Bermuda's real estate market is remaining steady, with property sales up four percent in 2008 from the previous year, while the average price of a single family home was near the 2007 level of about $1.6 million, according to the latest Government figures released by Coldwell Banker Bermuda Realty.

The public records featured in the Real Estate Sales Update by Coldwell Banker's agency manager Susan Thompson, revealed that average dollar amount of transactions reported last year was about $1.1 million, indicating a consistency in Island's real estate market between 2007 and 2008, as it has over the past five years.

This contrasts with statistics, also taken from Government sources, published by Rego Sotheby's International Realty as reported in The Royal Gazette last week, which showed that real estate sales were down 25 percent for 2008, but the average price of properties sold was up on last year to $1.64 million. But Rego's did predict that the gap in house sales would be reduced as the remaining 2008 real estate closings were reported to Government.

Despite the average cost of condominiums falling to the 2005 level of approximately $830,000, said the report, the price of a single family dwelling was $950,000 in 2008, in line with the past four years.

And it predicted that while 2009 may be faced with a number of challenges, the trends of the last five years were likely to continue.

"We do not foresee anything like our own version of a sub-prime crisis, housing market collapse or the resulting 'fire sales'," the report read.

"Inventories remain high in key segments of the market. This can be especially good for buyers or renters since it lets them take the time to comparison shop and to make well-considered offers.

"Because sellers can expect their properties to spend between three to six months on the market, the most important consideration when selling is to price the property correctly for the current market.

"Sellers can gain an edge when they hire an agent that will really 'work' the listing, providing expertise that extends to pricing, cost-effective improvements, strategic marketing and a clear-eyed assessment of market conditions."

The report concluded that all properties will sell at a realistic price, but gone for now are the days when sellers could set high prices, confident they would receive an inflated offer from someone desperate to buy something.

"Bermuda has seen difficult times before, and has weathered the economic storms to hit its shores," it said.

"We expect this to hold true in the current world economy and have continued confidence in Bermuda's housing market.

"The banks seem to share this confidence. With discreet lending practices intact and their desire for Bermudians to own property as strong as ever, they continue to lend to responsible buyers.

"Despite threats of global downturn, consumers also retain confidence in real estate."