The 3rd Qtr Statistical Review of 2019
Numbers, numbers everywhere! But what do they actually mean? Panic not, here’s our 2019 – 3rd Quarter statistical review. Phew!
A very brief recap of activity, trends and performance that’s moving the Cayman property market.
1018 CURRENT (properties currently available for purchase in the Cayman Islands):
389 condos (US$152,000 → $13.5M)
184 homes (US$96,000 → $39.9M)
432 land (US$27,000 → $20.1M)
13 commercial (US$463,000 → $31.5M)
149 more options now compared to Q2 provides more choice. Note that 90% of this increase is pre-construction condos and the demand is being consumed. High season will see this already low inventory dip further to record levels. Q4 brings the last and FINAL 3-month opportunity to save on Stamp Duty. Effective 1st January 2020 you will have to pay 7.5% Duty on the purchase price. Pre-construction condos right now makes absolute sense!!! Also worthy of noting is the drastic reduction in Commercial options available. Got Commercial?
From US$27,000 land lot to US$39.5 million mansion our market caters to everyone. The most important fact is to get on the ladder where you can and let time do the rest! You’ll thank yourself in the years to come especially if you save on Stamp Duty.
The demand is here, and the projections are trending this way well into 2020; we will see a deepening seller’s market in most sectors, but not all. Ask us how the market specifically relates to your journey.
284 PENDING/CONDITIONAL (accepted offers awaiting conditions to be satisfied):
191 condos (US$170,000 → $5.6M)
33 homes (US$179,000 → $1.4M)
58 land (US$30,000 → $2.8M)
2 commercial (US$499,000 → $599,000)
That’s 284 contracts going through due diligence before pending and then on to closing! The stats don’t lie and show clearly that despite what used to be a traditionally slow summer the number of properties under contract is increasing! Let’s see how this number jumps further when high season (Q4) kicks into gear. Compared to Q3 there are more Condos and Land under contract.
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.
138 PENDING (offers accepted with no conditions):
88 condos (US$242,000 → $7.25M)
18 homes (US$213,000 → $2.9M)
29 land (US$20,000 → $2.2M)
1 commercial (US$1.46M)
Also up from Q2, these 138 are on the front line and readying to close. They are essentially done deals! Can you see the theme? Summers aren’t slow anymore, demand is high, our market has shifted, and our anchored mindsets need to navigate with it.
So, here’s to you 138 set buyers and sellers, you’re on the home stretch and can claim ‘SUCCESS’ very soon. Well done indeed.
If you’re not buying or selling now that is absolutely fine as long as you are aware of your personal property journey and how the market movements right now will affect your future. This is a powerful point so hope you heed the advice.
We are always happy to share our knowledge and experience so you can better consider your strategy over the short, medium and long term.
228 SEVEN MILE CORRIDOR (listings on Seven Mile Beach and within Seven Mile Corridor):
185 condos (US$213,000 → $13.5M)
13 homes (US$1M → $17M)
27 land (US$449,000 → $20.1M)
3 commercial (US$3.5M → $22M)
INTERESTING! Despite the increase in new condo developments we are still lower than Q2 and that is after slow summer! Correct, we are at all-time high demand with currently only 228 limited opportunities along world-famous Seven Mile Beach!
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. Is it the right time to sell? Well this depends on YOUR property Journey. It may make sense for one family and may not make sense for another. 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 YET we will not see yester-year prices ever again. Luckily there’s still something for every investor, every family and if you can’t afford the SMB stretch, it’s ok there are other very attractive districts with great upside!
552 SOLD (year to date in 2019):
217 condos (US$63,000 → $9.6M)
130 homes (US$120,000 → $6.4M)
200 land (US$20,000 → $12.1M)
5 commercial (US$52,000→ $440,000)
Just like Q1 and Q2, the market has managed to average 2 SOLDs per day through the traditionally “slowest Quarter”. Impressive and indicative of our extremely confident and solid market!
Easy projections show this trend maintaining if not increasing as we head into “busy season” (Q4). What these statistics do not reflect are the numerous pre-construction contracts that will reflect as SOLDs when the developments complete and transfer title to new owners.
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 time Secure tomorrow, today!
If you’d like to make a financially savvy property plan then ask a dedicated team of Cayman real estate experts. No matter your budget, there are 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.