A quick review of last quarter sales activity in Kirstenhof 2014 vs 2013 shows that in spite of the dire shortage of sellers, there was triple the number of sales this year. Chas Everitt’s Bruce Haywood brokered 33% of these sales and commented that even though there weren’t enough sales from the same period last year to draw any firm conclusions, there were nevertheless some interesting trends.
Stats show that in 2013 all buyers for the period under review found their properties by searching the web. This year there’s still a high percentage of ‘web-house-hunting’ with the rest of the buyers being sourced from the more traditional showhouses and as existing clients.
Cash was king last year but friendlier bank managers mean almost exclusively bond-financed purchases this year.
The number of days on market roughly halved this year and together with a gigantic difference in asking vs. actual sale price (an average of -13.5% last year but buyers only managed to negotiate -3.78% off this year!) is further proof that we are firmly entrenched in a seller’s market. In other words with little stock to choose from, buyers are forced to compete for the same property and snap them up quickly at close to asking price. This trend, found throughout the Southern Suburbs, has also created a mini-recovery in property values as higher than average selling prices are achieved. (Kirstenhof: R1,457,000 in 2013 vs R1,962,000 in 2014).
The bottom line is if you are even remotely thinking of selling, now is the time to do it. What is your property worth in today’s market? Please contact Bruce Haywood on 021 712 5029 or 082 555 6810 for some trusted advice and a spot-on evaluation.