The total number of properties listed for sale across New Zealand remains relatively high, but the balance is starting to shift. Recent data shows that rising sales activity is slowly eroding available stock, while some vendors are choosing to pull their listings altogether.

This marks an important transition point for the market as it moves away from peak oversupply.

Stock Levels Are Down on Last Year

As at early December 2025, there were 29,645 properties listed nationally. That’s around 13% lower than the same time last year, when listings sat at 34,220.

While total listings remain above the five-year average of 26,041, the direction of travel has clearly changed.

Sales Are Starting to Absorb Stock

The recent lift in sales volumes is beginning to reduce excess inventory. This suggests buyers are becoming more active, even if pricing remains disciplined.

At the same time, some sellers appear to be stepping back from the market — choosing to wait rather than accept lower offers — which is also contributing to falling listing numbers.

Regional Stock Declines Are Becoming Clearer

Every part of the country has now started to see total listings fall, but the scale of decline varies by region.

• Southland and Otago have seen the sharpest reductions in available stock.
• Other regions are also recording meaningful year-on-year declines.
• Higher-priced markets still hold more residual stock, but even there levels are trending down.

This widespread reduction suggests the change is structural rather than seasonal.

Still Higher Than Pre-Boom Years

Despite recent declines, total listings remain above levels seen during the tight market conditions of 2020–2023 (for the same time of year).

This means buyers still have choice, but that choice is gradually narrowing as confidence improves.

A Market Moving Toward Balance

The combination of rising sales and falling stock points to a market that is slowly rebalancing. While conditions are not yet tight, the excess supply that defined much of the past two years is beginning to unwind.

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The big takeaway

Total listings are no longer rising — they’re falling. While stock remains elevated by historical standards, the downward trend suggests improving market conditions.

If sales continue to strengthen through 2026, tighter supply and firmer prices could follow, particularly in regions where listings are already declining fastest.

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Source: Cotality – NZ Monthly Housing Chart Pack, December 2025