ever to be realistic about where the property value sits. Listening to the feedback that you are getting from qualified buyers and looking objectively at comparable listings and sales will help keep you realistic and give you the opportunity to get an ever better result.
Days on Market: One of the more significant changes in the market over the past year has been the amount of time a property remains on the market before it sells. What does this mean for you? Be prepared to be on the market for a bit longer, but aim to be sold within the timeframe of the median days on the market to ensure you get the best result.
Other resources for selling your home:
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