THE MARKET IS MOVING, ARE YOU?
Category Market Trends
It has been a while since I updated you regarding the current market conditions in the area and thought its about time to do just that. In this newsletter we will discuss Pinehurst and Sonstraal Heights.
From a Real Estate Agent's perspective, we have seen a tremendous swift in the market. Its difficult to define the current market as a sellers' or buyers' market. Although we have plenty of stock available which is evident in a buyers' market, we also have willing and able buyers, evident in a sellers' market. The main problem we as Estate Agents face in this market is PRICING. Although we have the buyer, they will only proceed to put pen to paper when the property is priced correctly.
Pinehurst
In Oakwood we have seen several properties on the market this year, in the R2.5M - R2.8M bracket vs 2018 when most properties listed in Oakwood were in the R2.7M - R3 M range. (The actual average selling price for Oakwood properties (3 bedrooms) for 2018 was in the R2.6M - R2.9M bracket)
The smaller townhouses in Pinehurst ,110m² - 150m² are currently selling for between R1 800 000 - R2 300 000, depending on age, size and condition.
Summerwood and Longwood are also very popular with buyers and properties in these estates should normally sell within 4 - 8 weeks, if priced correctly. Average price range is R1 800 000 - R2 600 000.
Hillwood - Not yet as popular as Oakwood, but we still see movement in this market and properties start at the R3 million mark.
Wild Peach Villas remains tops with an average selling price of R1 150 000 - R1 200 000 and should sell within 30 days.
CMA Stats
Stats - 2016 - Number of units sold in 2016 in the whole of Pinehurst (Including new homes) 243 units sold - Average selling price R2 073 128
Stats - 2017 - Number of units sold in 2017 in the whole of Pinehurst (Including new homes) 190 units sold - Average selling price R2 255 605
Stats - 2018 - Number of units sold in 2018 in the whole of Pinehurst (Including new homes) 173 units sold - Average selling price R2 555 365
Sonstraal Heights
Sonstraal Heights remains one of the most popular areas for investors. The following are guidelines only, please feel free to contact me for a valuation should you require a more exact value on your property. In Belami Ridge and Park View Heights, apartments without a garage are currently selling for between R1050 000 -R1 150 000, while those with a garage between R1 150 000 - R1 250 000. The other 65m² apartments in the area are currently selling for between R1 100 000 - R1 350 000 (depending on condition, location and complex, and garage or no garage) Townhouses in the area are selling for between R1 450 000 and R2 400 000 on average, size 90m² - 160m².
Free standing houses in this neighbourhood are in high demand and unfortunately for us as agents, the demand is greater than the supply.
CMA Stats
2016 - Full Title sales in units = 115 units sold - Average selling price R1 956 827
Sectional Title in units = 77 units - Average selling price R903 247
2017- Full title sales in units = 93 units sold- Average selling price R2 026 323
Sectional Title in units = 55 units sold - Average selling price R1 000 309
2018- Full title sales in units = 84 units sold- Average selling price R2 123 845
Sectional Title in units = 62 units sold - Average selling price R1 129 800
I hope you found this information informative.
Feel free to contact me us you have any property related queries. We will also gladly do a free property valuation for you.
BEFORE YOU TRY THE REST, PUT THE CHAMPIONS TO THE TEST!
Author: Shaun Champion
