Auckland residential property sales fell last month from a year earlier, while listings reached an 11-month high, according to Barfoot & Thompson, the city's largest realtor.
Sales fell 15 percent to 771 last month, down from 854 in January, which was the highest for that month in six years, the firm said in a statement. The average sale price rose to $678,533 from $647,207 in January.
Actual listings stood at 3,674, the highest since March last year and up from 3,371 in January. The median price rose to $620,000 from $580,000.
"These signs are positive and an indication that the economy is stable, banks are lending, and buyers and sellers remain confident," said managing director Peter Thompson. "But there is more choice out there and that will ultimately affect prices."
The firm sold 122 homes for more than $1 million last month, up 60 percent from the same period last year. Sales of homes of $750,000 or more were up 50 percent.
"We are starting to see a return to listings levels of October and November last year," Thompson said. "For buyers, that's good, they can start to shop around, but greater choice means more competition. Sellers will need to be realistic and not overvalue their assets if they want them sold."