| Sampled Data Trends | ||
| The stats shown are for Sectional Title sales only, specifically in the suburb of Kenilworth Upper. | 2016 | 2017 |
| CMA Info: (Updated from Deeds Office) | ||
| Total Number of Sales | 79 | 70 |
| Total Sale Value | 155,706,999 | 150,846,500 |
| Average Selling Price | 1,970,974 | 2,154,950 |
| Average Rand/m² | 19,462 | 21,068 |
| Propstats: (Supplied by Participating Estate Agencies) | ||
| Total Number of Sales | 26 | 37 |
| Total Sale Value | 54,045,000 | 90,980,000 |
| Average Selling Price | 2,078,654 | 2,458,919 |
| Average Rand/m² | 18,584 | 21,381 |
| Average differential Listed vs Sale Price* | -4.83% | -5.07% |
| Average Number of Days on Market* | 23 | 28 |
| * Provision of this information is unique to Propstats |
Commentary:
2016 and 2017 were certainly very busy years for our Sectional Title Team but they are anticipating an even more challenging period ahead as we all grapple with the prospect of “Day Zero” and a slow-down in the property market, as the change from a sellers’ to a buyers’ market becomes more evident.
Catchphrases of the day:
“The Water Crisis” – will dampen sentiment (no pun intended.)
“Semigration” – the real driver of economic growth in the Western Cape, will probably show signs of reversal.
“Affordability” = the biggest reason for the downturn. In the past six months we have noticed a trend of multiple reductions in asking price, until eventually there is a sale or the property is simply taken off the market.
As always, an expert valuation on the current market value of your property will guide you in any decision to sell or stay and we look forward to travelling that journey with you.
This Post is sponsored by Chas Everitt Cape Town South
