As I grab my morning cup of coffee (and we’ll pretend it is my first of the day), a review of the latest market data provides an interesting glimpse. We are just about a month into high season for the tourism industry, which over the years, has generally been high season for real estate. People visit, fall in love with the Cayman Islands and then, search for a home or investment property.
What’s on the market?
As of today (11 Dec 2018), there are 1,482 active listings on the CIREBA MLS valued at $1.8 billion dollars. There are 23 new listings valued at $19 million, 11 sales and 11 pending sales.
What kinds of properties are on the market?
The majority of listings are residential with 783 active listings at an average list price of $1.4 million dollars. While we’ve seen properties moving a lot more quickly in recent times, the average market time is still well over a year at 490 days. Next on the list, land with an average list price of $820 thousand and more than 600 listings, the average market time is just over 850 days.
Why are some properties taking up to a year to sell?
There are a variety of reasons for this, depending on the property and the price range. Generally speaking; however, a property that doesn’t have a solid offer within 30 to 60 days is usually priced higher than the market can bear or is willing to spend. Finding qualified buyers for high end properties can take some time as well particularly if they are overseas which can slow the process down a bit.
As a real estate agent, my job is to encourage transactions (that’s how I make living after all) but I’m also a home and land owner and understand that for many of us, these are some of the biggest investments we will make in our lifetime. The decision to sell and for how much is not only an emotional one but also a financial one and the desire to get the highest price needs to be balanced against the speed with which you need or want to sell.
Fear not, I’m here to help you work through the process and implement a strategy that will get you the best results.