Tokai Property Snapshot – First quarter 2015 vs. first quarter 2014:
Statistics show that there were 15 freehold sales last year for a total of R43 595 000 (an average selling price of R2 906 333) compared to 7 this year for a total of R23 100 000 (an average of R3 300 000). So whilst the number of sales is down this year the average selling price is up and again illustrates the state of the market at the moment which is favouring sellers all the way.
This is further backed up by the number of days on market; an average of 41 days in 2014 compared to 23 days in 2015. It’s taking about half the time to sell for a higher average price because of the low stock situation.
Buyers are locals, 50% of whom are cash buyers and the rest are bonded. Another interesting snippet is the differential between asking and selling price. In 2014 it was an average of -6.8% with not much change in 2015 at -6.4%.
With the low stock situation we’ve got an interesting ‘bubble’ of higher asking prices in Tokai at the moment. There are currently 17 homes for sale at an average asking price of R4 237 000. People are shaking their heads in disbelief at how the prices have jumped, but will they sell for those prices?
What is your house worth in today’s market? If you are you thinking of selling there could be no better time to do so. Please contact Tokai specialist, Lisa Rowell on 082 844 0800 for an up to date evaluation on your home.
Source: Propstats; “Sold” freehold properties in Tokai and The Hamlets, excluding Zwaanswyk and Lifestyle Estates for the periods 1 Jan – 1 April 2014 and 2015.