Pinehurst - Market Trends
From a Real Estate Agent’s perspective, we have seen a tremendous drop in sales during May 2017 – September 2017. The market picked up quite quickly after October 2017 and we had one of the busiest December /January periods we have seen in years.
Although we still have plenty of buyers and normally enough stock, I noticed that there has been a change in buyers’ behaviour. Today’s buyers are very well informed about the current market values and will not over spend on their purchases. They are looking for the best deal and are able to shop around (because of availability of stock) before making the decision to buy.
Pinehurst
In Oakwood we have seen several properties on the market this year, in the R2.6M – R2.8M bracket vs 2017 when most properties listed in Oakwood were in the R2.8M – R3.2M range. (The actual average selling price for Oakwood properties (3 bedrooms) for 2017 was in the R2.5M – R2.8M bracket) It seems as if houses in Oakwood are priced more market-related this year.
The smaller townhouses in Pinehurst ,110m² - 150m² are currently selling for between R1 700 000 – R2 200 000, depending on age, size and condition. (Although some of these townhouses are currently on the market for over R2 300 000 it is yet to be determined if they will sell at those prices)
Summerwood and Longwood are also very popular with buyers and properties in these estates should normally sell within 3 – 6 weeks, if priced correctly. Average price range is R1 800 000 – R2 400 000.
Hillwood – Not yet as popular as Oakwood, but we still see movement in this market and properties start at the R3 million mark.
Wild Peach Villas remains tops with an average selling price of R1 100 000 – R1 150 000 and should sell within 7 days.
CMA Stats
2016 - Number of units sold in 2016 in the whole of Pinehurst (Including new homes) 243 units sold - Average selling price R2 073 128
2017 - Number of units sold in 2017 in the whole of Pinehurst (Including new homes) 190 units sold - Average selling price R2 255 605
We currently have a number of qualified buyers for Townhouses in Pinehurst in the R2 000 000 – R2 300 000 price bracket. We also have 2 buyers urgently looking for 4 bedroom homes in Oakwood in the R3 000 000 – R3 200 000 bracket.