St. Croix Real Estate Report
Homes
Over the past 12 months available inventory averaged 279 homes and 169 homes were sold, which equates to a 20 month inventory of homes available. The average home sales price for this period was $427,105.
Approximately 50% of the St. Croix home market is listed for more than $500,000, so there are essentially two home markets on the island. Of the 169 homes sold, 123 (73%) were listed under $500,000, so there is a 14 month inventory in this price range. In the over $500,000 market, there is a 3 year inventory.
Buyers are surprised by the seller’s reluctance to reduce their price and frequent multiple offer situations; this is not the US market! Our sellers, in most cases, do not have to sell and are willing to wait for the market to change. The St. Croix housing market continues to be the most undervalued bargain in the entire Caribbean!
Condos
Condominium inventory is building after the extraordinary sell off during 2003 through 2006. Interestingly, the total market as expressed in dollars is unchanged from 5 years ago, although only 60% as many units were sold! Why? Our average condominium sales price has increased from $150,000 to $248,000 during this period!
Only 14% of our inventory is now listed for less than $100,000, a huge change from just 3 year ago when 35% of the units were listed for less than $100,000. Condominiums will continue to be attractive investments. They offer the most desirable features of resort and second home properties – on site maintenance and income potential!
Land
The St. Croix land market remains healthy. Land sales peaked in the boom market of 2005 and 2006, but current inventory has not increased significantly and remains at about 70% of our inventory 3 years ago.
Just like our housing market, the bottom is moving up. Three years ago, 50% of St. Croix lots were listed for under $50,000. Only 25% of our inventory is currently listed for less than $50,000.
If you are thinking of purchasing land on St. Croix, do not put off your purchase – we have seen the bottom of the market, and it’s not coming back!
All figures based on St. Croix Board of Realtors figures and reflect activity reported on that service.
Introducing…The
newest member
of the TEAM!
Kelly and Clint Simon welcomed Anna Townsend to the world on April 6 at 10:30 pm. She was born at Juan Louis Hospital. Anna was named after Kelly’s grandmother, who loved St. Croix.
“We are so thankful to our RE/MAX family for all the kindness they’ve shown us during this special time. We are thrilled to raise Anna on this island full of kind people and beautiful weather,” said Kelly.
“We are looking forward to experiencing St. Croix with our daughter,” said Clint “We will enjoy introducing her to boating, snorkeling and all the activities our island has to offer”.
Homes
Condos
Land
Homes
Condos
Land