New data contained in the FNB Estate Agent Survey for the 3rd quarter of 2016 shows further weakening in the local property sector in South Africa – both in market activity levels, and in the balance between demand and supply.
Agent stock constraints have alleviated, and the average time of homes on the market prior to sale has lengthened over the past two quarters, said John Loos, household and property sector strategist at FNB.
In 2013, however, the average time on the market was as much as 16 weeks and one day, improving dramatically to 12.4 weeks in 2014, and 12 weeks in 2015.
FNB noted that the average estimated number of viewers per show house rose to 10.92 in the thirds quarter, from 9.64 in the prior quarter, but the past year’s trend has been broadly sideways having declined in 2014/early-2015.
http://businesstech.co.za/news/banking/136407/this-is-how-long-it-now-takes-to-sell-a-house-in-south-africa/
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