2010 has been an inconsistent year for sales numbers in the New Zealand real estate industry. After hitting highs of over 90,000 sales per annum in 2007, sales dipped considerably to just over 55,000 in 2008. 2009 saw a recovery in part to 69,000 sales.
During the first two months of 2010 the market showed signs it was going to continue to make up for lost ground, however this has not occurred. The second quarter of 2010 recorded one of the lowest sales months since records were taken and this was emphasised with the release of June residential sales numbers, being 4,517. Year to date sales numbers total 29,468 which, if replicated in the second half of the year, would indicate annual sales of 58,000. As this is similar to 2008 it may cause some changes within the industry and the way we operate. It has long been held that the real estate industry is one that is vulnerable to market conditions, and towards the end of 2008 there were real estate offices which needed to retract and many did so and even closed their operations.
For the Ray White Group and the way we react to these times is important. We measure our performance on market share and this is determined by our listings and sales for each of the areas across New Zealand. In June we produced a record result for the Auckland market with 21.7% market share being achieved by Ray White members. Across New Zealand our market share also continues to grow, being just on 15%. Year-on-year this has steadily increased through the confidence of clients and customers utilising Ray White and also the growth of the Ray White Group membership.
Ray White is now represented through 134 local offices and a sales team of just on 1,350. We have 13,500 properties under management and have introduced commercial and rural specialist offices. As part of our approach to the total transaction Ray White has partner businesses including the Loan Market Group, who facilitate $1.5 billion in lending per annum, and Ray White Connect, who provide utility services through Ray White Concierge.