Realtor says condo prices plunged 29% this year

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  • Feeling the strain: The housing market is under pressure from the struggling economy

    Feeling the strain: The housing market is under pressure from the struggling economy

The average price of condos in Bermuda has plunged almost 30 percent this year and luxury homes are not selling as well, Rego Sotheby’s International Realty said yesterday.

The realtor’s President Buddy Rego said in his September market update that 2012 “has proven thus far to be a listless year for all but the most affordable condominiums sold on the market”.

Mr Rego said clearly: “The downward trend in volume has not reversed yet.”

He noted: “The choice of condominiums has never been greater and as such buyers have gained the upper hand in the market where the average price sold so far in 2012 has been $653,000, 29 percent lower than the average in 2011.”

One bright spot, Mr Rego said, was that while market sales volume continues to fall year over year, the average selling price of stand-alone residential homes over the past four years has remained “remarkably stable”.

He said only the median price sold dipped ten percent below $1,025,000 last year to $930,000 in 2012.

Mr Rego added: “The surge in luxury properties over $2 million sold in 2011 has yet to be experienced in 2012. Only ten properties have closed this year compared to 15 during 2011. The market continues to be dominated by cautious buyers with only recently renewed interest by Permanent Resident Certificate Holders who may now purchase a wider variety of homes and condominiums due to recent land policy changes.”

He said there had been many positive changes to the policies governing the real estate industry, which the realtor hopes will bring renewed enthusiasm to the marketplace.

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Published Oct 30, 2012 at 6:00 am (Updated Sep 27, 2012 at 5:38 pm)

Realtor says condo prices plunged 29% this year

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