The 1st Quarter Statistical Review of 2019
A recap of Cayman’s real estate activity, trends and performance that moves the market to new levels.
With an average of 2.09 sales per day in 2018, these sellers have benefited from the quick market movements and we expect the 2019 trend to average out to more like 3 per day by years end. Watch this space. For those not in the market, don’t worry, it’s never too late to step in. Timing is everything, and with a plan your property will serve your needs over the short, medium and long term. Again, just a matter of mapping-out your personal property journey so all bases are covered.
771 CURRENT (properties currently available for purchase in the Cayman Islands):
- 261 condos (US$99,900 → $15.5M)
- 179 homes (US$110,000 → $39.95M)
- 308 land (US$43,000 → $19.5M)
- 23 commercial (US$303,000 → $22M)
From US$43,000 to US$39.5 million there’s something available for everyone. However that’s only 771 total available options country-wide as inventory continues to decline. Priced correctly, new inventory coming to market moves extremely quickly and the projections run true; 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! Take the time to map out your budget and lifestyle needs for today and the future, and with your personalised plan, we can be ready to move forward.
241 PENDING/CONDITIONAL (accepted offers awaiting conditions to be satisfied):
- 127 condos (US$139,000 → $3.7M)
- 57 homes (US$219,000 → $2.7M)
- 56 land (US$43,000 → $2.4M)
- 1 commercial (US$285,000)
That’s 241 contracts going through due diligence foregoing pending and then closing! That is a 22% increase from last quarter and further indicates an exponential decline in inventory. Knowing what the market is doing can help you plan accordingly just know this is a broad look and we will need to decipher the stats as it relates to you and your home. Let us know your property status.
94 PENDING (offers accepted with no conditions):
- 48 condos (US$105,000 → $3.9M)
- 21 homes (US$258,000 → $3.2M)
- 24 land (US$54,000 → $12.95M)
- 1 commercial (US$416,000)
No two property sales are ever the same and it’s just a matter of time before these sales graduate from pending to sold. Congrats to these 94 soon-to-be buyers or sellers that are now pending, you’re on the home stretch despite any hoops and hurdles you’ve had to overcome to date. If you’re not one of these 94 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.
229 SEVEN MILE CORRIDOR (listings on Seven Mile Beach and within Seven Mile Corridor):
- 153 condos (US$210,000 → $15.5M)
- 35 homes (US$1.3M → $19M)
- 34 land (US$441,000 → $19.5M)
- 7 commercial (US$331,000 → $22M)
That’s 229 limited opportunities along world-famous Seven Mile Beach. Down 16% from last quarter, further proving the projections as true. Inventory (your choice) is declining, so prices are remaining high if not increasing. So if there’s a time to sell you can realise extraordinary returns, but bear in mind the market is always changing. Luckily there’s still something for every investor and if you can’t afford the SMC stretch there are other districts that can serve you well too! Do you know what your property strategy is?
152 SOLD (year to date in 2019):
- 64 condos (US$144,000 → $9.75M)
- 39 homes (US$186,000 → $6.45M)
- 48 land (US$20,000 → $3.36M)
- 1 commercial (US$475,000)
So, what are your property plans this year and why? 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.