PropStats figures reveal slight upturn in residential market

Latest figures from the Western Cape Institute of Estate Agents PropStats division (which tracks and analyses sales from some 4 000 agents in ±200 agencies or operations in the Western Cape) reveal that the upturn in the residential property market continues albeit at an unspectacular pace.

In July the average price achieved on a greater Cape Town home was R2,02 million. This was 13% below the asking prices and the homes were on the market for an average of 102 days before being sold.

These figures are all an improvement on those of July 2009 – i.e. 12 months earlier. In that month the average sale price was R1,8 million (some 11% below this year’s average) and the average waiting time was some 30% longer (132 days).

Annette Evans, PropStats Manager, said that the top end of the market is looking particularly promising – the average sale price in Constantia, she said, is now R5,7 million and this is 16% up on a year ago. Furthermore, their average sales time (at 101 days) is no longer than that of the average home (102 days) and is a big improvement on the times of 2009 (192 days).

Evans said that those who learn to make good use of the PropStats figures can use them to justify estimates and values and keep both sellers and buyers’ expectations realistic.

“PropStats data,” she said, “is valuable and is now being referred to by all agents who are keen to offer their clients realistic comparative market analyses. Bank valuers, bank, accountants and conveyancing attorneys are also now utilising the statistics on offer.”

In the main areas of the Western Cape such as the Atlantic Seaboard, some 90% of the registered agents in the Western Cape now upload information monthly to PropStats. Evans urged those still not cooperating to do so – and again asked non-members of the Institute to consider joining “because the benefits are significant and the fee small”.

The next training session in the use of PropStats data and how to log into the system will be on Wednesday 22nd September from 10:30am to 12:30pm. Details to be found under training on www.ieasawcape.co.za

Article by: www.propstats.co.za