Bay of Plenty property owners had lower expectations of how much their property would sell for last month, new figures show.
Average asking prices fell month on month by 2.5 per cent to $427,501, according to the latest figures from realestate.co.nz
The number of listings compared to March 2013 dropped 6.6 per cent to 883.
Nationwide average asking prices for newly listed residential properties rose to a new record high last month to $484,263 - up 9 per cent on a year ago - driven by renewed seller confidence in the major centres.
New listings in Auckland, Wellington and Christchurch contributed to a slight overall monthly lift in listings from 12,167 to 12,488. However, that was still 1.9 per cent down on a year ago.