Prices for land and homes continued to increase in the first three-quarters of 2004 according to figures compiled by Coldwell Banker JW Bermuda Realty.

Corporate services manager Kendra Mello said the figures, compiled from all Government transaction data available as of September 30, 2004, show that the market remains robust.

As of the close of September, the average price of a single family dwelling stood at $1.15 million.

For the second year running, the average price of a single family dwelling was lowest in Devonshire.

The highest average price was found in Hamilton Parish this year while it was in St. George?s last year.

Mrs. Mello said these parishes often see luxury transactions because they encompass parts of Tucker?s Town.

While the price of all land sold during the first three-quarters of 2004 averaged out to $530,000, the price of the 388 property transactions, which includes lands, condos and homes, averaged out to $912,248.

?Demand is still very strong for all sectors, but in particular it is strong in that mid-range sector of $600,000 to $900,000, but it is not uncommon for your average Bermudian to be looking in the $1.2 million range or higher,? said Mrs. Mello.

Approximately $30 million worth of luxury property sold in 2004 with the average price up marginally to $3.25 million from $3.15 million the year earlier. Bermudians or Bermudian trusts were involved in 70 percent of these transactions although Mrs. Mello said that eight new contracts on the books in the last quarter of 2004 may shift the demographics for the luxury market back to non-Bermudians.

The price of condos was also on the rise in the first three quarters of the year, with the realtor registering an average price appreciation between 2003 and 2004 of 20 percent. As of the close of September, the average selling price of a condo stood at $750,000.

Mrs. Mello said that new condos coming online this year would have some impact on the market.

?There is a pent up demand that needs to be satisfied so I don?t think we will see an immediate impact but certainly an increase in supply will help to work through some of that demand,? she said.

The average price of real estate may drop a little once the realtor factors in the transaction data from the last quarter of 2004. Looking forward for 2005, however, Mrs. Mello continues to expect a strong year with real estate in Bermuda remaining a very good investment.