10 Count for the Queenstown Real Estate Market

December 31st 2010 I posted a blog that if Queenstown realtors didn’t enjoy the tough market in 2010 don’t bother turning up for 2011.

So here we are down for the ‘ten-count’ and reflecting on the 10-months January- October 2011 and Queenstown realtors have yet again displayed their resilience and self-belief in what’s been another challenging year thus far. A mere 37 more hard fought property sales this year comparing last or an average 3 more sales a month across the 100+ licensed salespersons in the area.

The good news (see table below) is that year-to-date the total value of sales has increased comparing the 2010 year. This is a consequence of two highest demand property types; residential dwellings and sections both selling bigger numbers and at much improved median sell prices.

Another fundamental driver for this increase has been the total number of properties selling above $1.0m. In the ten-months 2010 there were 48 sales above the $1.0m price point and in 2011 this increased to 71 sales (+47.9%).

It will be mid-January 2012 before all the score cards are in for the calendar year 2011. In the meanwhile it’s back to centre ring for the last few weeks of the year.

Property Type 2011 2010 Variance +/-
Residential Dwellings (RD) 225 sales 192 sales +17.9%
RD Median Sell Price $580,000 $555,000  +4.5%
Apartments (A) 52 sales 59 sales -11.8%
A Median Sell Price $495,000 $427,500 +15.7%
Units (U) 81 sales 81 sales   n/c
U Median Sell Price $390,000 $365,000   +6.8%
Townhouses (TH) 21 sales 23 sales   -8.7%
TH Median Sell Price $388,000 $415,000   -6.5%
Residential Sections (RS) 117 sales 98 sales +19.3%
RS Median Sell Price $280,000 $247,500 +13.1%
Rural (R) 22 sales 28 sales -21.4%
R Median Sell Price $1,162,500 $852,500 +36.3%
Total properties Sales 518 sales 481 sales   +7.6%
Total Value ($) of sales $327,302,743 $278,329,833 +17.6%
























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