FNB's latest property survey reveals a few interesting facts.
95.3% of all Sellers had to drop their asking price (slightly up from 94.3% in Q4/2018)
The average price drop appears to have stabilized at around -9.4% (which is more pronounced in houses of R3,600,000 and up)
Homes for sale spent, on average, 15 weeks and 3 days on the market before selling (no change from 15 weeks and 6 days in Q4/2018)
The average number of "serious" show house visitors was 9.97 persons per show house (still showing a demand for buying)
Downscaling due to life stage was still the top reason for selling property in SA (accounting for 23% of all sales)
Selling to emigrate was up from 2018 (accounting for 14.2% of sales)
Vacant rental properties are reported to be increasing and rental inflation continues to weaken below inflation (One explanation could be that households are consolidating in the rental market, opting for shared space)
Although in a Buyers' market, current demand levels are still insufficient to mop up available supply of housing stock on the market (Estate Agents' perceptions for 2019 reveal a stabilizing residential property market in South Africa, although still favouring Buyers, with a rise in the percentage of Sellers having to drop their asking price in order to sell.)
