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Noordhoek Valley Market Update - January 2023

For me the true value of a Real Estate Agent is to know what is going on, what has happened in the past, so you can know how far to push it for your Seller. My job is simple - get my Seller the most money in the shortest time with the least amount of stress.

This all starts with my knowledge of the local market conditions.


If you have any questions, please leave a comment and I will get in touch

In this post I will be going over the stats for the Noordhoek Valley for 2023. You can choose to read the blog or listen to it. (click on picture to listen)


With almost 20 years experience in the field, I know how important the market conditions are for you to make the most money when you are selling & get the best deal when you are buying.


Market stats for 2023


Here's the overview for the market stats for 2023 in the Noordhoek Valley



 

Capri


Capri remains a diverse property suburb - both in the type of homes you find and the people buying & selling here. This is also the first suburb in the area to jump onboard the new sectional title trend that has hit Cape Town.


  • 45% of recent buyers has been Middle aged (36-49)

  • 39% of recent sellers has been Mature aged (50-65)

What this trend shows us is that Capri properties cater for families with bigger sized properties, even able to accommodate generational families. (where parents & kids buy together) When the home gets to big, after the kids have left home, the owners sell to right-size their home.

  • 13 sales in the last Quarter of 2022

  • 50 sales in the whole of 2022

Most impressive is 19 Mauritius close that sold for R 5,000,000. So exciting as this has never happened before - plus to show it was not just a vloek - 5 Mauritius Close sold for R 4,950,000 in December.


There was a 13% drop in sales and 4% drop in average sale price, however the jump from 2020 to 2022 is still 24%.


We are sitting in a Sellers Market with only 2,5 months worth of stock in the market. P24 shows 23 listings, however only 11 of them are available (3 hit the market last week)


If you have been sitting on the fence on whether to sell or not, this may be your chance to get more!



Milkwood Park


This young vibey suburb, as the name suggests is still a firm favourite for young families, which is reflected in the stats:

  • 44% of Sellers have owned for more that 11 Years

  • 65% of them are mature - over the age of 50.

  • 9 Sales in the last quarter

  • 29 Sales in the whole of last year

December pushed the boundaries where the highest price in Milkwood Park moved from R3,000,000 in Jefferson way in 2020 to R4,100,000 in Sally Close. Extraordinary result for the Seller!


  • 20% drop in the amount of sales vs 2021

  • 21% increase in the average sales price (Whoop Whoop!)

For a suburb that usually sells in the region of 36 homes a year, it is very unusual to only have 1 home for sale! No competition = more money for you!



Sunnydale

Milkwood Park and Sunnydale in previous years was seen as one suburb, however last year we finally saw the 2 suburb's stats change. Now Sunnydale is definitely a firm favorite for First Time Buyers - 83% of buyers that bought last year is under 35!


Another interesting stat is that 38% of buyers have owned their property for less than 5 year. Although some people may say that this is a negative statistic - I am a firm believer that it shows that the buyer has been able to build up enough equity in a short period, which gives them the opportunity to upgrade to a bigger home, that suits them better.


  • 9 Properties sold in Quarter 4

  • 41 Properties sold in 2022 (24 of which was sectional title - Yellow apartments behind Long Beach Mall)

Very Little sold in 2022 compared to other years, but there was a nice double figure increase in the average sales price of 12% year-on-year


With only 3 properties for sale in the suburb, this is also a sellers market!



Sun Valley


Last, but not least is Sun Valley. Here you will find older more established homes, an aweso40% me Primary School and even a private High School. Consistently people whom live here stay longer, which the stats showed again for last year:

  • 70% of recent Sellers stayed for more than 11 years

  • 40% of the me were pensioners

6 Properties sold in the last Quarter and 30 in total for 2022. There is currently 4 houses for sale.

A statistic that stood out is that Sun Valley has had a stagnant Average sales price of R 1,800,000 for the last 5 years.


This could be due to many pensioners selling, where they usually don't upgrade to the latest trends, however maintenance is well done. This sets up Sun Valley for a very nice increase this year!


If you wanted to discuss your suburb or know somebody that may be interested in selling, please don't hesitate to reach out - I would love to be of assistance.

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