Homeowners and real estate agents hoping to sell in the current market are likely to wait for 14 weeks before closing the deal.
This is the current national average. Each suburb does, however, have its own turnover time, says regional director and chief executive of Re/Max of Southern Africa, Adrian Goslett.
“Demand might be high in certain areas, meaning it will take less time to sell within these areas. “Similarly, certain suburbs might be experiencing a lack of interest from buyers, which will increase the time on market for properties within these suburbs.
“As an example of the varying market conditions, he says certain suburbs within the Western Cape continue to sell faster than the national average. In Atlantis, Ottery, Brackenfell, Table View, Parklands, Pinelands, Kuils River, and West Beach, the average time on the market over the past three months – according to Re/Max Property Associates which operates in these areas – is 89 days (roughly 12 weeks).
In the City Bowl, the average is 85 days, while in Milnerton and surrounds it is generally 80 days. In Kempton Park in Gauteng, the average time on the market is nine weeks and four days, says Neville Brits of Re/Max Dazzle. However, the timeline varies “quite substantially” depending on the price bracket.
“Homes priced over R2 million can take as long as 15 weeks and four days to sell, where homes priced between R1.7m and R1.9m can sell as quickly as within five weeks and four days.”
Beyond price brackets and location, setting the correct asking price will also affect the average time on market, says Nadia Aucamp, broker/manager of Re/Max All Stars.
“If a seller chooses to price their home too high, this can often prolong the time on market. “As a result we encourage our agents to conduct price counselling within the first four weeks on the market.
“Thereafter, if the price of the property is lowered to a market-related price, our agents are usually able to sell it within the second month of having been listed.