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  • Writer's pictureJeremy Clarke

December 2023 Market Update

Updated: Jun 20

This chart illustrates the distribution of property sales across different price ranges in Rotorua.

     In December 2023, a total of 73 properties were sold, including:

     64 residential properties, 6 lifestyle blocks, 2 sections, and 1 dairy support property.

      December 2023 Market Update
December 2023 Market Update

The median sale price, is depicted in this chart below, showing monthly figures over the past two years. It's crucial to note that the median sale price can be somewhat deceptive, especially when fixating on a single month. If a substantial number of lower-priced homes are sold in a particular month, and only a few higher-priced ones, the median may be skewed downward for that month. However, individual homes within that period may have sold for favorable prices.

While median sale prices may be misleading in isolated instances, they prove valuable in identifying more extensive trends. Examining this chart reveals a decline in December 2022, succeeded by a very slow but steady upward trajectory throughout 2023. The hope is that this positive trend continues, with the expectation of a diminishing concern regarding interest rates.

      December 2023 Market Update
December 2023 Market Update

The monthly sales numbers shown below for Rotorua stand as a pivotal and highly anticipated statistic, providing a reliable gauge of market activity. Notably, this year's transition into spring did not witness a significant surge, likely attributed to the scarcity of listings during that period. However, it is very reassuring to note the increase between December 22, and December 23, long may it continue.

December 2023 Market Update

      December 2023 Market Update
December 2023 Market Update

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Good information. Thank you.

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