The 2nd Qtr Statistical Review of 2019
A recap of Cayman’s real estate activity, trends and performance that moves the market to new levels.
Last year we made some big decisions, this year we actioned our plan and continue to invest heavily in our people, marketing and operating practices in order to better serve YOU. Your journey is our priority;
To us you are not a “Hot Buyer” or a “New Listing”, you are family and we thank you for your continued support. If you are looking to work with a real estate team who are extremely passionate about what they do and sincerely care about their clients and customers, we are here and ready to assist you in 2019 and beyond.
869 CURRENT (properties currently available for purchase in the Cayman Islands):
250 condos (US$150,000 → $15.5M)
173 homes (US$116,000 → $39.95M)
412 land (US$43,000 → $14.95M)
34 commercial (US$24,000 → $22M)
No matter where you appear on the property ladder, it’s time you take the step and you’ll thank yourself in the years to come! From US$24,000 to US$39.5 million there’s something available for everyone. However your options are dwindling. Priced correctly, new inventory coming to market moves extremely quickly and the projections are trending this way for a the remainder of 2019; we will see a deepening seller’s market in most sectors, but not all. Ask us how the market specifically relates to your journey. If you’re a buyer, don’t panic! Seek guidance and take the time to map out your budget and lifestyle needs for today but also factor in your future needs and wants. With your personalized plan, you can move forward with confidence, and with an exit strategy too!
262 PENDING/CONDITIONAL (accepted offers awaiting conditions to be satisfied):
170 condos (US$170,000 → $3.7M)
38 homes (US$243,000 → $2.8M)
53 land (US$33,000 → $2.8M)
1 commercial (US$1.46M)
That’s 262 contracts going through due diligence foregoing pending and then closing! That is a 8.71% increase in units under contract from last quarter and shows that this is ONLY a seasonal slowdown and not a permanent change by any means. Deciphering the data correctly is crucial before making any decisions. This newsletter is a broad outlook and we look forward to delving deeper when it relates to your specific family and investment needs.
113 PENDING (offers accepted with no conditions):
64 condos (US$107,000 → $7.25M)
18 homes (US$134,000 → $2.9M)
29 land (US$28,000 → $2.2M)
2 commercial (US$291,000 → $424,000)
Also up from last quarter, these 113 are on the front line and readying to close the deal. Again, ordinarily this number would be lower than last quarter but long gone are the traditionally slower summers! Our market has shifted and our anchored mindsets need to shift with it! So, a heroic congratulations to you 113 buyers and sellers, you’re on the home stretch and you can claim ‘SUCCESS’ very soon. If you’re not one of these 113 have you asked yourself why not? We are always happy to share our experience so you can better consider your property strategy for the short, medium and long term.
234 SEVEN MILE CORRIDOR (listings on Seven Mile Beach and within Seven Mile Corridor):
165 condos (US$213,000 → $15.5M)
36 homes (US$1.6M → $17M)
28 land (US$449,000 → $3.5M)
5 commercial (US$399,000 → $22M)
INTERESTING! A slow-down in the SMB-inventory trend?!?! The previously rapid decline of inventory has slowed ever so slightly from last quarter. Ordinarily this would normally indicate that this sector might be stabilizing, however, deciphering the data in depth is key here. In a small market, a new condo development can influence the numbers significantly so not always a case of the market shifting directions. Still at all-time lows, there’s currently only 234 limited opportunities along world-famous Seven Mile Beach which organically forces increase in pricing. So if there’s a time to sell you can realize extraordinary returns, but bear in mind the market is always ebbing and flowing, and never stagnant. On that note, if you are waiting for pricing to come down before buying, there’s A LOT of risk to that game. Of course, pricing will obviously correct here and there but we will not see yester-year prices ever again. Luckily there’s still something for every investor and if you can’t afford the SMB stretch there are other attractive districts that offer great upside! Do you know what your property strategy is?
396 SOLD (year to date in 2019):
163 condos (US$128,000 → $9.57M)
101 homes (US$122,000 → $6.45M)
131 land (US$20,000 → $12.1M)
1 commercial (US$440,000)
With an average of 2.09 sales per day in 2018, we are now at an average of 2.2 sales per day so far this year. We project this to increase more and more throughout the year, especially with a busy summer! These sellers have benefited from the quick market movements and am sure you want to know how you can win too? Reach out and ask so we can help you establish your property journey. For those not in the market, don’t worry, it’s never too late to step in. Timing is everything and with a plan of action, your property will serve your family and investment needs over the short, medium and long term. Secure tomorrow, today!
If you’d like to make a financially-savvy plan to buy or sell then no harm in asking a dedicated team of Cayman real estate experts. No strings attached, ask away.
Source: CIREBA – Disclaimer: these are approximate figures designed to provide a snap shot image of the Cayman Islands property market only and are subject to further discussion. If you have a desire to see specifics as it relates to your property journey please contact us.