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%|