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IMPORTANT - Correction REINZ Residential Report

IMPORTANT - Correction REINZ Residential Report

Following is a replacement entry for the REINZ Residential Report for August 2003 regional breakdown - Nelson. Please refer to these figures rather than those recieved yesterday. Sorensen Group apologies for any inconvenience caused by the error.

Nelson / Marlborough:

The median price for the Nelson / Marlborough area climbed to $238,000 during the month of August, an upward movement on July's $212,500 median and August 2002's median of $150,010. Sales reached new ground with 334 properties changing hands during the month, well up on the 313 sold the prior year and the 297 sales recorded the previous month.

Motueka's median price continued to strengthen on both a monthly and yearly basis to reach $235,000 during August, ahead of last month's $205,000 median and the $139,000 median achieved the prior year. The volume of sales remained steady with July at 33, although this result was down slightly on the 35 sales recorded last year.

The median price for the Marlborough Sounds dropped significantly to $286,000, against the prior year's median price of $335,000 and last month's $371,000 median. Sales also fell on both a monthly and yearly basis to two for the month, compared to seven sales the previous year and the three sales achieved in July.

The number of houses sold in Nelson rose to 113 during August, a considerable increase on both the 108 sales recorded the prior year and the 94 sales achieved in July. The median price of $275,000 steadied against last year's median of $159,500, but decreased against the $276,000 median recorded the previous month.

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