The latest independent statistics have revealed that last year saw just 631 house and flat sales, compared to highs of more than 1,000 in 2002, 2006 and 2007.
Last year's slump means that local market sales suffered a significant dip in sales – of more than 100 – when compared to 2013.
Statistics produced by Unusualities of Guernsey also showed that bank bonds for mortgages issued for the year stood at just 983, compared to a high of 2,616 in 2002.
However, despite the sluggish market, some estate agents believe that vital steps can be taken to speed up sales and said the current slump in sales would probably lead to 'more realistic' prices in the island.
Andre Austin, pictured, a director at Swoffers with 20 years' experience, said that a combination of factors, including an increase in bank lending, could help turn around sales.
'There is certainly scope for numbers of sales to grow again, but in addition to a realistic attitude to pricing, this will require an increase in bank lending and the availability of more land for the provision of cheaper first-time buyers' homes, particularly in the rural parishes,' he said.
'At the other end of the scale we need certainty regarding future tax strategies and a focused strategy regarding the promotion of Guernsey as a home of choice.
'We know the States of Guernsey are working hard on these last two points and are hopeful that they will be concluded soon, for the benefit of the market and the island in general.
'Overall the message is yes, there has been a decline in sales but it's comparatively small given the global factors at work.
'2015 will see the market self-adjusting and given a more progressive lending environment, we are confident that those pricing to sell will do just that.'
