Coldwell Banker Real Estate Market Update
Coldwell Banker Bermuda Realty has released their annual update, saying that “the year 2019 was challenging to navigate.”
A spokesperson said, “The year 2019 was challenging to navigate and certainly difficult to make predictions even after compiling and interpreting our quarterly sales transactional data.
“Although the early part of 2019 suggested that market performance was gradually improving and in June our agents were working with 25% more buyers than the previous 6 months; market sentiment and pending sales contracts adjusted downwards notably during Q3 and Q4 2019 consistent with feedback received from realtor’s island-wide.
“We anticipate that the number of sales transactions, when all government records are calculated, may be around 200 for 2019 which mirrors the results for 2012. We are of the opinion that a normalized market in terms of demand and supply should produce around 450 transaction per annum.
“As there is a direct correlation between a robust property market and the island’s construction related industry, monitoring this data and working towards a goal which works for our entire community is absolutely imperative.
“Trends Notwithstanding this market data, we have noted some very interesting trends during the last 6 months of 2019, which are worth mentioning.
- “Over 60% of buyers introduced by Coldwell Banker Bermuda Realty sales agents did not require traditional bank financing across all market segments and price points from $160,000 to $6,500,000.
- “Depending on the market segment, if marketed using our Seller Services Guarantee and priced correctly, many of our vendors have been receiving offers within days of introduction to the market and closing within 30 to 60 days.
- “Pricing and marketing strategy is particularly important as there were 153 condominiums on the market for sale in December 2019 and 74 homes with average days on the market [DOM] over 470 in both categories.
- “During the latter part of 2019, a significant number of our sellers have received multiple offers on their properties close to or over list price.
- “As a full service firm, we have access to related real estate data and have noticed that demand for our land surveying services has been robust in Q4 and we anticipate this will continue into 2020.”
The full Coldwell Banker Bermuda Realty Market Update follows below [PDF here]
