There were three sales this month that “triple-handedly” reduced what would otherwise have been a promising month for the Devonport housing market.
Had these properties sold for somewhere around their RV, price growth v RV would have been around 10% for both the upper and lower price tiers – and it’s been well over a year since we’ve seen anything like that in the upper tier.
Having said all of that, volumes were low and would have been lower if we had not included the new extended picture of the market (the area north of the golf course to Bayswater). In fact, that would have reduced the number of houses sold to seven, the lowest for over a year, so it’s hard to consider October too representative of anything.
It’s also worth noting that the average time to sell is the highest it’s been for 12 months at 103 days, although this is slightly skewed by one house that had been on the market for 255 days.
It’ll be interesting to see what the countdown to Xmas holds; as can be seen from the graph, last year the market tailed off in numbers quite markedly. It’ll be worth watching to see if the relative price positivity we currently have (compared to this time last year) represents an ongoing upturn.
We’ve also added an additional graph this month; the market shares of the agent companies that operate in Devonport. Other includes Prestige, Precision and private sales. These market shares represent the number of properties each agent had for sale as at 25 November 2011.