Dear Heather,

I have been thinking of selling my house for some time. People are telling me that the sales market is picking up, is this true?

New Year, New Prices

Dear New Year, New Prices,

It is true that 2015 was a more robust year for real estate in Bermuda than the past few years. Government records typically run three to six months behind, however, the number of sales recorded already exceeds the 207 sold in 2014. We are anticipating the number of sales to be in the region of 300 properties in the Bermuda market for 2015. Overall, the average price of property sold — based on sales recorded to date — was approximately $980,000.

Contrary to popular belief, condos are selling. Condominium sales accounted for 27 per cent of the total sales in 2015, with an average price of approximately $655,000.

Having said that, some of the older condos in need of renovation are very affordable, with many on the market between $300,000 and $400,000.

Single-family homes are still the strongest market segment, both for Coldwell Banker Bermuda Realty and the Island sales market as a whole. We have also seen more people buying for investment purposes, with 37 per cent of our buyers paying cash. Although the market is moving, it is not moving quickly. The average time a property takes to sell is about six months, although typically longer in the higher price brackets.

The non-Bermudian market was busier than in past years with the highest-priced property selling for nearly $15 million. More than half the homes over $2 million purchased in 2015 were bought by Bermudians, so this is a very active market segment for local buyers. If you are thinking of selling, why not ask Heather to visit your property to give you an idea of its current value? Now, might just be the perfect time for you to list your home to sell.

Heather Chilvers is among Coldwell Banker Bermuda Realty’s leading sales representatives and has worked in real estate for 25 years. If you have a question for Heather, please contact hchilvers@brcl.bm or 332-1793. Read this article on Facebook: Ask Heather Real Estate