Market Update – May sales low

May confirmed another  month of low house sales in Gisborne City. The 32 residential sales that were recorded for May are similar to previous months which have averaged 35 sales for each of the five months this year. These low volumes signal we are continuing to be in a buyer’s phase of  the real estate cycle. In this market buyers face less competition to secure their dream home, while sellers on the other hand need to have their properties priced right in order to achieve a sale. The median sale price was $245,000 which is indicative of the flat market we are experiencing.

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