Market Review - August 2008

  • Aug 31, 2008

Market Review - August 2008

Current Overview of the Property Market(Stats from CIREBA)as of August 26, 2008

Currently in the Multiple Listing System (MLS) there are 2,014 active listings totaling US$1.888 billion. This is an increase of 2.97% (58 properties) in the number of listings on the market over last quarter and 12.45% (US$209 mill) of the value.

There are 120, three bedroom homes on the market at an average price of US$663,752. There has been a decrease of 4.76% (6 properties) in the number of homes on the market with the average price coming down by 9.37% (US$68,589) on average over the last quarter.

There are 383 two bedroom condominiums listed Island wide with an average price of US$537,245. These numbers have grown since the last two quarters as there are 16 more units for a 4.36% increase now on the market and the average prices have come down by US$28,398.

There are 594 residential / agricultural parcels of land for sale island-wide at an average of US$402,054. This area has seen fair change since last quarter in the number of properties listed but not much of a change in the value as the number listed has increased by 55 properties for a 10.2% when the average price decreased by 1.97% or US$8,078.

So far this year to date (August 26, 2008) 406 listings that have been sold, amounting to US$227.2 million. This is a very large increase over last quarter by 69.17% (166 properties) in both the number of sold properties and the value by 82.05% (US$102 mill) as the 3rd quarter has continued with strong activity.

There are 379 properties that are under contract and scheduled for closing amounting to US$164.8 million. This is an increase of 10.29% (39) in properties and 4.73% (US$7.8 mill) of the value. These are made up primarily of per-construction properties that have not yet completed.

Since the last report the supply has gone increased in all areas. This has been a good sign considering the market places around the world that have been affected due to the subprime effect.

Going forward this next quarter is critical as this is usually the slowest time of year and also has the most potential to be affected by the world markets. If the activity continues we believe that with the continued increase in tourism activity that high season will continue the activity in the market place and hopefully see prices going up.

Cayman Islands Real Estate Brokers Association