What's happening in real estate
What's happening in real estate

Kapiti Coast Realestate Market Update - May 2024

Property Brokers  Friday, May 17th
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Kapiti Coast Real Estate Market Update: May 2024 (Navigating a Shifting Landscape)

Introduction:

Kia Ora! I'm Charlie Goodyer, a Kapiti Coast real estate agent with a deep understanding of our local market. In this blog post, we'll delve into the latest trends using REINZ data (April 2024) to help you navigate the current Kapiti Coast housing market, whether you're a buyer or seller.

Market Overview:

The Kapiti Coast real estate market continues to evolve. While the total number of listings remains steady at around 429, sales activity has dipped compared to April 2023. This is despite a significant increase (26%) in buyer searches, suggesting a shift in buyer behaviour.

Key Takeaways:

  • Slower Sales Pace: Sales volume has decreased by 27 units compared to April 2023.
  • Increased Buyer Interest: Buyer searches are up 26% year-over-year, indicating a strong pool of potential buyers.
  • Stable Listing Inventory: The number of listings remains relatively consistent.
  • Suburb Variations: Average sale prices vary across suburbs, with Otaki/Te Horo experiencing a decrease and Peka Peka/Waikanae remaining relatively stable.

Understanding the Shift:

Several factors are likely influencing this market shift:

  • Rising Interest Rates: Increased borrowing costs can impact buyer affordability.
  • Changes in Rental Legislation: Recent legislative changes may affect investor decisions.
  • Cost of Living: Overall cost increases can influence buying decisions.
  • Increased Wellington Listings: A rise in Wellington listings might draw some buyers north.

Opportunities for Sellers:

Despite the changing market, there are advantages to listing in the cooler months:

  • Reduced Competition: Fewer listings compared to the busier spring/summer market.
  • Serious Buyers: Those searching during autumn/winter are often highly motivated.

Tips for Both Buyers and Sellers:

  • Buyers: Do your research, get pre-approved for a mortgage, and be prepared to act quickly on properties that meet your needs.
  • Sellers: Price your property competitively, highlight its unique features, and consider working with a reputable real estate agent who can effectively market your home.

The Importance of a Local Expert:

The Kapiti Coast market has its own unique dynamics. Working with a local real estate agent ensures you have access to the latest market insights and expertise to navigate this changing landscape.

Ready to Make a Move?

Whether you're buying or selling on the Kapiti Coast, I'm here to help you achieve your real estate goals. Contact me today for a free consultation!

Send me your enquiry

Charlie Goodyer
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Contact

Have you considered buying or selling a property? Or do you know of a family member, friend or colleague who is considering buying or selling a property? Contact Charlie Goodyer to experience next level service.

Charlie Goodyer
M  022 084 3071P  04 974 5074
E  charlie.goodyer@pb.co.nz

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