The current average time it takes to sell a home is just over 14 weeks, nationally. In Gauteng areas such as Johannesburg and Ekurhuleni homes are selling at around 12 to 15 weeks on the market, and 11 weeks for Pretoria.
In Cape Town it takes around 15 weeks – but longer for upper-end areas, according to Seeff.
Durban (Ethekwini) and Port Elizabeth (Nelson Mandela Bay) still lags notably at 21 to 22 weeks.
“Over 90% of all sellers still need to drop their price to conclude a sale while house prices remain under pressure,” says Samuel Seeff, chairman of the Seeff Property Group. “According to FNB, the national house price growth is down to just 2.6% for the first quarter, from 5% at the end of last year. The Western Cape in particular faced the double challenge of a decline in semigration buying and the water crisis which has had a drastic downward effect with price growth slowing to just 1.5%.
Overall, the lower and middle income price bands to R1,2m continue to show good growth of around 5%, marginally up from the end of last year.
“Luxury area prices (R2m to R3m) have slowed slightly to 4.9% (from 5.2%) while super-luxury areas such as the Atlantic Seaboard is down to 2.6% average growth.”