Market Review - December 2008

  • Dec 31, 2008

Market Review - December 2008

CURRENT LISTINGS

Currently in the Multiple Listing System (MLS) there are 1940 active listings totaling US$1.854 billion. This is an decrease of 3.67% (74 properties) in the number of listings on the market over last quarter and 1.80% (US$ 34 mill) of the value.

There are 112, three bedroom homes on the market at an average price of US$601,635. There has been a decrease of 6.67% (8 properties) in the number of homes on the market with the average price coming down by 9.36% (US$62,117) on average over the last quarter.

There are 386 two bedroom condominiums listed Island wide with an average price of US$525,253. These numbers have grown since the last three quarters as there are 3 more units for a .78% increase now on the market and the average prices have come down by US$11,992

There are 511 residential / agricultural parcels of land for sale island-wide at an average of US$457,251. This area has seen fair change since last quarter in the number of properties listed as it has decreased by 13.97%, or 83 properties (this is most likely a timing issue of a sub-division). However, due to this decrease the value increased of the average list parcel by 13.73% or US$55,197. This is most likely due to the value of the parcels being less than the average price of the sub-division that has come off the market.

 

SOLD LISTINGS

So far this year to date (December 3, 2008) 556 listings that have been sold, amounting to US$308.2 million. This is a very large increase over last quarter by 36.95% (150 properties) in both the number of sold properties and the value by 35.68% (US$81,068 mill) as the 3rd quarter has continued with strong activity.

There are 340 properties that are under contract and scheduled for closing amounting to US$143.2 million. This is a decrease of 10.29% (39) in properties and 13.07% (US$21.5 mill) of the value. These are made up primarily of per-construction properties that have not yet completed.

In reviewing these numbers and the general increases of activity that it reflects Cayman's market has so far managed to weather the global slow-down, that we are all currently aware of. Which is a good testament that the Cayman market is a good stable environment to invest in.

Going forward we would still caution you as it is quite possible that as we go into this high season and the first part of 2009, that the effect of the global economy starts to rub off. This will primarily be due to a slow-down in tourism and a slow-down, in foreign investors purchasing primarily in pre-construction or the Seven Mile Corridor. The main reason for this thought is that due to the past we have found that the Cayman market can run anywhere up to 6 months behind the US market.

Cayman Islands Real Estate Brokers Association