The prices of existing owner-occupied homes rose slightly in the third quarter. The number of transactions at NVM brokers is also on the rise again. Prices fell slightly in Amsterdam.
This is evident from the NVM housing market figures and analysis by NVM subsidiary Brainbay. The average sales price of an existing home was €422,000. The price of an owner-occupied home rose for the second quarter in a row, by 1.7% compared to the previous quarter. Then the increase was 3.5% compared to the first quarter. The average sales price is still 1.7% lower than in the third quarter of 2022.
The number of transactions increased by 2.4% compared to the previous quarter. NVM real estate agents sold almost 33,500 existing owner-occupied homes in the third quarter.
Concerns about increasing shortages
“The third quarter, which includes the summer period, is traditionally always a bit quieter in terms of sales and interest,” says Lana Gerssen, chairman of the NVM Housing department. “Nevertheless, the results this quarter show that there is dynamism in the market and buyers have confidence.”
There is dynamism in the market and buyers have confidence. But we are concerned about the shortage.
– Lana Gerssen, chairman of the NVM Housing department
The shortage on the owner-occupied housing market is increasing again. This quarter, 9% fewer homes were put up for sale by NVM real estate agents than in the second quarter and even 18% less compared to the third quarter of last year.
Gerssen: “We have to conclude that the current housing shortage has increased from 315,000 homes a year ago to 390,000 in 2023. That is 826,800 home seekers for whom there is no home available. This quarter, a buyer can choose from an average of 2.6 homes, meaning the shortage indicator has fallen slightly compared to 2.7 in the second quarter. We are concerned about that because it will reignite competition between buyers.”
Price drop in owner-occupied homes in Amsterdam
The median asking price of a home in Amsterdam fell by 2.8% last quarter compared to the second quarter of 2023: € 680,644 compared to € 705,169. Compared to the third quarter of 2022, an increase of 4.3% can be seen in the capital. This is reported by the Makelaars Vereniging Amsterdam (MVA), a subsidiary of NVM.
MVA real estate agents put a total of 1,584 homes for sale in the municipality of Amsterdam in the third quarter. This is a decrease of 8.8% compared to the previous quarter and 1.0% compared to the third quarter of 2022.