Four weeks to sell and almost full price for Cape Town’s fastest selling suburbs… despite economic contraction

Despite the overall decline in sales volumes, the latest Propstats data shows that well-priced Cape property is still selling within about four to six weeks – and at a discount of just 5% to 6% on average.

“In reality, many sellers are getting almost their full asking price,” says Seeff Properties chairman Samuel Seeff. “This is still remarkably better than five years ago when the time on the market was almost 16 weeks and sellers had to discount their prices by 10% to 20%.”

The data shows that the Cape metro closed off the first few months of this year with a well-balanced market. In the sub-R2m to R3m sector, homes are still selling within one to four weeks of coming onto the market if priced right – and for almost the full asking price.

CAPE TOWN’S FASTEST SELLING AREAS/SUBURBS in 2016

 

 

AREA

 

DAYS ON MARKET

 

WEEKS ON MARKET

PRICE DISCOUNT

(AVERAGE DIFFERENCE BETWEEN ASKING AND SELLING PRICE)

SOUTH EASTERN SUBURBS (including Rondebosch East and Lansdowne) 30 4 9.2%
CONSTANTIABERG 43 6 6.6%
CITY BOWL 46 6 6.7%
BLOUBERG 55 8 4.7%
FALSE BAY 55 8 7.6%
ATLANTIC SEABOARD 60 8 9.2%
HOUT BAY 60 8 7.7%

 

Statistics from Propstats, prepared by Seeff of Southern Africa

 

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