Tremains Real Estate July 2023 Market Report
What’s happening in the market?
AUTHOR WILL JOHNSTON & PAUL MCNEIL - Branch ManagersThe latest REINZ data for July 2023 shows trends of more activity from buyers along with lower than normal inventory levels across the Bay of Plenty. Average days to sell fell by 1 day to 56 days from the previous month with the 10 year average for the region at 46. Sales volume for July was up 13.7% compared to July last year, with a rise of 7.8% when compared to June 2023.
We are seeing an increase of activity from first home buyers and owner occupiers across the market with many investors seeming to be hanging back in anticipation of the upcoming election, not unusual in an election year.
This activity is evident in the auction room with more buyers attending and some fantastic results being achieved across all market segments.
Whilst some Vendors are adjusting their price expectations to reflect current market conditions, others are holding fast to achieve their original expectations reflected in the average days on the market dataset. There is certainly a feeling of optimism within the industry with Salespeople reporting strong numbers of quality buyers through open homes and good levels of enquiry arising from robust marketing campaigns.
The switching of the acronyms is starting to happen; the easing of FOOP (Fear of Over-Paying) makes way for the gradual return of FOMO (Fear of Missing Out). This is particularly evident in the return of strong bidding amongst competing buyers at auction and the significant return of multi-offer situations.
These trends combined with the low level of inventory available and the increase in sales volume year on year make for a great time for sellers contemplating a move to enter the market. Spring has almost sprung and as we look even further forward to the back quarter of the year there is significant shoots of green for both sellers and buyers!
REINZ Market Summary
REINZ MARKET SUMMARY JULY 2023
Western Bay of Plenty District
Median Sale Price change since last year -7% Median Sale Price Bay Of Plenty $800,000 Total Number of Sales Bay Of Plenty 374 Median Days to Sell Bay of Plenty 56 Tauranga City Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Tauranga City $895,000 -3.2% 232 49 Tauranga Suburbs Bellevue $690,000 -12.4% 6 89 Bethlehem $989,000 -10.1% 32 75 Brookfield $752,000 -4.8% 6 23 Gate Pa $625,000 -9.8% 10 47 Greerton $625,000 -7.4% 6 39 Judea $707,500 -9.4% 4 54.5 Matua $936,600 -5.4% 4 70 Mount Maunganui $844,000 -18.7% 35 50 Ohauiti $869,000 -21% 8 44 Otumoetai $755,000 -13.7% 13 52 Papamoa Beach $980,000 +7.6% 56 40 Pyes Pa $922,000 -9.6% 25 40 Tauranga Central $1,780,000 +96% 1 59 Tauranga South $698,750 -42% 4 71 Welcome Bay $700,000 -24.3% 17 48
Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Western Bay of Plenty $870,000 -18.7% 33 60 Katikati $739,000 -6.5% 4 105 Omokoroa $955,000 -25.7% 11 58 Te Puke $730,000 -22.8% 8 24
*All Statistics from Real Estate Institute of New Zealand
2023 *All Statistics from Real Estate Institute of New Zealand Median Sale Price change since last year -7% Median Sale Price Bay Of Plenty $800,000 Total Number of Sales Bay Of Plenty 374 Median Days to Sell Bay of Plenty 56 Tauranga City Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Tauranga City $895,000 -3.2% 232 49 Tauranga Suburbs Bellevue $690,000 -12.4% 6 89 Bethlehem $989,000 -10.1% 32 75 Brookfield $752,000 -4.8% 6 23 Gate Pa $625,000 -9.8% 10 47 Greerton $625,000 -7.4% 6 39 Judea $707,500 -9.4% 4 54.5 Matua $936,600 -5.4% 4 70 Mount Maunganui $844,000 -18.7% 35 50 Ohauiti $869,000 -21% 8 44 Otumoetai $755,000 -13.7% 13 52 Papamoa Beach $980,000 +7.6% 56 40 Pyes Pa $922,000 -9.6% 25 40 Tauranga Central $1,780,000 +96% 1 59 Tauranga South $698,750 -42% 4 71 Welcome Bay $700,000 -24.3% 17 48 Western Bay of Plenty District Location Median Sale Price % Sale Price Diff from 1yr Prior Number of Sales Median Days to Sell Western Bay of Plenty $870,000 -18.7% 33 60 Katikati $739,000 -6.5% 4 105 Omokoroa $955,000 -25.7% 11 58 Te Puke $730,000 -22.8% 8 24
SUMMARY JULY 2023
JULY
REINZ MARKET
A selection of recent results by the team at Tremains
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104 Glue Pot Road, Oropi
1 The Green, Mount Maunganui
47 Athfield Drive, Bethlehem
23A Sixth Avenue, Avenues
75 Greerton Road, Gate Pa
39 Hamurana Road, Omokoroa
05 08 873 6246 | tremains.co.nz
Tremain Real Estate BOP Limited Licensed REAA 2008
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