Good News for False Bay Residential Property Owners: R132 Million Record Sales
Monday, March 26th, 2007New Here? You’re Invited To Simon’s Town News Updates Subscribe here.
When a record R132 million worth of residential properties were sold during January 2007 the figure was dismissed as a December lag because the sales for December 2006 was a discouraging R34 million. These False Bay pessimists disappeared when R128 million was recorded for February 2007. This translated into 102 properties sold compared to the 12 month average of only 69 properties.
“We thought its all doom and gloom when the December 2006 figures were released by RPPR. The low figures went hand in hand with the negative property news from both ABSA and Standard Bank, the pressures of inflation and the price of crude oil. The False Bay January and February sales however indicate to us that False Bay is not aware of any negative trends or bad news”, says Johan Horak from SimonsTownRealty.Info
For the last two years False Bay recorded sales of about R85 million per month with an upward trend that increased by 35% during the last few months. This trend emerged even though selling prices were 15% lower in February when compared to January 2007. The time it took to sell homes increased. False Bay properties sold on average within 80 days but the average time to sell a home is now more than 120 days. The only properties not taking longer to sell are sectional title properties at a steady 40 days.
The average house price for the area covered by RPPR was R1.918, although full title property in the False Bay area average about R1.6 but came down in February to and average of R1.379.
According to Johan Horak, one of the founders of SimonsTownRealty.Info, “This is the time to price your home to sell. Many sellers wrongly believe they need to add negotiation fat. By adding fat you discourage people who may be able to buy your property and you get people looking at your property who expect a more expensive home. It’s less costly to negotiate up than when you wait too long because the market move up while you wait.”
SimonsTownRealty.Info is a property guide dedicated to Simon’s Town property owners.
SimonsTownRealty: Sell, Buy A Simon’s Town Property? Phone Today 021-7864028 or 082 870 2004
How Do You Care For Your Second Home When You Are From Out Of Town? Ask The Local Eye To Take Care.
Loading ...