– Last week I sold a house on Madla in Stavanger for NOK 11.23 million. It was out to 9.5 million, says estate agent and marketing manager at DNB in Stavanger, Michael Boxill Knutsen to news. On Monday morning, Eiendom Norge presented the housing price statistics for May. So far in 2023, housing prices in Norway have risen by 7.7 per cent. In May, the increase is 0.8 per cent. Estate agent and marketing manager at DNB Stavanger, Michael Boxill Knutsen. Photo: Sindre Kirkaas Normann / news In Stavanger, the housing market is extra hot. In May alone, house prices rose by 1.3 per cent, and the city thus had a stronger seasonally adjusted development last month compared to both Oslo, Bergen and Trondheim. The three respectively had an increase of 0.4 per cent, a decrease of 0.1 per cent and a decrease of 0.7 per cent in May, show the latest figures from Eiendom Norge. CEO of Eiendom Norge, Henning Lauridsen. Photo: Johnny Vaet Nordskog The average price for a home was NOK 4,680,392 at the end of the month. – Many homes were sold in May, and so far this year more second-hand homes have been sold in Norway than at the same time in 2022. There has also been a large increase in the number of new second-hand homes on the market throughout the month. This indicates a more moderate development in housing prices in the coming months, says Henning Lauridsen, managing director of Eiendom Norge. Many on display and high prices Since the turn of the year, housing prices in Stavanger have risen by 11.8 per cent. Detached houses and small apartments in particular are sold like hotcakes, according to what news is familiar with. – It is definitely a seller’s market. A colleague just sold a one-room flat in Stavanger East for NOK 650,000 above the asking price, says the estate agent in Stavanger. At the beginning of last week, there were 328 homes for sale on Finn.no. In the same week in May 2019, there were 878 homes in Stavanger. In Sandnes, the corresponding figure is 190 homes at the start of last week, compared to 420 in the same week in 2019. – There are many on display and we have good sales at high prices of both smaller, city-centre apartments and detached houses. Many are willing to go to great lengths to secure something, says Boxill Knutsen. Two new interest rate hikes are expected during the year, according to Norges Bank. However, the estate agent does not see that there will be any improvement in the number of homes that come out, which will not slow down price growth to any great extent. – There is nothing to indicate that the offer in the market will fill up significantly in the future. The interest rate hikes that are predicted will probably slow down price growth somewhat, but the supply is still so low that we believe the market will remain fairly solid. Prices will therefore not point downwards, he says. That’s why Stavanger stands out CEO of Eiendom Norge, Henning Lauridsen, explains the decline by the fact that Stavanger stands out from the other big cities in Norway. – House prices in the Stavanger area started at a low level after many years of stagnation following the oil crisis in 2014. Thus, comparing the offer with 2019 is not entirely fair. At the same time, he is aware that the housing market in Stavanger is very strong. – But it is in many ways a normalization of a market that has been particularly reasonable and has had a particularly weak development after the oil crisis, he says. As long as the labor market and the business world are progressing as well as they are today, Lauridsen will not be surprised if Stavanger is also among those with the greatest growth in the housing market in a year’s time. – The housing market is doing very well across the board from Arendal to Stavanger, he says. – What we are actually seeing in Stavanger now is that the housing market is lifted to normal prices, he adds. – Is there a housing deficit in Stavanger? – There are not abnormally few homes on the market. The homes are going away quickly. The discrepancy between how many homes are sold and homes that are advertised is historically low, he says. Lauridsen believes that the housing market in isolation works perfectly well, but that the new housing market in Norway is currently a disaster. – It has almost stopped completely. But that is due to the currently high construction costs. At the same time, these are uncertain times. It makes people more cautious about buying a new home now that will be ready to move into in two years, he says.
ttn-69
In Stavanger, the number of homes for sale has fallen 60 percent in four years – news Rogaland – Local news, TV and radio
