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

Spring has Sprung - October 2024

Property Brokers  Monday, October 21th
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Spring Has Sprung: More Listings and Growing Buyer Activity on the Kāpiti Coast

 

The real estate market on the Kāpiti Coast has been gradually warming up with the arrival of spring. From Paekākāriki to Ōtaki, listings have surpassed 420 properties, offering buyers a broader selection and more opportunities. However, for sellers, this influx of new listings means more competition.

Breaking Down the Suburb Trends

The latest figures reveal some interesting trends across different areas over the past three months:

  1. Ōtaki/Te Horo:
      • July: 14 sales, $545,000 average, 41 days to sell
      • August: 19 sales, $710,000 average, 108 days to sell
      • September: 17 sales, $769,823 average, 185 days to sell
      • Insight: The average sale price in Ōtaki/Te Horo has shown a significant rise since July. However, the jump in days to sell, particularly in September, suggests that a lot of older inventory is now being cleared, likely skewing the overall numbers.
  1. Peka Peka/Waikanae:
      • July: 33 sales, $807,000 average, 50 days to sell
      • August: 23 sales, $885,000 average, 58 days to sell
      • September: 22 sales, $946,909 average, 66 days to sell
      • Insight: This area's market has steadily strengthened, with a consistent rise in average prices. The slight increase in days to sell could indicate that buyers are becoming more selective, or that some listings are lingering a bit longer.
  1. Otaihanga/Paraparaumu:
      • July: 35 sales, $760,000 average, 36 days to sell
      • August: 39 sales, $795,000 average, 69 days to sell
      • September: 44 sales, $862,805 average, 71 days to sell
      • Insight: The growth in sales numbers and average prices reflects strong demand in this popular area. Despite an uptick in days to sell, the market remains dynamic, with buyers still actively seeking homes here.
  1. Raumati/Paekākāriki:
    • July: 15 sales, $800,000 average, 49 days to sell
    • August: 21 sales, $1,030,000 average, 85 days to sell
    • September: 13 sales, $784,192 average, 73 days to sell
    • Insight: The drop in the average sale price in September compared to August suggests some variability, possibly due to fewer high-end properties selling. The fluctuation in days to sell indicates a shifting buyer mindset, with some properties moving quicker than others.

Overall Market Snapshot

  • Kāpiti Coast Total:
    • July: 99 sales, $772,000 average, 46 days to sell
    • August: 102 sales, $848,000 average, 78 days to sell
    • September: 96 sales, $854,968 average, 90 days to sell
    • Market Trend: While the total number of sales has remained relatively stable, average prices have climbed. The increase in days to sell can be attributed to aged stock selling, which impacts the average.

 

Looking Ahead

With more listings hitting the market and increased buyer activity, the Kāpiti Coast is set for a busy season as we head towards Christmas. If you're thinking about your next property move, now's the time to get in touch to discuss how to navigate this changing market.

Reach out for more insights or personalised advice.

Send me your enquiry

Charlie Goodyer
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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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