back to archivePropertyskipper Traffic Accelerates in 2024
2024 was another record year for property search on propertyskipper, with Bermuda website traffic growing by over 8%, marking an eleventh successive year of growth. This growth comes against a backdrop of continuing pressure on local inventory in both sales and rentals. In Bermuda, both sales and rental advertised inventory declined to a record low in May 2024 (since propertyskipper's inception 11 years ago), although did recover slightly in Q3 and early Q4. Around 60% of Bermuda users now view property primarily on their mobile or tablet, a little behind the website average across all islands of 66%. Over half the visitors to the Bermuda site are local, with visitors from USA, the UK and Canada making up the bulk of the remaining traffic.
Managing Director Peter Goodall said; “Given continued pressure on available property inventory, website traffic growth of 8% is a terrific achievement. At the low point in May, propertyskipper had just 56 advertised available residential rentals in Bermuda, and whilst this recovered in Q3 and Q4, is now heading back to these lows – at the end of 2019 for comparison, there were around 400 advertised rentals in Bermuda at any single time. Advertised sales inventory is currently around 216 properties, significantly down from the 700 sales listings advertised as available in Bermuda at the end of 2019. Sales inventory reached a low of 205 in May also. Given the continued shortage in property inventory locally, we continue to recommend users to sign up for 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.”
“We typically see inventory build in the first quarter of the year as individuals reassess their living requirements, although this did not happen meaningfully in 2024 and we are unlikely to see these inventory pressures rectify in the early part of 2025. As with last year, domestic property search traffic in 2025 will be driven by any upticks in available inventory, a favourable employment environment and signs of reducing interest rates alongside competitive mortgage offerings.”
