Condo prices on average have fallen another 20 percent compared to last year but the market for $600,000 to $1.5 million homes and condos has firmed in large part due to PRC buyers.This according to the latest Rego Sotheby’s International Realty Market Update.With only three multi-million Bermuda properties selling to date, the realtor said more needs to be done to attract the luxury homebuyer to Bermuda.But the report noted that luxury condos (annual rental value greater than $32,400) have seen an increase in average price of ten percent.Overall for the whole market, as of September, the number of properties sold is still 30 percent lower than last year.“We have been anticipating an improvement in buyer sentiment and closing activity in our Bermuda real estate landscape since December’s new Government leadership revised some land ownership policies,” Buddy Rego said in the report.“Of this year’s land policy changes, only the reduction in License Fees to four percent for Permanent Resident Certificate holders (PRCs) has stimulated some increased public confidence.He continued: “What has been lacking is an increase in the number of transactions to-date.“On a positive note, the downward spiral of prices has been curtailed in one sector with increased activity causing prices to stabilise.”However as of September 1, overall unit volume of sales has decreased over the same period from last year by 30 percent and dollar volume by 15 percent, the report said, marking the lowest in five years.Salient factors are an increase in sales in the condominium and single-home market in the $600,000 to $1,500,000 range (generally two to three-bedroom properties).“This is largely attributed to the entrance of PRC buyers into the market,” Mr Rego said.“Condominiums with an annual rental value (“ARV”) greater than $32,400 saw an increase in average price of ten percent and median price increase of five percent over last year. “Conversely condominiums with an ARV below $32,400 have seen a decrease in average selling prices of 20 percent compared to last year.“Stand alone residential houses with an ARV less than $177,000 demonstrated firm average selling prices recording virtually identical values to last year at approximately $1,140,000.”On the luxury residential home market (ARV over $177,000), Mr Rego said it was likely to fall short of expectations in terms of volume with only three properties closing thus far in 2013 against a total of seven in 2012.“The average price in this sector has risen to the highest level since 2008 ($6,835,000),” he said.“The previous five years saw an average of ten properties being sold annually in the luxury market highlighting that more needs to be done to attract the luxury homebuyer.“As keen observers of this market we cannot ignore the continuance of declining values in all but certain segments of the market and recognise that it is still better to be a buyer than a seller today.”