"A more significant trend in the Propstats figures is the drop in the differential between the year-on-year asking price and the selling price – this dropped from -13.7% in 2011 to -9.7% in 2012," says Mike Greeff, CEO of Greeff Properties, an exclusive Affiliate of Christie's International Real Estate.

"The figures are a clear indication that sellers are recalibrating their expectations and by association, their asking prices, and this has played an important role in keeping the cogs of Cape based real estate moving," adds Greeff.

"While the figures for average selling price dropped by 7.8 percent from R4 238 056 in 2011 to R3 902 317 in 2012, these should not be seen as indicators of doom and gloom; history shows us that there will always be cycles and we adjust accordingly. The positive to be taken from this stage in this particular cycle is the healthy demand for City Bowl Properties," says Greeff adding that it's important to note that the stats are compiled from properties ranging in price from a vacant house in Woodstock which sold for R385 000 to a five -bedroomed house in Higgovale which fetched R16 million in 2011, and in 2012, prices ranged from a vacant house in Maitland which fetched R320 000 to a four-bedroomed house in Higgovale which went for the asking price of R26.5 million.

Other sales which stand out for the 2012 period are several luxury homes all of which fetched their asking prices or sold for marginally less. These include: a four-bedroomed house in Oranjezicht which fetched its asking price of R9.4 million, a four-bedroomed house in Higgovale which fetched its asking price of R7.67 million, a four-bedroomed home in Oranjezicht which sold for R6.3 million – 3.1 % below the asking price, a three-bedroomed home in Higgovale which fetched its asking price of R6 million and in Oranjezicht a three-bedroom home sold for 5.6 million, 2.6 % less than the asking price.

"At the other extreme, a four-bedroomed home asking R9.8 million finally sold for R7.5 million, a 23 .5 % difference," says Greeff adding that it's vital the stats be used to gain clarity and not to induce panic. "Another interesting trend emerges from the stats in that the homes which sold for full asking price spend a week at the most on the market and are all in good or excellent condition. Unrealistically priced homes are taking longer to sell.

The most extreme example on Propstats is a property recorded as having been on the market for 800 days before it finally sold at 31.3% less than asking price," says Greeff.