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How's the Market? February 2020

And just like that we are halfway past the month of love!

As a real estate professional the question that I get asked the most is: How's the Market?

Keeping current with up to date market information is important whether you are buying, selling or investing in property.

First we start with an overall update on the area of the Noordhoek Valley (Capri, Milkwood Park, Sunnydale, Sun Valley and Faerie Knowe) and then we will focus on one area for the month.

These numbers below represent actual transfers in the deeds office:

Fantastic news is that the number of transfers has increased by a whopping 48% #HappyDance, whilst the Median value of transfers has dropped by 18%. What this means is that the lower end of the market is moving faster and showing signs of recovery, This is also a good indication of what is to come for the middle and upper range properties in the next 3-6 months.

This month the spotlight falls on SUN VALLEY and how your investment has performed.

Sun Valley is a leafy suburb that boasts one of the best schools in the area - Sun Valley Primary School - which attracts many families who want convenience in their lives. Last year 53% of all sellers were pensioners and 60% of buyers were under the age of 49. This will also see upgrades happening, which in turn will boost the average sales price of the suburb.

Sun Valley usually sells between 29 and 39 homes per year (4-6% per year sell). Last year saw only 24 homes change ownership. Also interesting to note is that more than 54% of residents has owned their home for more than 11 years - so once you move in you will probably stay awhile.

Sun Valley forms part of Fish Hoek - a picturesque town situated about halfway down the Cape Peninsula, between Cape Town and Simon's Town. It is well known for its beach, which gets jam-packed on sunny days. Fish Hoek is renowned for its friendly hospitality, proximity to all sorts of tourist attractions and activities besides boasting one of the best swimming beaches in the Cape.

Sellers had to drop their asking prices with 10,2% in order to achieve a sale. The difference between the agent valuation and sales price was 6,25%. Let's call this difference a "BUFFER". The bigger the buffer, the longer a seller had to spend in the market.

For any further information or to get your own assessment done - give us a shout!

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