This year, the residential real estate market has defied almost every expectation and prediction. From the disruption of Covid-related restrictions in nearly every aspect of our lives to the resilience the market has shown during its resurgence, we have now experienced sales levels above those seen in 2019. There has been much speculation regarding what may or may not happen, and for 29 weeks, Ray White Now has aimed to cut through the speculation with accurate, real-time data from our 182 offices nationwide.
Several factors are currently influencing the market, but they can ultimately be simplified into two categories: supply and demand. On the supply side, the traditional summer surge of listings continues to bring more property to market; however, overall listing numbers are 36.69 percent higher than the same period in 2019. Why are listings increasing? Some owners are taking advantage of the favorable selling conditions, while others are seeking a change of lifestyle or have experienced a change in circumstances that has necessitated selling.
On the demand side, we see an increase in sales results, which are 20.62 percent higher than last year. The strong demand for residential property has been apparent since late May/early June, coinciding with the country's first move to alert level 1. This took many by surprise, as early predictions had indicated a downturn in both demand and property prices.