Current overview of the property market (from CIREBA) as of December 3, 2008
There are 1940 active listings in the Multiple Listing System totaling US$1.854 billion. This is a decrease of 3.67 per cent (74 properties) in the number of listings on the market over last quarter and 1.80 per cent (US$34 million) 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 per cent (8 properties) in the number of homes on the market with the average price coming down by 9.36 per cent (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 per cent 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 per cent, 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 per cent 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.
So far this year to date (3 December, 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 per cent (150 properties) in both the number of sold properties and the value by 35.68 per cent (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 per cent (39) in properties and 13.07 per cent (US$21.5 mill) of the value. These are made up primarily of pre-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 we are all 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, 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 six months behind the US market.