What's been happening and what can we expect in 2010??My sales manager at Coldwell Banker Bermuda Realty, Susan Thompson, published her bi-annual newsletter last week and in it she compares sales figures for houses and condos in 2008 and 2009 here's what she says:
"the figures for 2008 vs 2009 are little changed (which may surprise some people) with the average price of a single family home in 2008 at $1,415,003 vs $1,422,169 for 2009.
Condo/townhouse prices were basically unchanged with $803,271 reflecting the 2008 average price and $807,274 in 2009.
Vacant land again nearly the same with $644,136 (2008) vs $624,447 (2009) once the $10,000,000 South Shore Road (2008) sale and Loughlands (2009) land sale at $11,864,000 were removed as anomalies.
Because all 2009 figures are unaccounted, it is difficult to reconcile the overall strength of the Bermuda housing market. We suspect that even though the average price per unit has not varied greatly that the overall volume of properties sold has diminished. We can report that 40% of the recorded inventory for 2009 that successfully closed were condos, followed by 25% being single family homes. Only 9 properties thus far have been recorded as selling at $3,000,000+.
Available inventory is still at an all time high with 56% of the inventory condos. Based on unsold inventory, the average days on the market (DOM) is approximately eleven months. For those looking to buy, a third of the inventory is $1,000,000 or under. So, the market is still promising for those looking to purchase as interest rates are low, choices are plentiful and sellers are somewhat more negotiable."
To read the January Newsletter in its entirety click here
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