by Mindy Aguon
Guam - After a trend of strong growth, the island's real estate market stalled during the first quarter of the year. According to Nick Captain with Captain Realty, the real estate market saw a 28% decline in activity when compared to the previous quarter. Captain partially attributes the stalled recovery to the ongoing confused and mixed signals from Japan regarding the military buildup.
The real estate company, however, still projects 20% growth for the next quarter. The median house price is $221,000 and 135 single family units and 48 condominium units were sold during the first quarter of 2010. Commercial sales are still relatively slow and captain says he believes many investors are simply waiting to look at future market conditions.
Captain still anticipates that real estate sales will still grow by 25% for the year but he notes that massive infusions of foreign investment could impact the final numbers.