NZ February Property Sales Decline 3.8%

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The sales figures released by the NZ Real Estate Institute for February 2010 showed that 5,029 properties were sold during the month.  This figure was the lowest for February sales reported since data began being taken in 1992.  In comparison to the February sales in 2009 it was a further decline of 3.8%.  These numbers were not consistent with the Ray White group which showed February sales increased by 9.7% in comparison to the previous 12 months. 

There may be two factors which play a part in the above differences that being the increased marketshare that the Ray White has shown in the past 12 months together with the questions of the potential accuracy of the NZ Real Estate Institute statistics.  February traditionally is one of the stronger months for sales and for our group it has been the third or fourth most active month for sales in the year.  Beyond the actual sales volume number, controlled listings increased substantially by 41% on the previous 12 months.  The New Zealand Property Report released by realestate.co.nz for February showed that there was a 5000 property increase – 33% in listings across their website during February. 

In addition to this the Real Estate Institute have produced their seasonally adjusted sales figures which shows sales have fallen to an 18 year low with the total sales being 53,540.

The Ray White group see the continued polarisation from an industry point of view with these continued figures halting any potential revenue increase for individual agencies.  Marketshare and dominance of property sales will be important to the vendors as they choose their agency in potentially more challenging market conditions.  The Ray White group are proud to be able to offer to vendors real time market reports for every area across New Zealand.  These reports detail the numbers of sales, turnover, days on market, and price differences.  This can be also provided and split into housing and units.  These are available from the 132 Ray White offices across New Zealand.