PropStats, the statistical data service set up by the Western Cape branch of the Institute of Estate Agents, has over the last year been upgraded and made more comprehensive with the result that it is increasingly able to provide a really useful FREE service to IEASA Western Cape members.

This was said recently by Annette Evans, PropStats manager. 

Evans said that sales data for some 1 500 estate agents in an area from Simonstown to Swellendam to Saldanha are being submitting to PropStats.  In some areas, e.g. the Atlantic Seaboard, over 90% of agents are contributing.  In certain outlying areas e.g. Swartland less than 50% contribute – but this does not alter the overall veracity of the data and the number of participants rises month by month as further value is placed on this data.  What is more, said Evans, this information comes through in real time i.e. as soon as the sale has been confirmed, i.e. once the bond is approved, which is well before the actual transfer takes place. 

The 120 data suppliers, some working for as many as 100 agents, said Evans, give PropStats such information as the property’s address and erf number, the listed price, the actual sales price achieved, the square meterage of the home and the plot, the full list of, numbers of bedrooms and bathrooms etc and amenities rooms – together with additional features such as swimming pools, staff accommodation and garaging.  The age and condition of the buildings and the length of time the home was on the market are also provided and PropStats gives the additional facility of allowing notes to be added for relevant valuation information.

“This information,” said Evans “helps an agent to evaluate other properties in the area he serves and to do so with a high degree of accuracy.  It also enables the agent to justify the valuation to the seller and buyer – he can, using these individual reports , prove that his assessment is market related.”

Evans said that IEASA Western Cape has listened carefully to its members and PropStats has therefore evolved to provide the agents with the pertinent information they have asked for.

“Now,” she said, “we intend to go a step further and give an informed analysis of the data which will provide agents with a broad picture of what is happening on the residential front and in the various areas of the Western Cape.”

Asked what initial analyses have shown, Evans said that the latest figures indicate that a recovery in the housing field started about August and gained momentum from early September.  This, she said, is shown by decreasing listing days taken to sell homes and by the much publicised deflation in prices now easing off – with a rise in price (the first in two years) probably becoming evident from early 2010 (Annette – this is the FNB analysis). 

PropStats facilitates the sharing of sales data between agents and is a FREE BENEFIT OF MEMBERSHIP TO IEASA.   

Also available on the internet is IEASA’s own website www.ieasawcape.co.za for up to date information on the Institute of Estate Agents of the Western Cape and relevant information regarding changes to our industry at this time. Anyone wishing to join the Institute or sign up to PropStats can visit www.propstats.co.za.  The site provides them with the membership application and a debit order form.  (The cost of the service is only R45 per month or R540 per annum per member) 

Although PropStats data is not made available to the general public, the agents provide their clients and the public with this data when doing valuations on their properties. PropStats, said Evans, can also be accessed online in a client’s home when and agent is price counselling or presenting a valuation if required.

Besides the usual agents being members of the Institute, Valuers, Attorneys and Accountants, Banking Executives and other related industries are able to join as affiliate members.  Each member is then provided with an individual login code and password enabling them to access PropStats online anywhere and call up the data 24/7.