Propertyskipper Traffic Accelerates in 2023

2023 saw further website traffic growth for propertyskipper, with Bermuda website traffic growing by over 7%, marking a tenth successive year of growth. Traffic growth in Bermuda came from all four of its key geographic regions with traffic growth from Bermuda users up 6%, USA users by 14%, UK users by 24% and Canada users by 1%. This growth comes against a backdrop of continuing declines in inventory both in sales and rentals across all markets and increasing interest rates. In Bermuda, both sales and rental advertised inventory declined to a record low since propertyskipper's inception 10 years ago.

Managing Director Peter Goodall said; “Advertised Bermuda Real Estate inventory continued to deteriorate further over 2023, both in rentals and sales, continuing a trend that begun in 2020 as the COVID-19 pandemic spread. At some points during 2023 there were less than 60 advertised long term rentals on the island (this is down from around 400 advertised rentals at the end of 2019). Advertised sales inventory is currently around 200 properties, significantly down from the 700 sales listings advertised in Bermuda at the end of 2019. There is without doubt significant pockets of shortages in certain areas of the property market and it is not uncommon for new listings to receive a significant amount of enquiry flow as soon as they come onto propertyskipper - those looking to move house should sign up for our new property e-mail alerts as new listings, both sales and rentals, are attracting a lot of interest from house hunters as soon as they are advertised.”

“During 2024, interest rates are currently forecast to pause and then fall following the rate rises experienced in 2023, this would typically encourage further activity in the property market and any increased demand on already depressed supply would typically see upward pressure on pricing. We usually see inventory build in the first quarter of the year as indivudals reassess their living requirements going into the new year, so we would look for current available inventory to build from the current lows in Q1. Domestic property search traffic in 2024 will be driven by available inventory, a favourable employment environment and signs of reducing interest rates alongside competitive mortgage offerings.

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