By Gordon Edginton
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The long overdue downturn is here. Signs of a softening started in October/November 2007 and has been cemented in place in the first three months of this year with very low turnover – down a whopping 46% from the same time last year. January-March 2008 sales volume is averaging 1,700 sales per month compared to 3,145 averaged last year .
March is usually the best month for residential sales turnover with an average annual turnover in the last six years of 3,000 sales per month. However, with current sales figures down between 1,700 to 1,800 per month, this March is shaping up as one of the worst in 15 years. Days to sell are dramatically up from 2007 when the average was 30 days but are now at 47 days, which is 57% longer to sell and likely to get worse through winter when compared to the 10 year average of 37 days to sell.
March is usually the best month for residential sales turnover with an average annual turnover in the last six years of 3,000 sales per month. However, with current sales figures down between 1,700 to 1,800 per month, this March is shaping up as one of the worst in 15 years. Days to sell are dramatically up from 2007 when the average was 30 days but are now at 47 days, which is 57% longer to sell and likely to get worse through winter when compared to the 10 year average of 37 days to sell.
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