|Based on 1503 Property Group led research, results indicate that the seller sentiment remains strong and very few are currently entertaining the idea of price cuts. The vast majority of real estate agents that we spoke to noted that sellers are still expecting their agents to bring buyers, but NOT through the wholesale slashing of prices.|
We feel it’s worth mentioning that prior to the pandemic the Grand Cayman housing market was already in what many considered an inventory shortage. A slow April has only exacerbated that shortage of inventory, statistics provided by the Cayman Islands Real Estate Brokers Association show only 19 new listings in the month of April, to put in that into perspective, there were 82 new listings in April of 2019 a staggering 76% decrease.
The shortage of inventory going into the observance of quarantine measures, particularly in certain high demand areas such as the Seven Mile Beach corridor, West Bay, George Town & South Sound created an environment where properties in those areas, when priced correctly, were moving off the market relatively quickly compared to years past. Here at 1503 we believe, and the statistics show, that the current quarantine environment has led to fewer sellers listing homes which will only exacerbate limiting buyers choices.
So with seller sentiment remaining strong, limited buyer choices and a shortage of inventory BEFORE the quarantine, and now a lack of new entrants to the market, if you’ve been considering selling your home, this may just be a great time to do so.
This could change, we suspect that at some point in the future we will see a softening of the market that will trend more to a buyers market, but as of right now that’s not what the data points to.
1503 Bottom Line
Our website views have spiked since the quarantine and in speaking to our peers we’ve learned that we’re not alone. We still have buyers calling us and buyers in this type of market are serious buyers… with steady prices and low-inventory this may be your time sell. We know what’s selling, how to get it done and most importantly, how to do it virtually. Call us, we’d love to hear from you.