An Area Overview from the Managing Director
Category From the Director
Given the focus on Flamingo Vlei this month, I felt it appropriate to look a deeper into the sales performance of the area over the last twelve months. The area certainly has produced some interesting stats and may be useful should you consider selling or be selling in the coming months.
According to Lightstone, 70% of the current property owners in Flamingo Vlei and 58% of the recent sellers are older than 50. The area seems to be attractive to younger buyers with 81% of the purchasers moving into the area being younger than 50 and more than 50% being younger than 36. This certainly is a complete change in the area's demographic. Younger home owners are looking for a lifestyle close to all amenities, with something different to offer being the Rietvlei Nature Reserve that borders the suburb.
According to Propstats, out of the 41 sales recorded in the last 12 months, only 51% of these purchasers have required bond finance, with 49% of the buyers paying cash for their properties.
The average days from listing to selling in Flamingo Vlei is around 73 days, however, when looking at how these buyers were sourced, there is a noticeable shift in the time it takes for a property to sell.
Whilst the sample size is small, it should be mentioned. that agents in the area are gaining traction in marketing their properties on various platforms and are not solely reliant on Web based advertising. This reiterates the importance of using a reputable agency and agent to expertly invest in a comprehensive and planned, marketing strategy. As 37% of buyers who bought in the area, over the last 12 months, found the property on a platform other than online.
Not only did they find the property from an alternate marketing source, the difference in the time it took for these properties to sell, was quicker. The properties sold through other marketing medium sold, on average, 37 days faster than those sold online.
According to Propstats the average days to market is 73 days, however online listed sales averaged 87 days and the other sales sources (such as referrals, print media, drops and on shows) resulted in an average selling time of 50 Days.
It's not unreasonable to therefore assume that one cannot merely sell property through one medium, but must invest in other marketing reaches to find those buyers.... Perhaps something to consider when listing your property. Ensure the agency and agent have the marketing reach to achieve the best possible price, in the shortest possible time. It seems the other marketing mediums also produced a more favourable selling price.
Perhaps something to consider in the coming months...
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Author: Clinton Martle
