Further Slowing in Sales for May

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The Ray White Group saw a reduced number of sales for May 2010 of 18% in comparison to the May results in 2009.  In comparison to last month, property sales fell by 9%. 

The top office for the month was Manukau  who completed close to $20 million in sales turnover and listed over 160 properties for the month. Ponsonby were No 2 with Remuera, Albany and Howick featuring as National Top 5 businesses.  Offices that achieved the highest zone area increase included Mangawhai, Hamilton City, Palmerston North, MotuekaChristchurch Commercial and Queenstown. Our marketing presence increased by 18% and this is measured on the overall presence in key media throughout New Zealand. 

The lower volume of sales is attributed to the budget announcement and a general lack of confidence in the investment sector of property. The results in the listing stock saw an increase from 12 months ago of 18%  and ahead by 3% on April 2010.  The number of new listings linked to the lower level of sales volume continues to show a consistent market for buyers and for sellers.  Days on Market are expected to increase while available proeprty levels grow. The Ray White Group results were better than the industry with reporting from realestate.co.nz which has shows in their Property Report for May 2010 that listings fell by 4% to 11,733 from last month and from the same time last year increased by 17%.

The Ray White Group in New Zealand has had 3 new offices opened during the past month. The new offices are Wanganui and Kapiti in the Lower North Island with Sandringham opening in Auckland. The Group now has 134 Offices with 1408 Salespeople and 184 Property Managers.