New data from FNB shows how long it takes to sell your home in the major metros, with the property sector moving into a space where supply exceeds demand.<\/p>\n
The lender said that the second quarter saw the average time of homes on the market continue to climb from 13 weeks and four days in the previous quarter, to 15 weeks and four days, a sharp jump.<\/p>\n
However, FNB noted that a breakdown of the major regions points to two very different housing markets.<\/p>\n
Gauteng remains a relatively well balanced market, with homes averaging 12 weeks on the market, having even declined slightly.<\/p>\n
Tshwane Metro is even more impressive at 9.57 weeks for the same two quarters.<\/p>\n
By comparison, the three coastal metros have seen the average time on the market rise to 20 weeks and 3 days in the second quarter of 2017.<\/p>\n Notably, the recently very strong City of Cape Town has also seen its average time on the market rise noticeably, from 13 weeks and 6 days in the previous quarter to 18 weeks and 4 days in the 2nd quarter of 2017.<\/p>\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2017\/06\/HouseMarket.png\")
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