St. Croix Realtors Joe & Julie San Martin

 

August 2017

 

Sales Price and Marketing Time on St Croix

 

“Annual Supply” represents the number of years it will take at the current annual rate of sales to sell all the properties for sale

in a specific area.

 

East End B

Far East End

 

Inventory

Five years ago (July 2012), there was a 4.7 year supply of homes and a 4.3 year supply of condominiums on the market.

For both homes and condominiums, the inventory has decreased by more than 3 years, to an 11 month supply of homes and a 1 year supply of condominiums.

 

Average Sales Price

For homes, the average sales price has increased, compared to five years ago.

Average home sale price increased by 5% over the five year period, from $575,667 for the 12 months ending July 2012 to $602,086 for the 12 months ending July 2017.

Condominiums saw a significant average sale price decrease of 22% ($83,895), from $382,500 for the 12 months ending July 2012 to $298,605 for the 12 months ending July 2017.

 

East End A

Christiansted east to Coakley Bay

 

Inventory

Five years ago (July 2012), there was a 4.2 year supply of homes and a 4.8 year supply of condominiums on the market.

For both homes and condominiums, the inventory has decreased by about 3 years, to a 1.6 year supply of homes and a 1.8 year supply of condominiums.

 

Average Sales Price

For homes, the average sales price decreased, compared to five years ago. For condominiums, the average sale price increased by about $4,000.

Average home sale price decreased by 7% ($82,209) over the five year period, from $481,712 for the 12 months ending July 2012 to $399,503 for the 12 months ending July 2017.

Condominiums saw a 2% increase in average sales price, from $204,667 for the 12 months ending July 2012 to $208,333 for the 12 months ending July 2017.

 

Company

Christiansted west to east side of Judiths Fancy

 

Inventory

Five years ago (July 2012), there was a 3.7 year supply of homes and a 5.9 year supply of condominiums on the market.

For homes, the inventory decreased by nearly 3 years, to just a 1 year supply of homes.

For condominiums, the inventory sell off was even more dramatic, from a 5.9 year supply of units to just 8 months! There were 52 condominium sales in Company Quarter in the past 12 months; extraordinary when you consider there are currently only 79 condominiums for sale on St Croix!

 

Average Sales Price

For both homes and condominiums, the average sales price increased, compared to five years ago.

Average home sale price increased 86% over the five year period, from $191,269 for the 12 months ending July 2012 to $356,306 for the 12 months ending July 2017.

Condominiums saw a 43% increase in average sales price, from $106,250 for the 12 months ending July 2012 to $152,223 for the 12 months ending July 2017.

 

 

Queen

Constitution Hill west to La Reine, includes southwest Judiths Fancy

 

Inventory

Five years ago (July 2012), there was a 3.1 year supply of homes and an 8.3 year supply of condominiums on the market.

For homes, the inventory decreased only slightly, to a 2.6 year supply of homes.

For condominiums, the supply decreased by nearly 8 years to a six month supply of condominiums.

 

Average Sales Price

For homes, the average sales price decreased 16% ($38,118), compared to four years ago, from $291,289 to $253,171 for the 12 months ending July 2017.

Condominiums not only saw a big decrease in inventory, the average sales price increased 48% ($36,140), from $75,125 for the 12 months ending July 2012 to $111,265 for the 12 months ending July 2017.

 

 

 

Northside A & B

North shore from north Judiths Fancy west to Hamms Bluff

 

Inventory

Five years ago (July 2012), there was a 4.6 year supply of homes and a 6.5 year supply of condominiums on the market.

For homes, the inventory decreased by more than 3 years, to a 1.4 year supply of homes. For condominiums, the supply decreased by nearly 6 years to an eleven month supply of condominiums.

 

Average Sales Price

For homes, the average sales price increased, compared to five years ago. For condominiums, the average sales price decreased.

Average home sale price increased 38% ($176,596) over the five year period, from $459,110 for the 12 months ending July 2012 to $635,706 for the 12 months ending July 2017.

Condominiums saw a 29% decrease ($100,143) in average sales price, from $345,000 for the 12 months ending July 2012 to $244,857 for the 12 months ending July 2017.

 

 

King

South shore from La Reine west to UVI

 

Located near the closed refinery, this is the worst performing segment of our market.

 

Inventory

Five years ago (July 2012), there was a 3.8 year supply of homes;

there are no condominiums in King Quarter.

Home inventory increased to a 5 year supply of homes, compared to five years ago. For the 12 months ending July 2013, only one home sold in King Quarter.

 

Average Sales Price

Average home sale price decreased 24% ($50,800) over the five year period, from $207,400 for the 12 months ending July 2012 to $156,600 for the 12 months ending July 2017.

 

 

Prince

South shore from UVI west to Williams Delight

 

Inventory

Five years ago (July 2012), there was a 5.8 year supply of homes and an 11.0 year supply of condominiums on the market.

For homes, the inventory decreased by nearly 4 years, to a 2 year supply of homes. For condominiums, the supply decreased by 9 years, to a 2 year supply of condominiums.

 

Average Sales Price

Homes saw a modest price increase, condominiums experienced a dramatic average price decrease, compared to five years ago.

Average home sale price increased 9% ($19,528) over the five year period, from $208,430 for the 12 months ending July 2012 to $227,958 for the 12 months ending July 2017.

Condominiums saw a 62% ($257,667) decrease in average sales price, from $415,000 for the 12 months ending July 2012 to $157,333 for the 12 months ending July 2017.

 

 

West End

South from Mahogany Road, East to Williams Delight

 

Inventory

Five years ago (July 2012), there was a 4.6 year supply of homes and a 7.0 year supply of condominiums on the market.

For homes, the inventory decreased by 2.4 years, to a 2.2 year supply of homes.

For condominiums, the supply decreased by 4.5 years, to a 2.5 year supply of condominiums.

 

Average Sales Price

For both homes and condominiums, the average sales price increased, compared to five years ago.

Average home sale price increased 15% ($24,315) over the five year period, from $164,300 for the 12 months ending July 2012 to $188,615 for the 12 months ending July 2017.

Condominiums saw a 177% increase in average sales price, from $62,500 for the 12 months ending July 2012 to $173,125 for the 12 months ending July 2017.

 

 

 

 

Over the six year period, average home sale prices were highest, usually more than double those of other quarters, in these quarters:

·         Northside A & B

·         East End B

·         East End A

·         Company

 

Over the six year period, average condominium sale prices decreased or remained little changed except for these quarters:

·         West End

·         Company

·         Queen

 

 

Both home and condominium inventory decreased island wide over the past six years, with the exception of King Quarter, where residential inventory increased by 1.2 years.

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

July 2017

 

 

 

12 year look at the St Croix Real Estate Market for the 12 month period ending 30 June

 

The last real estate boom on St Croix was 12 years ago –

The 2005 / 2006 period

 

Total number of properties sold

 

·         Residential – Good news! At 175 home sales, total homes sold during the past 12 months is the highest since 2006/2007. The lowest number of sales was 2011/2012, with only 90 home sales.

·         Condominiums – More good news! At 142 condo sales, this is the highest number of condominiums sold in a 12 month period since 2005/2006! The lowest number of condo sales was again 2011/2012, with just 42 condo sales.

·         Land – Land sales have not changed significantly for the past seven years. At 89 lots sold, this is a slight improvement and the highest number since 2009/2010. But this is only 29 lots more than the lowest number (2012/2013) and just 20% of the market high of 442 lot sales for 2005/2006.

 

Average sales price

 

·         Residential – Not such good news. The average sales price declined by more than $20,000, compared to the previous 12 month period. For the past six years, the average St Croix home sales price has been between a low of $336,000 (2013/2014) and a high of $392,000 (2015/2016)

·         Condominiums – The $189,246 average condo sales price was $30,000 more than the previous 12 month period. This is the highest average condominium sales price since 2011/2012.  

·         Land – Average lot sales price is unchanged from the previous 12 month period, at $75,822. The average land sales price has changed very little over the past five years, from a low of $66,800 for 2012/2013 to a high of $76,590 for 2015/2016.

 

Total Market

Number of properties sold x Average sales price

 

·         Residential – The total residential market is unchanged from the previous 12 month period; more homes sold, but at a slightly lower price. The total residential market, at $64.8 million, is about 2/3 of the market high of $93.6 million in 2005/2006.

·         Condominiums – Excellent news! At $26.9 million, this is the highest total market since 2005/2006 ($40.1 million) and $8 million more than the previous 12 month period. The market low was $8.8 million for 2011/2012.

·         Land – The total market improve by $2 million over the previous 12 month period, but is only 15% of the height of the market in 2005/2006.

 

Conclusion

 

Compared to 12 years ago, total St Croix real estate sales have decreased by 45% ($80.9 million)

 

Compared to the previous 12 month period, total

St Croix real estate sales have increased by $12 million for the period of July 2016 through June 2017

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

June 2017

 

 

Inventory levels by price range reflect the seller’s expectations.

The attached graphs compare changes in asking prices over the past seven years, using 15 May inventory levels.

 

Residential

 

·         The lowest price range (under $200,000) increased each year through 2016 and more than doubled (from 14% to 32%) over the 7 year period. This price range now represents one third of the St Croix home market.

·         The second tier (($200,000 to $400,000) has consistently represented nearly 1/3 of all homes for sale on St Croix over the 7 year period. Nearly 2/3 of all homes for sale on St Croix are currently listed for $400,000 or less.

·         Over the 7 year period, homes listed from more than $400,000 have decreased by 20%, from 56% of the market to 36% of all homes for sale on St. Croix in May 2017.

Condominium

 

·         The lowest price range (under $100,000) has more than doubled over the 7 year period, from 9% of total market in 2010 to 23% of the total St Croix condominium market in 2017.

·         The second tier ($100,000 to $200,000) has decreased by 12%, when compared to May 2010, when this price range represented 50% of all St Croix condominiums for sale.

·         Condominiums listed for more than $200,000 now comprise approximately 40% of the total market, as they did seven years ago. In 2013, 2014, and 2016, this segment of the market represented only 30% of all St Croix condominiums for sale.

Land

 

·         The lowest price range (under $50,000) has more than doubled over the 7 year period, from 20% of total market in 2010 to 45% of all lots for sale in 2017.

·         The second tier ($50,000 to $100,000) has decreased by 11% over the 7 year period, from 35% of total market in 2010 to 24% of all lots for sale in 2017.

·         Lots listed for more than $100,000 have decreased by 13% over the 7 year period, from 45% of the St Croix land market in 2010 to 32% in May 2017.

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

 

May 2017

 

Inventory Levels and Sales Projections

 

May Inventory Levels

7 Year Review

 

Residential

 

Residential inventory peaked in 2012 and has been steadily declining since then. Current inventory is slightly lower (20 homes) compared to May 2011.

 

Condominium

 

Condominium inventory also peaked in 2012 and has been steadily declining since then. Current inventory (81 condos) is less than half of the May 2011 condominium inventory of 194 condominiums.

 

Land

 

Land inventory peaked in 2011, steadily declining until 2014 and has continually increased since then. Current inventory is slightly lower (31 lots) compared to

May 2011.

 

 

May Pending Sale Levels

7 Year Review

 

Residential

 

Residential pending sales peaked in May 2015 (85 pending residential sales), at more than twice the May 2011 figure of 41 pending homes sales. The May 2017 pending sales figures were slightly lower, at 75 pending home sales, but still significantly higher than the 2011 trough 2015 May pending home sales.

 

Condominium

 

For the past 5 years, May pending condominium sales have been in the mid-20 rage, with the exception of May 2016, when there were 34 pending condominium sales in mid-May.


 

 

 

Land

 

Pending land sales (34 for May 2017) have almost returned to the May 2011 level of 35 pending land sales.

 

 

2017 Sales Predictions

 

Using the assumption that the first 4 months of 2017 is a valid predictor for the entire year.

 

Residential

 

The first four months predict there will be approximately 30 more homes sold than 2016 BUT pending sales tell a different story, so no prediction.

 

Condominium

 

The first four months predict there will be nearly as the same number of condominiums sold as in 2016 BUT pending sales tell a somewhat different story, so no prediction.

 

Land

 

Land sales have nearly returned to the 2011 levels! This is the segment of the St Croix real estate market showing the most improvement, but there is a lot of inventory to sell; the current rate of sales predicts about 20% of the inventory should sell during 2017.

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

 

 

April 2017

 

 

1st Quarter Sales as Predictor for the full year

 

2017 is the 9th year of the St Croix real estate market “recovery” from the real estate boom years of 2006 through 2008.

 

The obvious question is – what do the 1st quarter statistics predict about market prospects for the rest of the year?

 

First, a look at inventory trends over the

 

9 year period:

 

·         Residential inventory peaked in 2012, at 340 homes for sale, and has continually declined each year since. Current residential inventory levels are now lower, at 239 homes on the market, than at the beginning of the recovery in 2009, when there were 266 homes on the market.

·         Condominium inventory peaked in 2010, with 265 condominiums on the market. The current level of 97 condominiums for sale is the lowest inventory level of the 9 year period.

·         Land inventory also peaked in 2010, at 610 lots for sale. There was            a slight decline during the 2013 to 2015 period. Inventory is slightly lower than last year, with 528 lots for sale in March 2017.  

 

 

Residential Sales & 2017 Predictions

 

The number of units sold during the first quarter has consistently under predicted the total number of sales for the year. The average of the under prediction over the 8 year period is 20%.

 

The average 1st quarter sales price has, since 2012, been within 12% of the annual average sales price.

 

Here is the prediction for 2017 overall:

·         Total number of homes sold will be slightly over 200; this would most homes sold in any year since 2002, a 15 year high!

·         Average sales price will most likely be in the $350,000 range, about the same as 2016.

 

Condominium Sales & 2017 Predictions

 

This is a much smaller market, with just a few units built since the 1980s. It is more difficult to identify trends, because the sample is significantly smaller.

 

Since 2012, the 1st quarter units sold have underestimated the annual total number of units sold by about 13%.

 

1st quarter average sale price has, in most cases, overestimated the average annual condominium sales price.

 

Here is the prediction for 2017 overall:

·         Total number of condominiums sold will be in the mid-160 unit range, based on the past 8 years. But there are fewer than 100 condominiums in the inventory – interesting!

·         Average sales price will most likely be in the $190,000 range, very similar to the 1st quarter average condominium sales price.

 

 

Land Sales & 2017 Predictions

 

The average under prediction of total lot sales for the 9 year period is 21%. However, the predicted annual number of sales, based on 1st quarter sales, is the highest on 9 years. A sign of market recovery!

 

On average, over the 8 year period, 1st quarter sales prices have underestimated the annual average sales price by 6%.

 

Here is the prediction for 2017 overall:

·         Total number of lots sold will be more than 100, for the first time in 9 years, and possibly as high as 130!

·         The 2017 average lot sales price may just top $100,000, which means that “big view” lots and acreage are finally selling!

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

March 2017©

 

 

 

Home Sales

St Thomas vs St Croix

A 14 Year Look

 

Total Number of Properties Sold

·         Over the 14 year period, more homes sold every year on St Croix than on St Thomas.

·         Number of homes sold on St Thomas has been the same for the past three years (95 homes). Over the 14 year period, St Croix has seen a high of 188 homes sold (2006) and a low of 88 homes sold (2012). During 2016, 169 homes sold on St Croix; this is a 21% increase over 2015 (140 home sales) and a 2% decrease from 2003 (173 home sales).

·         The most homes sold annually for both islands during this 14 year period was 2004 for St Thomas (118 homes sales) and 2006 for St Croix (188 home sales). For St Thomas, 2016 homes sales were 80% of the market high and 90% of the market high for St Croix.

Average Sales Price

·         At the beginning of this 14 year period (2003), average sales prices for St Thomas and St Croix were nearly identical, at an average of $415,823.

·         From 2004 until the present, the annual average home sales price on St Thomas has exceeded that of St Croix.

·         For 2016, the average St Thomas homes price was 36% higher ($566,513) than the 2003 average sales price. The average annual home sales price on St Croix for 2016 was 15% lower ($352,232) than the 2003 average sales price.

·         The average sale price of a home on St Croix for 2016 ($352,232) was 62% of the averages sales price of a home on St Thomas ($566,513).  

 

Total Market in Millions of Dollars

·         This measurement is a combination of total homes sold multiplied by average sales price; it gives the best overview of annual market performance.

·         During this 14 year period, the total St Thomas residential market exceeded the total St Croix market during four years: 2008, 2012, 2013, 2014, and 2015. For the first time in five years, since 2012, the total St Croix residential market ($59.5 Million) exceed the total St Thomas market ($53.8 Million), by $5.7 Million.

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

February 2017

The St Croix Real Estate Cycle

A 14 Year Look

 Total Number of Properties Sold

·        More homes, condominiums, and lots sold in 2016 than were sold during 2015

·        Number of homes sold during 2016 (169) exceeds all years since 2007 (177 home sales).

·        Number of condominiums sold during 2016 (124) exceeds all years since 2006 (162 condo sales).

·        Number of lots sold during 2017 (76) exceeds all years since 2011 (79 lots sold).

 

Average Sales Price

·        The 2016 average home sales price ($352,232) was 13% lower ($51,322) than the average home sale price for 2015 ($403,554). It was, however, an improvement over 2013 ($319,450) and 2014 ($332,950) and is very similar to the average home sale price of 2005 ($355,100).

·        The 2016 average condominium sales price ($188,071) was 2% lower ($4,372) than the average condo sales price for 2015 ($192,443). It was an improvement over the 2012 – 2014 period, with an average condominium sales price of $154,000.

·        Only 2011 and 2013 saw lower average lot sales prices than the average 2016 lot sales price of $72,303, which was also 8% lower ($6,732) than the average lot sales price for 2015 ($79,035).

 

Total Market in Millions of Dollars

·        The total residential market increased by 5%, from $56.5 million for 2015 to $59.5 million for 2016. This is the largest total residential market since 2008 ($61.6 Million).

·        The total condominium market increased 12%, from $20.8 million for 2015 to $23.3 million for 2016. For the previous 13 years, only 2005 ($34.7 million) and 2006 ($30.7 million) exceeded the 2016 total condominium market.

·        The total land market increased 10%, from $5.0 million for 2015 to $5.5 million for 2016. This is the largest total land market since 2012 ($5.9 Million).

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

January 2017

 

5 Year Home Sales Price Trends ©

 

The average sales price of a home on St Croix has decreased by approximately $41,000 (10%) since 2012 and nearly $51,000 (13%) when comparing 2016 to 2015.

 

Total number of homes sold has increased by 90% (80 homes) since 2012 and by 21% (29 homes) when comparing 2016 to 2015.

 

All areas of the island did not perform the same.

 

East End B

Far East End

 

Compared to 5 years ago, the average sales price of a home decreased 14% ($97,217).  When comparing 2016 sales figures to 2015, the average home sales price decreased 13% ($88,000).

The number of homes sold in a year has increased by 67% (8 homes) since 2012; when comparing 2016 to 2015, 5 fewer homes sold in 2016.

 

 

East End A

Christiansted East to Coakley Bay

 

Compared to 5 years ago, the average sales price of a home decreased 141% ($506,153); when comparing 2016 sales figures to 2015, the average home sales price decreased 39% ($225,473).

The number of homes sold in a year has tripled since 2012 (from 10 to 30); when comparing 2016 to 2015, 5 more homes sold in 2016.

 

 

Company

Christiansted West to the East Side of Judiths Fancy

 

Compared to 5 years ago, the average sales price of a home increased 58% ($117,862); when comparing 2016 sales figures to 2015, the average home sales price decreased 4% ($12,729).

The number of homes sold in a year has increased 60% (9 homes) since 2012; when comparing 2016 to 2015, twice as many homes sold as the previous year.

 

 

 

Queen

Constitution Hill West to La Reine, includes southwest

Judiths Fancy

 

Compared to 5 years ago, the average sales price of a home increased 6% ($15,351); when comparing 2016 sales figures to 2015, the average home sales price decreased 12% ($35,621).

The number of homes sold in a year has increased by 2 homes since 2012; when comparing 2016 to 2015, total number of homes sold increased by 4 homes.

 

 

Northside A & B

North Shore from North Judiths Fancy to Hamms Bluff

 

Compared to 5 years ago, the average sales price of a home increased 36% ($167,015); when comparing 2016 sales figures to 2015, the average home sales price decreased 4% ($25,909).

The number of homes sold in a year has increased 69% (9 homes) since 2012; when comparing 2016 to 2015, total number of homes sold more than doubled (from 10 homes to 22 homes).

 

King

South Shore from La Reine West to UVI

 

Compared to 5 years ago, the average sales price of a home increased 68% ($64,500); when comparing 2016 sales figures to 2015, the average home sales price increased 13% ($18,688).

Four times as many homes sold during 2016 (8 homes) as compared to 2012 (2 homes); when comparing 2016 to 2015, the same number of homes sold both years.

 

 

Prince

South Shore from UVI West to Williams Delight

 

Compared to 5 years ago, the average sales price of a home decreased 18% ($46,562); when comparing 2016 sales figures to 2015, the average home sales price increased 21% ($36,816).

More than twice as many homes sold during 2016 (13 homes) as compared to 2012 (5 homes); when comparing 2016 to 2015, 4 more homes sold in 2016 (13 homes) as did in 2015 (13 homes).

 

 

West End

South Shore, South from Mahogany Road,

East to Williams Delight

 

Compared to 5 years ago, the average sales price of a home decreased 1% ($2,625); when comparing 2016 sales figures to 2015, the average home sales price decreased 6% ($13,525).

More than twice as many homes sold during 2016 (22 homes) as compared to 2012 (10 homes); when comparing 2016 to 2015, one less home sold in 2016.

 

Observations

 

Average home sales prices in two areas of the island consistently exceed the island wide “average” home sales price:

·         East End B

·         Northside A & B

 

Average home sales prices in three areas of the island are consistently much lower than the island wide “average” home sales price:

·         King

·         Prince

·         West End

 

Center island average home sales prices are about “average”:

·         East End A

·         Company

·         Queen

 

More homes sold in all quarters during 2016, when compared to 2015, with the exception of:

·         East End B

·         West End

 

Compared to 2015, the island wide average home sale price decreased 13%. All quarters saw decreased average home sale price with the exception of:

·         King

·         Prince

 

Compared to 2012, these quarters saw higher average home sales prices:

·         Company

·         Queen

·         Northside A & B

·         King

 

Compared to 2012, these quarters saw lower average home sales prices:

·         East End B

·         East End A

·         Prince

·         West End

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

December 2016

 

 

Inventory Level Trends

 

Current Annual supply represents the number of years it will take at the current rate of sales to sell all the properties listed in a specific area (Quarter) of St Croix.

 

[Active Listings + Pending Listings] /

Number of Listings Sold During the Previous 12 Months

 

For example:

In November 2016, there were 27 active and 6 pending home sales in East End B, with 20 home sales in the previous 12 months, for a 1.7 year supply of homes for sale

 

[27 + 6] / 20 = 1.7 Years

 

 

East End B

Far East End

Residential

Compared to 5 years ago, home inventory has decreased by one year and average sales price is about 46% ($278,958) lower

($888,908 vs $609,950)

Compared to last year, average time on the market has increased by 6 months; average sales price has decreased by about 4% ($637,077 vs $609,950)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by about 19 months (2.6 years vs 1 year); average sales price has decreased by about 25% ($370,846 vs $279,538)

Compared to last year, condominium inventory is unchanged at 1 year;

average sales price has decreased by less than 1% ($281,714 vs $279,538)

 

Vacant Land

Compared to 5 years ago, land inventory has decreased by 1.5 years

(8.2 years vs 6.7 years); average sales price increased about 36%

($79,929 vs $108,800)

Compared to last year, land inventory decreased by about 7 months

(7.3 years vs 6.7 years); average sales price increased by about 35%

($80,787 vs $108,800)

 

 

East End A

Christiansted East to Coakley Bay

Residential

Compared to 5 years ago, home inventory has decreased by almost a year (11 months); average home sale price increased by about 18%

 ($307,597 vs $361,979)

Compared to last year, residential inventory has decreased by one year; average sales price decreased by about 43% ($631,295 vs $361,979)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by about 19 months (3 years vs 1.4 years); the average condominium sales price decreased about 8% ($242,556 vs $222,786)

Compared to last year, condominium inventory increased by about 2 months

(1.2 years vs 1.4 years); average sales price has decreased by about 8%

($242,965 vs $222,786)

 

Vacant Land

Compared to 5 years ago, land inventory is unchanged at 5.3 years; average lot sales price has increased by about 25% ($54,421 vs $67,900)

Compared to last year, land inventory has decreased by 7 years

(12.3 years vs 5.3 years); average lot sales price has decreased by about 28% ($93,571 vs $67,900)

 

 

Company

Christiansted West to the East Side of Judiths Fancy

Residential

Compared to 5 years ago, residential inventory has decreased by more than 5 years (7.0 years vs 1.8 years); average home sales price has increased about 21% ($275,571 vs $333,239)

Compared to last year, residential inventory has decreased by nearly 2 years (3.7 years vs 1.8 years); average home sales price has decreased about 3%

($342,409 vs $333,239)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by 18 months (2.3 years vs 0.8 years); average sales price increased by about 8%

 ($124,992 vs $135,559)

Compared to last year, condominium inventory decreased by about 10 months

(1.6 years vs 0.8 years); average sales price has increased by about 11%

($122,610 vs $135,559)

 

Vacant Land

Compared to 5 years ago, land inventory has increased by more than 5 years

(3.8 years vs 9.2 years); average sales price has increased to about 60%

($66,433 vs $106,500)

Compared to last year, land inventory has decreased by 7.5 years

(16.7 years vs 9.2 years) while average sales price has increased about 473% ($22,500 vs $106,500)

 

Queen

Constitution Hill West to La Reine, includes southwest

Judiths Fancy

Residential

Compared to 5 years ago, residential inventory has decreased by about 2 months  (2.9 years vs 2.7 years) while average sales priced decreased by about 30%

($427,342 vs $296,020)

Compared to last year, residential inventory has decreased by about 2 months (2.9 years vs 2.7 years); average sales price increased by about 17%

($253,171 vs $296,020)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by nearly 6 years (6.8 years vs 1 year); average condominium sales price decreased by about 4% ($102,250 vs $98,462)

Compared to last year, condominium inventory has increased by about 4.7 years (5.7 years vs 1 year); average sales price has increased about 11%

($88,333 vs $98,462)

 

Vacant Land

Compared to 5 years ago, land inventory has increased by 4 years

(16.2 years vs 20.3 years); average lot sales price has increased by about 19% ($61,000 vs $72,625)

Compared to last year, land inventory has increased by 12.5 years

(7.8 years vs 20.3 years); the average lot sales price increased about 92%

($37,889 vs $72,625)

 

 

Northside A & B

North Shore from North Judiths Fancy to Hamms Bluff

Residential

Compared to 5 years ago, residential inventory has decreased by more than 2 years

(3.3 years vs 1.29 years); average home sales price increased by about 14%

($592,312 vs $677,762)

Compared to last year, residential inventory decreased by about 1.5 years

(2.9 years vs 1.2 years); average home sales price has increased about 28%

($529,444 vs $677,762)

 

Condominium

            Compared to 5 years ago, condominium inventory decreased by nearly 4.5 years (4.7 years vs 0.3 years); average sales price has decreased by about 37% ($440,000 vs $276,125)

Compared to last year, condominium inventory decreased by 6 months

(0.8 years vs 0.3 years); average sales price increased by about 15%

($239,670 vs $276,125)

 

Vacant Land

Compared to 5 years ago, land inventory has decreased by almost 7 years

(14 years vs 7.2 years); average lot sales price increased by about 12%

($59,333 vs $66,667)

Compared to last year, land inventory has increased by 3.3 years

(3.9 years vs 7.2 years); average lot sales price has decreased by about 32%

($98,671 vs $66,667)

 

King

South Shore from La Reine West to UVI

Residential

Compared to 5 years ago, residential inventory has decreased by about 20 months 

(4 years vs 2.3 years); average home sales price also decreased by about 36%

($247,800 vs $159,250)

Compared to last year, residential inventory has increased by about 4 months

(2 years vs 2.3 years); average residential sales price increased by about 24% ($128,833 vs $159,250)

 

Condominium

            There are no condominium complexes in King Quarter

 

Vacant Land

5 years ago, no land sales were reported in King Quarter during the 12 month period ending November 2011.

Compared to last year, land inventory increased by 3 years (4 years vs 7 years);

average lot sales price has decreased about 45% ($76,667 vs $42,500)

 

 

Prince

South Shore from UVI West to Williams Delight

Residential

Compared to 5 years ago, there is about 2 months more residential inventory

(2.6 years vs 2.4 years); the average residential sales price decreased about 12% ($239,519 vs $210,846)

Compared to last year, residential inventory decreased by nearly a year

(3.3 years vs 2.4 years); average residential sales price increased by about 20%

($176,056 vs $210,846)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by 2 years (3.7 years vs 1.8 years); average condominium sales price decreased by about 41% ($288,333 vs $170,625)

Compared to last year, condominium inventory has increased by 6 months

(1.3 years vs 1.8 years); average condominium sale price decreased by about 16% ($202,000 vs $170,625)

 

Vacant Land

Compared to 5 years ago, land inventory has increased by 6 months

(9.3 years vs 9.8 years); average lot sales price has decreased by about 48%

($50,714 vs $26,249)

Compared to last year, land inventory has decreased by more than 5 years

(4.5 years vs 9.8 years); average lot sales price has decreased by about 63%

($70,985 vs $26,249)

 

West End

South Shore, South from Mahogany Road,

East to Williams Delight

Residential

Compared to 5 years ago, residential inventory has decreased by about 16 months  (2.9 years vs 1.6 years); average home sale price has increased by about 28%  ($157,512 vs $200,875)

Compared to last year, residential inventory has decreased by about 5 months

(2 years vs 1.6 years); average home sale price decreased by about 10%

($223,800 vs $200,875)

 

Condominium

            Compared to 5 years ago, condominium inventory has increased by 20 months (2.3 years vs 4 years); average condominium sale price increased by about 18% ($146,250 vs $172,500)

Compared to last year, condominium inventory increased by about 3.6 year

(5 months vs 4 years); average condominium sales price increased by about 60% ($107,714 vs $172,500)

 

Vacant Land

Compared to 5 years ago, land inventory has decreased by 1.4 years

(10.9 years vs 9.5 years); average lot sales price has increased by about 92% ($32,222 vs $61,750)

Compared to last year, land inventory decreased by about 6 years

(15.6 years vs 9.5 years); average lot sales price decreased by about 34%

($93,279 vs $61,750)

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

 

 

 

November 2016

 

 

Which St Croix Price Ranges are Selling?

First 10 months of 2014, 2105 and 2016

 

Residential

2014

134 home sales closed January through October; there were 308 homes for sale

2.3 sellers for every buyer

2015

111 home sales closed January through October; there were 273 homes for sale

2.5 sellers for every buyer

2016

143 home sales closed January through October; there were 240 homes for sale

1.7 sellers for every buyer

 

Condominium

2014

101 condominium sales closed January - October; there were 154 condos for sale

1.5 sellers for every buyer

2015

88 condominium sales closed January - October; there were 127 condos for sale

1.4 sellers for every buyer

2016

106 condominium sales closed January - October; there were 79 condos for sale

0.75 sellers for every buyer; condos are selling in less than 1 year on the market

 

Vacant Land

37 land sales closed January through October; there were 522 lots for sale

14.1 sellers for every buyer

2015

62 land sales closed January through October; there were 490 lots for sale

7.9 sellers for every buyer

2016

64 land sales closed January through October; there were 551 lots for sale

8.6 sellers for every buyer

 

 

 

SALES BY PRICE RANGE

 

Residential

 

2016

% of Sales

2016

Sales

2015

 % of Sales

2015 Sales

2014

% of Sales

2014 Sales

Sales Price

41%

58

41%

45

31%

42

Under $200K

31%

45

31%

34

36%

48

$200K - $400K

14%

20

13%

14

18%

24

$400K - $600K

6%

8

9%

10

10%

14

$600K - $800K

5%

7

3%

3

3%

4

$800K - $1 Million

3%

5

5%

5

1%

2

Over $1 Million

 

Condominium

 

2016

% of Sales

2016

Sales

2015

 % of Sales

2015 Sales

2014

% of Sales

2014 Sales

Sales Price

26%

28

23%

20

38%

38

Under $100K

40%

42

45%

39

43%

43

$100K - $200K

19%

20

17%

15

13%

13

$200K - $300K

13%

14

13%

11

6%

6

$300K - $500K

2%

2

4%

3

1%

1

Over $500K

 

Vacant Land

 

2016

% of Sales

2016

Sales

2015

 % of Sales

2015 Sales

2014

% of Sales

2014 Sales

Sales Price

48%

31

52%

32

68%

25

Under $50K

30%

19

23%

14

22%

8

$50K - $100K

20%

13

21%

13

8%

3

$100K - $300K

2%

1

5%

3

3%

1

Over $300K

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Ma

 

 

 

 

 

 

October 2016

 

Seven Year Comparison

St Croix Real Estate Inventory Levels

 

TOTAL INVENTORY

Residential

Slightly lower (15 homes) than seven years ago.

Highest inventory during this period was 9/15/12 with 336 homes on the market (34% higher than 9/15/16)

 

Condominium

GIGANTIC decrease over the seven year period!

Seven years ago, there were nearly three times as many condominiums on the market (236) as were for sale on 9/15/16 (81)

 

Vacant Land

Slightly lower (40 lots) than seven years ago.

Land inventory has varied little over the seven year period, with the lowest inventory level on 9/15/14 (489 lots)

 

INVENTORY BY PRICE RANGE

Residential

Under $200,000 listings have nearly tripled (from 13% to 37%) as percentage of total inventory, compared to seven years ago.

$200,000 to $400,000 listings are nearly unchanged as percentage of total inventory, at about 28%, compared to seven years ago.

$400,000 to $600,000 listings decreased by 4% of the total inventory over the seven year period.

$600,000 to $800,000 listings have decreased by more than 50% over the seven year period, from 15% in 2009 to 7% in 2016.

$800,000 to $1,000,000 have decreased by 50% over the seven year period, from 8% on 9/15/09 to 4% on 9/15/16.

Listings over $1,000,000 have decreased by 7% of the total inventory over the seven year period, from 20% on 9/15/09 to 13% on 9/15/16.

 

Condominium

Under $100,000 listings more than doubled (from 11% to 25%) as percentage of total inventory, compared to seven years ago.

$100,000 to $200,000 listings are unchanged as percentage of total inventory, at about 46%, compared to seven years ago.

$200,000 to $300,000 listings are also unchanged as percentage of total inventory, at about 16%, compared to seven years ago.

$300,000 to $500,000 listings have decreased by 6%, from 17% to 11%, compared to seven years ago.

Listings over $500,000 have decreased by 5% of the total inventory over the seven year period, from 8% on 9/15/09 to 3% on 9/15/16.

 

Vacant Land

Under $50,000 listings have nearly doubled (from 21% to 38%) as percentage of total inventory, compared to seven years ago.

$50,000 to $100,000 listings have decreased by 4% as percentage of total inventory, from 30% to 26%, compared to seven years ago.

$100,000 to $300,000 listings have decreased by 6%, from 33% to 27%, compared to seven years ago.

Listings over $300,000 have decreased by 7% of the total inventory over the seven year period, from 16% on 9/15/09 to 9% on 9/15/16.

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

September 2016

 

 

A Tale of Two Islands

St Croix and St Thomas Real Estate Sales

Four Year Comparison Year to Date

 

Number of Sales

Residential

Both islands experienced a similar phenomenon, a significant increase in the number of units sold in 2014, a return to nearly the 2013 figure the next year (2015), then an increase of about 1/3 for total units sold during this period in 2016

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Number of Homes Sold

 

82

 

46

Jan – Aug 2013

+39%

114

+46%

67

Jan – Aug 2014

(-25%)

85

(-19%)

54

Jan – Aug 2015

+38%

117

+37%

74

Jan – Aug 2016

 

Condominium

Very similar to the home market for both islands except the reduction in units sold during this period in 2015 was not as severe as experienced by the housing market.

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Number of Condos Sold

 

54

 

52

Jan – Aug 2013

+52%

82

+35%

70

Jan – Aug 2014

(-16%)

69

(-6%)

66

Jan – Aug 2015

+16%

80

+38%

91

Jan – Aug 2016

 

Vacant Land

Vacant land is not selling well on either island. During this period in 2014, exactly the same number of lots were sold on both islands – this was a significant up tick for St Thomas and a big down tick for St Croix. For 2016, the number of lots sold on St Thomas has decreased to nearly the 2013 level, while St Croix, with a much larger inventory, continues to slowly increase the number of lots sold.

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Number of Lots Sold

 

41

 

21

Jan – Aug 2013

(-27%)

30

+43%

30

Jan – Aug 2014

+57%

47

+27%

38

Jan – Aug 2015

+15%

54

(-29%)

27

Jan – Aug 2016

 

 

Average Sales Price

Residential

Comparatively, St Croix has performed better than St Thomas, but we still have a long way to go; the average home sale price on St Thomas is nearly twice that of St Croix.

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Average Home Sales Price

 

$287,762

 

$665,130

Jan – Aug 2013

+16%

$332,572

+16%

$772,334

Jan – Aug 2014

+28%

$426,719

(-11%)

$689,658

Jan – Aug 2015

(-18%)

$350,076

(-14%)

$594,317

Jan – Aug 2016

 

St Thomas Home Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$100,000

$3,300,000

Jan – Aug 2014

$34,000

$4,400,000

Jan – Aug 2015

$85,000

$6,000,000

Jan – Aug 2016

$49,000

$2,990,000

 

St Croix Home Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$35,000

$800,000

Jan – Aug 2014

$35,000

$1,680,000

Jan – Aug 2015

$31,000

$6,250,000

Jan – Aug 2016

$40,000

$2,500,000

 

 

The median sales price is the midpoint - half of all homes sold for more than this price, half sold for less. For both islands, the median decreased over the 4 year period, with a much smaller decrease for St Thomas homes (about $22,000). On St Croix, the median home sale price decreased by $50,000 over the 4 year period.

Median Home Sales Price

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Median Home Sales Price

 

$270,000

 

$515,000

Jan – Aug 2013

+11%

$299,000

(-5%)

$490,000

Jan – Aug 2014

(-15%)

$255,000

No change

$492,000

Jan – Aug 2015

(-14%)

$220,000

No change

$492,500

Jan – Aug 2016

 

Average Sales Price

Condominium

Average condominium sales price held steady on St Thomas for 3 years, then saw a very nice increase of nearly $50,000 per unit for the first 8 months of 2016. Sadly, on St Croix the average condominium sales price is now slightly lower than it was 4 years ago.

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Average condo Sales Price

 

$169,563

 

$223,604

Jan – Aug 2013

(-8%)

$155,356

(-2%)

$219,512

Jan – Aug 2014

+30%

$202,402

+3%

$227,064

Jan – Aug 2015

(-17%)

$168,023

+21%

$274,901

Jan – Aug 2016

 

St Thomas Condominium Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$38,000

$550,000

Jan – Aug 2014

$39,000

$770,000

Jan – Aug 2015

$55,000

$940,000

Jan – Aug 2016

$30,000

$1,690,000

 

St Croix Condominium Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$40,000

$545,000

Jan – Aug 2014

$30,000

$775,000

Jan – Aug 2015

$22,500

$1,150,000

Jan – Aug 2016

$22,500

$700,000

 

 

The median condominium sales price has increased steadily, except for a small decease in 2014. On St Croix, the median condominium sales price is now nearly $10,000 less than 4 years ago, even though 2015 showed great promise.

Median Condominium Sales Price

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Median Condo Sales Price

 

$144,500

 

$173,750

Jan – Aug 2013

(-18%)

$119,125

(-5%)

$165,000

Jan – Aug 2014

+26%

$150,000

+9%

$180,000

Jan – Aug 2015

(-10%)

$135,000

+21%

$218,000

Jan – Aug 2016

 

Average Sales Price

Vacant Land

The worst performing segment of our real estate market has mirrored the home market with the exception that the average sale price is now nearly twice that of 4 years ago, for both islands.

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Average lot Sales Price

 

$43,425

 

$108,357

Jan – Aug 2013

+85%

$80,162

+16%

$126,172

Jan – Aug 2014

(-3%)

$78,055

(-26%)

$91,737

Jan – Aug 2015

(-2%)

$76,518

+97%

$181,144

Jan – Aug 2016

 

St Thomas Land Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$35,000

$250,000

Jan – Aug 2014

$15,000

$900,000

Jan – Aug 2015

$20,000

$370,000

Jan – Aug 2016

$8,000

$900,000

 

St Croix Land Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$10,000

$120,000

Jan – Aug 2014

$8,000

$370,000

Jan – Aug 2015

$13,000

$348,000

Jan – Aug 2016

$16,000

$335,000

 

Median Land Sales Price

St Croix is performing better than St Thomas, but the median lot sale price is still only about 2/3 that of St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Median Lot Sales Price

 

$34,500

 

$84,500

Jan – Aug 2013

+14%

$39,500

+1%

$85,000

Jan – Aug 2014

+1%

$40,000

(-35%)

$55,000

Jan – Aug 2015

+64%

$65,500

+78%

$98,000

Jan – Aug 2016

 

Total Market (Millions)

Both island have shown a steady improvement in all market segments over the 4 year period, although the 2014 and 2015 figures for St Thomas saw a big increase for 2014, followed by a dip in 2015, but is now improving nicely, particularly the St Thomas condominium market!

Residential

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Number of Homes Sold

 

$23.6

 

$30.6

Jan – Aug 2013

+61%

$37.9

+69%

$51.7

Jan – Aug 2014

(-4%)

$36.3

(-28%)

$37.2

Jan – Aug 2015

+13%

$41.0

+18%

$44.0

Jan – Aug 2016

Condominium

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Number of Condos Sold

 

$9.2

 

$11.6

Jan – Aug 2013

+38%

$12.7

+33%

$15.4

Jan – Aug 2014

+10%

$14.0

(-3%)

$15.0

Jan – Aug 2015

(-4%)

$13.4

+67%

$25.0

Jan – Aug 2016

Vacant Land

% increase

(decrease)

St Croix

% increase

(decrease)

St Thomas

Number of Lots Sold

 

$1.8

 

$2.3

Jan – Aug 2013

+33%

$2.4

+65%

$3.8

Jan – Aug 2014

+54%

$3.7

(-8%)

$3.5

Jan – Aug 2015

+11%

$4.1

+40%

$4.9

Jan – Aug 2016

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

August 2016

 

Sales Price and Marketing Time on St Croix

 

“Annual Supply” represents the number of years it will take at the current annual rate of sales to sell all the properties for sale

in a specific area.

 

East End B

Far East End

 

Inventory

Four years ago (July 2012), there was a 4.7 year supply of homes and a 4.3 year supply of condominiums on the market.

For both homes and condominiums, the inventory has decreased by 3 years, to a 1.2 year supply of homes and a 1.4 year supply of condominiums.

 

Average Sales Price

For both homes and condominiums, the average sales price has decreased, compared to four years ago.

Average home sale price decreased by 3% over the four year period, from $575,667 for the 12 months ending July 2012 to $558,212 for the 12 months ending July 2016.

Condominiums saw a larger average sale price decrease of 37%, from $382,500 for the 12 months ending July 2012 to $239,298 for the 12 months ending July 2016.

 

East End A

Christiansted east to Coakley Bay

 

Inventory

Four years ago (July 2012), there was a 4.2 year supply of homes and a 4.8 year supply of condominiums on the market.

For both homes and condominiums, the inventory has decreased by 3 years, to a 1.4 year supply of homes and a 1.5 year supply of condominiums.

 

Average Sales Price

For homes, the average sales price has decreased, compared to four years ago. For condominiums, the average sale price increased slightly.

Average home sale price decreased by 8% over the four year period, from $481,712 for the 12 months ending July 2012 to $392,706 for the 12 months ending July 2016.

Condominiums saw a 4% increase in average sales price, from $204,667 for the 12 months ending July 2012 to $213,825 for the 12 months ending July 2016.

 

Company

Christiansted west to east side of Judiths Fancy

 

Inventory

Four years ago (July 2012), there was a 3.1 year supply of homes and an 8.3 year supply of condominiums on the market.

For homes, the inventory increased slightly, to a 3.6 year supply of homes. For condominiums, the supply decreased by more than 7 years to a 1.1 year supply of condominiums.

 

Average Sales Price

For both homes and condominiums, the average sales price increased, compared to four years ago.

Average home sale price increased 15% over the four year period, from $191,269 for the 12 months ending July 2012 to $219,421 for the 12 months ending July 2016.

Condominiums also saw a 15% increase in average sales price, from $106,250 for the 12 months ending July 2012 to $122,649 for the 12 months ending July 2016.

 

Queen

Constitution Hill west to La Reine, includes southwest Judiths Fancy

 

Inventory

Four years ago (July 2012), there was a 3.7 year supply of homes and a 5.9 year supply of condominiums on the market.

For homes, the inventory decreased by 1 year, to a 2.7 year supply of homes. For condominiums, the supply decreased by nearly 5 years to a 1.0 year supply of condominiums.

 

Average Sales Price

For both homes and condominiums, the average sales price increased, compared to four years ago.

Average home sale price increased 22% over the four year period, from $291,289 for the 12 months ending July 2012 to $354,895 for the 12 months ending July 2016.

Condominiums saw a 21% increase in average sales price, from $75,125 for the 12 months ending July 2012 to $90,792 for the 12 months ending July 2016.

 

Northside A & B

North shore from north Judiths Fancy west to Hamms Bluff

 

Inventory

Four years ago (July 2012), there was a 4.6 year supply of homes and a 6.5 year supply of condominiums on the market.

For homes, the inventory decreased by nearly 3 years, to a 1.8 year supply of homes. For condominiums, the supply decreased by nearly 6 years to a six month supply of condominiums.

 

Average Sales Price

For homes, the average sales price increased, compared to four years ago. For condominiums, the average sales price decreased.

Average home sale price increased 64% over the four year period, from $459,110 for the 12 months ending July 2012 to $753,188 for the 12 months ending July 2016.

Condominiums saw a 30% decrease in average sales price, from $345,000 for the 12 months ending July 2012 to $240,281 for the 12 months ending July 2016.

 

King

South shore from La Reine west to UVI

 

Inventory

Four years ago (July 2012), there was a 3.8 year supply of homes; there are no condominiums in King Quarter.

Home inventory decreased by 1.5 years, to a 2.3 year supply of homes, compared to four years ago. For the 12 months ending July 2013, only one home sold in King Quarter.

 

Average Sales Price

Average home sale price decreased 6% over the four year period, from $207,400 for the 12 months ending July 2012 to $194,875 for the 12 months ending July 2016.

 

 

Prince

South shore from UVI west to Williams Delight

 

Inventory

Four years ago (July 2012), there was a 5.8 year supply of homes and an 11.0 year supply of condominiums on the market.

For homes, the inventory decreased by 3.5 years, to a 2.3 year supply of homes. For condominiums, the supply decreased by 10 years to a 1 year supply of condominiums.

 

Average Sales Price

For both homes and condominiums, the average sales price decreased, compared to four years ago.

Average home sale price decreased 22% over the four year period, from $208,430 for the 12 months ending July 2012 to $161,958 for the 12 months ending July 2016.

Condominiums saw a 52% decrease in average sales price, from $415,000 for the 12 months ending July 2012 to $200,625 for the 12 months ending July 2016.

 

West End

South from Mahogany Road, East to Williams Delight

 

Inventory

Four years ago (July 2012), there was a 4.6 year supply of homes and a 7.0 year supply of condominiums on the market.

For homes, the inventory decreased by 3 years, to a 1.5 year supply of homes. For condominiums, the supply decreased by nearly 6 years, to a 1.3 year supply of condominiums.

 

Average Sales Price

For both homes and condominiums, the average sales price increased, compared to four years ago.

Average home sale price increased 26% over the four year period, from $164,300 for the 12 months ending July 2012 to $206,925 for the 12 months ending July 2016.

Condominiums saw a 141% increase in average sales price, from $62,500 for the 12 months ending July 2012 to $150,625 for the 12 months ending July 2016.

 

Conclusion

 

Over the five year period, average home sale prices were highest, usually more than double those of other quarters, in these quarters:

·         East End B

·         East End A

·         Northside A & B

 

Over the five year period, average condominium sale prices decreased or remained little changed island wide.

 

Both home and condominium inventory decreased island wide over the past five years, except for Queen Quarter, which saw a 6 month increase in homes for sale.

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

July 2016

 

 

11 year look at the St Croix Real Estate Market for the 12 month period ending 30 June

 

The last real estate boom on St Croix was 11 years ago –

The 2005 / 2006 period

 

Total number of properties sold

 

·         Residential – Good news! Total homes sold during the past 12 months is the highest since 2006 / 2007, at 163 home sales. The lowest number of sales was 2011 / 2012, with only 90 home sales.

·         Condominiums – At 107 condo sales, total sales are not quite as good as the previous 12 month period (2014 / 2015, with 121 condos closed), but respectable. The lowest number of condo sales was again 2011 / 2012, with only 42 condo sales.

·         Land – Land sales have been unchanged for the past 5 years, with just 60 to 71 land sales during the 12 month period.

 

Average sales price

 

·         Residential – Again, good news! The “average” home sale price is up nearly $50,000 from the previous 12 month period, at $392,184. The lowest “average” home sales price was 2013 / 2014, at $336,190.

·         Condominiums – “Average” condo sales price was about $9,000 less than the previous 12 month period, at $168,996, and has been in approximately the same range ($146,000 to $176,000) for the past 4 years.

·         Land – “Average” lot sales price was about $9,000 higher than the previous 12 month period, at $76,591. The land market is behaving similarly to the condo market, with little change over the past four years and average sales prices in the $67,000 to $76,000 range.

 

Total Market

 

Number of properties sold x Average sales price

 

·         Residential – More good news! At $63.9 Million, the total residential market is only about $2 Million below the 2006 / 2007 total market of $66.1 Million. Sadly, it is still nearly $30 Million below the height of the market in 2005 / 2006 ($93.6 Million).

·         Condominiums – At $18.1 Million, the total condominium market is $3 Million lower than the previous 12 month period. However, it is much better than the 2009 through 2014 periods and nearly as good as the 2007 / 2008 figure of $20.7 Million!

·         Land – At a total market of $4.7 Million, we’ve seen worse (2012 through 2014), but not much. The current total land market is approximately 10% of the height of the market in 2005 / 2006 of $45.6 Million.

 

Conclusion

 

Compared to 11 years ago, total St Croix real estate sales have decreased by 52% ($92.6 Million)

 

Compared to the previous 12 month period, total St Croix real estate sales have increased by $14 Million for the period of July 2015 through June 2016

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

June 2016

 

 

Changes in the St Croix Real Estate Market

 

 

Inventory levels by price range reflect the seller’s expectations.

 

The attached graphs compare changes in asking prices over the past 6 years, using 15 May inventory levels.

 

 

 

Residential

 

·         The lowest price range (under $200,000) has increased each year and more than doubled (from 14% to 34%) over the 6 year period. This price range now represents one third of the St Croix home market.

·         The second tier (($200,000 to $400,000) has consistently represented nearly 1/3 of all homes for sale on St Croix over the 6 year period. Nearly 2/3 of all homes for sale on St Croix are currently listed for $400,000 or less.

·         Over the 6 year period, homes listed from more than $400,000 have decreased by 20%, from 56% of the market to 36% of all homes for sale on St. Croix in May 2016.

Condominium

 

·         The lowest price range (under $100,000) has nearly tripled over the 6 year period, from 9% of total market in 2010 to 25% of the total St Croix condominium market in 2016.

·         The second tier ($100,000 to $200,000) has decreased by 6%, when compared to May 2010.

·         Condominiums listed for more than $200,000 have decreased by 10% of the total market over the 6 year period, from 41% of total market in 2010 to 31% of the total St Croix condominium market in May 2016.

 

Land

 

·         The lowest price range (under $50,000) has nearly doubled over the 6 year period, from 20% of total market in 2010 to 37% of all lots for sale in 2016.

·         The second tier ($50,000 to $100,000) has decreased by 10% over the 6 year period, from 35% of total market in 2010 to 25% of all lots for sale in 2016.

·         Lots listed for more than $100,000 have decreased by 7% over the 6 year period, from 45% of the St Croix land market in 2010 to 38% in May 2016.

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

May 2016

 

 

 

May Inventory Levels

6 Year Review

 

Residential

 

Residential inventory peaked in 2012 and has been steadily declining since then. Current inventory is slightly lower (11 homes) compared to May 2011.

 

Condominium

 

Condominium inventory also peaked in 2012 and has been steadily declining since then. Current inventory is significantly lower (80 condominiums) compared to May 2011.

 

Land

 

Land inventory peaked in 2011, steadily declining until 2014 and has continually increased since then. Current inventory is slightly lower (31 lots) compared to

May 2011.

 

 

May Pending Sale Levels

6 Year Review

 

Residential

 

Residential pending sales were similar for 2011 and 2012, also for the period of 2013 through 2015, after a significant increase. Current pending sale levels showed a huge increase in 2016, but closed sales continue at 2015 levels.

 

Condominium

 

Condominium pending sales have followed the same trend as residential pending sales.  Current pending sale levels showed a significant increase in 2016, but closed sales continue at 2015 levels.

 


 

 

 

Land

 

There have been no significant changes in the number of pending lot sales over the 6 year period.

 

 

2016 Sales Predictions

 

Using the assumption that the first 4 months of 2016 is a valid predictor for the entire year.

 

Residential

 

The first four months predict there will be approximately the same number of homes sold as in 2015 BUT pending sales tell a very different story, so no prediction.

 

Condominium

 

The first four months predict there will be approximately the same number of condominiums sold as in 2015 BUT pending sales tell a somewhat different story, so no prediction.

 

Land

 

Land is quite predictable. This market will show little improvement in 2016.

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

 

 

 

 

April 2016

 

 

 

1st Quarter Sales as Predictor for the full year

 

2016 is the 8th year of the St Croix real estate market “recovery” from the real estate boom years of 2006 through 2008.

 

The obvious question is – what do the 1st quarter statistics predict about market prospects for the balance of the year?

 

First, a look at inventory trends over the

8 year period:

 

·         Residential inventory peaked in 2012, at 340 homes for sale, and has continually declined each year since. Current residential inventory levels are now lower, at 259 homes on the market, than at the beginning of the recovery in 2009, when there were 266 homes on the market.

·         Condominium inventory peaked in 2010, with 265 condominiums on the market. The current level of 114 condominiums for sale is the lowest inventory level of the 8 year period.

·         Land inventory also peaked in 2010, at 610 lots for sale. There was            a slight decline during the 2013 to 2015 period; inventory is again increasing, with 546 lots for sale in March 2016.  

 

 

Residential Sales & 2016 Predictions

 

The number of units sold during the first quarter has consistently under predicted the total number of sales for the year. Right now, the prediction is for about the same number of home sales for 2016 as were sold in 2015.

 

The average 1st quarter sales price has, in most cases, been within 10% of the annual average sales price.

 

Here is the prediction for 2016 overall:

·         Total number of homes sold will be in the mid-140 range, very similar to 2015.

·         Average sales price will most likely be in the $400,000 range, about the same as 2015.

 

Condominium Sales & 2016 Predictions

 

This is a much smaller market, with just a few units built since the 1980s. It is more difficult to identify trends, because the sample is significantly smaller.

 

Since 2012, the 1st quarter units sold has consistently underestimated the annual total number of units sold.

 

1st quarter average sale price has, in most cases, overestimated the average annual condominium sales price

 

Here is the prediction for 2016 overall:

·         Total number of condominiums sold will be in the low-90 range, about 15% fewer than 2015.

·         Average sales price will most likely be in the $140,000 range, very similar to the 1st quarter average condominium sales price.

 

 

Land Sales & 2016 Predictions

 

Unfortunately, in 2015 the total number of 1st quarter sales exactly predicted the annual number of lot sales, quite a disappointment. The previous 6 years all exceeded the 1st quarter predictions for total number of lots sold annually.

 

The 2015 annual average lot sales price was also very close to the 1st quarter prediction.

 

Here is the prediction for 2016 overall:

·         Total number of lots sold will be about the same as 2015, about 64 lot sales.

·         The 2016 average lot sales price will most likely be a bit below the 2015 average sales price, in the $65,000 range.

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

 

 

 

 

 

March 2016

 

 

 

Home Sales

St Thomas vs St Croix

A 13 Year Look

 

Total Number of Properties Sold

·         Over the 13 year period, more homes were sold every year on St Croix than on St Thomas.

·         Both islands saw a slight decrease in the number of homes sold annually from 2014 to 2015; 1% decrease for St Thomas, 8% decrease for St Croix.

·         The most homes sold annually for both islands was during the period of 2003 through 2007. St Thomas averaged 102 home sales annually during this period; current sales levels are at 92% of the height of the market. St Croix averaged 179 home sales during this period; current sales levels are at 78% of the height of the market.

 

Average Sales Price

·         In 2003, the average price of a home on St Thomas and St Croix were nearly identical ($416,250 for St Thomas, $415,390 for St Croix).

·         From 2004 until the present, the annual average home price on St Thomas has exceeded that of St Croix.

·         The average annual home sales price on St Croix for 2015 was 61% of the average annual home sales price on St Thomas.

 

Total Market in Millions of Dollars

·         This measurement is a combination of total homes sold and average sales price, so it gives the best overview of annual market performance.

·         For the nine year period of 2003 through 2011, with the exception of 2008, the total annual residential market on St Croix always surpassed the total annual St Thomas residential market.

·         For the past four years, 2012 through 2015, the annual St Thomas residential market has surpassed St Croix. The largest difference was 2014, when total St Thomas residential sales surpassed St Croix by $35 Million Dollars. For 2015 annual residential total market, St Thomas exceeded St Croix by $5.4 Million Dollars.

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

 

 

 

 

February 2016

 

 

The St Croix Real Estate Cycle

 

A 13 Year Look

 

Total Number of Properties Sold

·         Fewer homes and condominiums sold in 2015 than in 2014

·         Number of homes sold during 2015 (140) exceeds all years since 2007 (177 home sales), except 2014 with 152 home sales.

·         Number of condominiums sold mirrors home sales; more condominiums sold in 2015 (108) than any year since 2006, with the exception of 2014 (121 condo sales).

·         Number of land sales was up slightly when compared to last year, with 64 land sales in 2015, but similar to the number of land sales since 2012.

 

Average Sales Price

·         The 2015 average home sales price ($403,550) shows an improvement over 2013 ($319,450) and 2014 ($332,950) and is very similar to the average home sale price of 2003 ($413,430).

·         The 2015 average condominium sales price ($192,440) is nearly $50,000 higher than the 2003 average sales price ($144,820) and exceeds the average condominium sales price for the past three years.

·         Only 2011, 2013, and 2014 saw lower average lot sale prices than the average 2015 lot sales price of $79,035.

 

Total Market in Millions of Dollars

·         Even though the number of home sales in 2015 were down about 7%, when compared to 2014, the significant increase in average sales price of about $70,000 resulted in an increase of $6,000,000 for the total home sales market.

·         Condominiums experienced a larger decrease in units sold when comparing 2014 with 2015 (10%) and a smaller increase in average sales price of about $50,000, resulting in only about a $1,000,000 improvement in total condo sales market.

·         At a $5,000,000 total market for land sales, only 2013 ($3.4 million) and 2014 ($4.1 Million) turned in a poorer land sale performance.

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

January 2016

 

 

 

4 Year Home Sales Price Trends

 

 

The average sales price of a home on St Croix has increased by approximately $10,000 (3%) since 2012 and nearly $70,000 (21%) when comparing 2015 to 2014.

 

Total number of homes sold has increased by 58% (51 homes) since 2012 and decreased by 7% (11 homes) when comparing 2015 to 2014.

 

All areas of the island did not perform the same.

 

 

 

 

East End B

 

Far East End

 

Compared to 4 years ago, the average sales price of a home decreased 1% ($9,217), but when comparing 2015 sales figures to 2014, the average home sales price increased 64% ($259,463).

The number of homes sold in a year has doubled since 2012; when comparing 2015 to 2014, 2 fewer homes sold in 2015.

 

 

East End A

 

Christiansted East to Coakley Bay

 

Compared to 4 years ago, the average sales price of a home decreased 32% ($280,680); when comparing 2015 sales figures to 2014, the average home sales price increased 43% ($174,159).

The number of homes sold in a year has more than doubled since 2012 (from 10 to 25); when comparing 2015 to 2014, 3 fewer homes sold in 2015.

 

 

Company

 

Christiansted West to the East Side of Judiths Fancy

 

Compared to 4 years ago, the average sales price of a home increased 65% ($130,591); when comparing 2015 sales figures to 2014, the average home sales price increased 21% ($56,741).

The number of homes sold in a year has decreased by 3 homes since 2012; when comparing 2015 to 2014, only half as many homes sold as the previous year.

 

 

 

Queen

 

Constitution Hill West to La Reine, includes southwest Judiths Fancy

 

Compared to 4 years ago, the average sales price of a home increased 21% ($50,972); when comparing 2015 sales figures to 2014, the average home sales price decreased $503.

The number of homes sold in a year has decreased by 2 homes since 2012; when comparing 2015 to 2014, total number of homes sold increased by 1 home.

 

 

Northside A & B

 

North Shore from North Judiths Fancy to Hamms Bluff

 

Compared to 4 years ago, the average sales price of a home increased 42% ($192,924); when comparing 2015 sales figures to 2014, the average home sales price increased 20% ($105,236).

The number of homes sold in a year has decreased by 3 homes since 2012; when comparing 2015 to 2014, total number of homes sold decreased 41% (7 homes).

 

King

 

South Shore from La Reine West to UVI

 

Compared to 4 years ago, the average sales price of a home increased 49% ($45,812); when comparing 2015 sales figures to 2014, the average home sales price increased 4% ($4,895).

Four times as many homes sold during 2015 (8 homes) as compared to 2012 (2 homes); when comparing 2015 to 2014, two more homes sold in 2015.

 

 

Prince

 

South Shore from UVI West to Williams Delight

 

Compared to 4 years ago, the average sales price of a home decreased 32% ($83,378); when comparing 2015 sales figures to 2014, the average home sales price increased 25% ($34,079).

Nearly twice as many homes sold during 2015 (9 homes) as compared to 2012 (5 homes); when comparing 2015 to 2014, significantly fewer homes sold in 2015 (9 homes) as did in 2014 (14 homes).

 

 

West End

 

South Shore, South from Mahogany Road, East to Williams Delight

 

Compared to 4 years ago, the average sales price of a home increased 6% ($10,900); when comparing 2015 sales figures to 2014, the average home sales price decreased 14% ($36,067).

More than twice as many homes sold during 2015 (23 homes) as compared to 2012 (10 homes); when comparing 2015 to 2014, significantly more homes sold in 2015 (23 homes) as did in 2014 (15 homes).

 

 

Observations

 

(also see graphs below)

 

Average home sales prices in three areas of the island consistently exceed the island wide “average” home sales price:

·         East End B

·         East End A

·         Northside A & B

 

Average home sales prices in three areas of the island are consistently much lower than the island wide “average” home sales price:

·         King

·         Prince

·         West End

 

Center island average home sales prices are about 2/3 the island wide “average” home sales prices:

·         Company

·         Queen

 

Fewer homes sold in all quarters during 2015, when compared to 2014, with the exception of:

·         King

·         West End

 

Compared to 2014, the island wide average home sale price increased 21%. All quarters saw increased average home sale price with the exception of:

·         Queen

·         West End

 

Compared to 2012, these quarters saw higher average home sales prices:

·         Company

·         Queen

·         Northside A & B

·         King

·         West End

 

Compared to 2012, these quarters saw lower average home sales prices:

·         East End B

·         East End A

·         Prince

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

©

December 2015

 

 

Inventory Level Trends by Quarter

 

Current Annual supply represents the number of years it will take at the current rate of sales to sell all the properties listed in a specific area (Quarter) of St Croix.

 

[Active Listings + Pending Listings] /

Number of Listings Sold During the Previous 12 Months

 

For example:

In November 2015, there were 25 active and 7 pending home sales in East End B, with 26 home sales in the previous 12 months, for a 1.2 year supply of homes for sale

 

[25 + 7] / 26 = 1.2 Years

 

East End B

Far East End

Residential

Compared to 5 years ago, home inventory has decreased by about half

(31 months vs 14 months) and average sales price is about 28% lower

($888,908 vs $637,077)

Compared to last year, home inventory is unchanged (14 months); average sales price has increased by about 54% ($415,756 vs $637,077)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by about one third (30 months vs 12 months); average sales price has decreased by about 32% ($370,846 vs $281,714)

Compared to last year, condominium inventory is about the same rate

(10 months vs 12 months); average sales price has decreased by about 29% ($200,026 vs $281,714)

 

Vacant Land

Compared to 5 years ago, land inventory is about one year less

(8.2 years vs 7.3 years); average sales price is unchanged ($79,929 vs $80,787)

Compared to last year, land inventory decreased by about 20 months (9 years vs 7.3 years); average sales price increased by about 27% ($58,575 vs $80,787)

 

East End A

Christiansted East to Coakley Bay

Residential

Compared to 5 years ago, home inventory is approximately the same

(2.8 years vs 2.9 years); average home sale price increased by about 106%

 ($307,597 vs $631,295)

Compared to last year, residential inventory has increased by about a year

(1.8 years vs 2.9 years); average sales price increased by about 59%

($397,569 vs $631,295)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by about half (36 months vs 14 months); the average condominium sales price is unchanged ($242,556 vs $242,965)

Compared to last year, condominium inventory is about the same

(17 months vs 14 months); average sales price has increased by about 4%

($231,529 vs $242,965)

 

Vacant Land

Compared to 5 years ago, land inventory has more than doubled  (5.2 years vs 12.3 years); average lot sales price has increased by about 41% ($54,421 vs $93,571)

Compared to last year, land inventory has increased by about 4 years

(8.6 years vs 12.3 years); average lot sales price has increased by about 27% ($68,200 vs $93,571)

 

Company

Christiansted West to the East Side of Judiths Fancy

Residential

Compared to 5 years ago, residential inventory is about one half

(7.0 years vs 3.7 years); average home sales price has increased about 19% ($275,571 vs $342,409)

Compared to last year, residential inventory has doubled (1.8 years vs 3.7 years); average home sales price has increased about 20% ($271,052 vs $342,409)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by nearly 75% (7 years vs 19 months); average sales price is unchanged ($124,992 vs $122,610)

Compared to last year, condominium inventory has increased by about 5 months (14 months vs 19 months); average sales price has increased by about 16%

($106,240 vs $122,610)

 

Vacant Land

Compared to 5 years ago, land inventory has increased by more than four times   (3.8 years vs 16.7 years) while average sales price has decreased to about one third ($66,433 vs $22,500)

Compared to last year, land inventory has decreased more than 50% (43 years vs 16.7 years) while average sales price has decreased to about one quarter

($80,000 vs $22,500)

 

Queen

Constitution Hill West to La Reine, includes southwest

Judiths Fancy

Residential

Compared to 5 years ago, residential inventory is unchanged (2.9 years) while average sales priced decreased by about 60% ($427,342 vs $253,171)

Compared to last year, residential inventory is unchanged (2.5 years vs 2.9 years); average sales price decreased by about 10% ($277,776 vs $253,171)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by about 13 months (6.8 years vs 5.7 years); average condominium sales price decreased by about 16% ($102,250 vs $88,333)

Compared to last year, condominium inventory has increased by about 4.5 years (1.2 years vs 5.7 years); average sales price has increased about 13%

($76,883 vs $88,333)

 

Vacant Land

Compared to 5 years ago, land inventory has decreased by about one half

(16.2 years vs 7.8 years); average lot sales price has decreased by about 61% ($61,000 vs $37,889)

Compared to last year, land inventory has increased by 14 months

(6.6 years vs 7.8 years); the average lot sales price is unchanged ($39,583 vs $37,889)

 

Northside A & B

North Shore from North Judiths Fancy to Hamms Bluff

Residential

Compared to 5 years ago, residential inventory has decreased by 5 months

(3.3 years vs 2.9 years); average home sales price decreased by about 12%

($592,312 vs $529,444)

Compared to last year, residential inventory has doubled (1.3 years vs 2.9 years); average home sales price is unchanged ($528,446 vs $529,444)

 

Condominium

            Compared to 5 years ago, condominium inventory decreased by nearly four years (4.7 years vs 0.8 years); average sales price has decreased by about 84% ($440,000 vs $239,670)

Compared to last year, condominium inventory decreased by about half

(1.5 years vs 0.8 years); average sales price increased by about 11%

($212,333 vs $239,670)

 

Vacant Land

Compared to 5 years ago, land inventory has decreased by about 2/3

(14 years vs 3.9 years); average lot sales price increased by about 33%

($59,333 vs $98,671)

Compared to last year, land inventory has decreased by about three quarters

(14.2 years vs 3.9 years); average lot sales price has decreased by about 170% ($266,400 vs $98,671)

 

King

South Shore from La Reine West to UVI

Residential

Compared to 5 years ago, residential inventory has decreased by 50%

(4 years vs 2 years); average home sales price also decreased by 50%

($247,800 vs $128,833)

Compared to last year, residential inventory has decreased by about 20 months

(3.4 years vs 2 years); average residential sale price decreased by about 36% ($174,857 vs $128,833)

 

Condominium

            There are no condominium complexes in King Quarter

 

Vacant Land

5 years ago, no land sales were reported in King Quarter during the 12 month period ending November 2011.

Last year, no land sales were reported in King Quarter between December 2013 and November 2014.

Between December 2014 and November 2015, three land sales were reported in King Quarter, with an average sales price of $76,667 and four years of inventory currently on the market.   

 

Prince

South Shore from UVI West to Williams Delight

Residential

Compared to 5 years ago, there is about 8 months more residential inventory (2.6 years vs 3.3 years); the average residential sales price decreased about 36% ($239,519 vs $176,056)

Compared to last year, residential inventory increased by 16 months (2 years vs 3.3 years); average residential sales price increased by about 14%

($150,172 vs $176,056)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by two thirds (3.7 years vs 1.3 years); average condominium sales price decreased by about 43% ($288,333 vs $202,000)

Compared to last year, condominium inventory has decreased by about two thirds (3.7 years vs 1.3 years); average condominium sale price increased by about 21% ($159,333 vs $202,000)

 

Vacant Land

Compared to 5 years ago, land inventory has decreased by about one half

(9.3 years vs 4.5 years); average lot sales price has increased by about 28%

($50,714 vs $70,985)

Compared to last year, land inventory has decreased by about one half

(9.5 years vs 4.5 years); average lot sales price has increased by about 117% ($32,750 vs $70,985)

 

West End

South Shore, South from Mahogany Road,

East to Williams Delight

Residential

Compared to 5 years ago, residential inventory has decreased by about  11 months  (2.9 years vs 2 years); average home sale price has increased by about 29%  ($157,512 vs $223,800)

Compared to last year, residential inventory has decreased by nearly one half

(3.7 years vs 2 years); average home sale price decreased by about 4%

($236,929 vs $223,800)

 

Condominium

            Compared to 5 years ago, condominium inventory has decreased by nearly two years (2.3 years vs 5 months); average condominium sale price decreased by about 36% ($146,250 vs $107,714)

Compared to last year, condominium inventory decreased by 15 months

(20 months vs 5 months); average condominium sale price decreased by about 6% ($113,300 vs $107,714)

 

Vacant Land

Compared to 5 years ago, land inventory has increased by 5 years (10.9 years vs 15.6 years); average lot sales price has increased by about 190% ($32,222 vs $93,279)

Compared to last year, land inventory decreased by about 8 years (23.8 years vs 15.6 years); average lot sales price increased by about 190% ($32,525 vs $93,279)

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

November 2015

 

Which St Croix Price Ranges are Selling?

 

First 10 months of 2014 vs 2015

 

Residential

2014

134 homes sales closed January – October; there were 308 homes for sale

2.3 sellers for every buyer

2015

111 homes sales closed January – October; there are 273 homes for sale

2.5 sellers for every buyer

 

Condominium

2014

101 condominium sales closed January – October; there were 154 condos for sale

1.5 sellers for every buyer

2015

88 condominium sales closed January – October; there were 127 condos for sale

1.4 sellers for every buyer

 

Vacant Land

2014

37 land sales closed January – October; there were 522 lots for sale

14.1 sellers for every buyer

2015

62 land sales closed January – October; there were 490 lots for sale

7.9 sellers for every buyer

 

INVENTORY BY PRICE RANGE

 

Residential

 

Condominium

 

Vacant Land

 

 

OVER VIEW

Residential

Compared to last year, total number of homes sold decreased 17%, from 134 sold during this period in 2014 to 111 homes sold during the same period in 2015

 

Condominium

Compared to last year, total number of condominiums sold decreased 12%, from 101 sold during this period in 2014 to 88 condos sold during the same period in 2015

 

Vacant Land

Compared to last year, total number of lots sold increased 68%, from 37 sold during this period in 2014 to 62 lots sold during the same period in 2015!!!

 

Inventory Levels

In all categories, the total number of properties for sale decreased, compared to October 2014.

 

 

 

 

 

 

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

October 2015

 

 

Six Year Comparison

St Croix Real Estate Inventory Levels

 

TOTAL INVENTORY

 

Residential

Identical to six years ago – 265 homes for sale.

Highest inventory during this period was 9/15/12 – inventory was 27% higher

 (336 homes for sale)

 

Condominium

Significant (45%) decrease over six years!

236 condos for sale 9/15/09

130 condos for sale 9/15/15

                                                                                

Vacant Land

Inventory has decreased 13% over the six year period.

575 Lots for sale 9/15/09

509 Lots for sale 9/15/15

 

INVENTORY BY PRICE RANGE

 

Residential

Under $200,000 listings have nearly tripled (from 13% to 35%) as percentage of total inventory, compared to six years ago.

$200,000 to $400,000 listings are unchanged as percentage of total inventory, at about 28%

$400,000 to $600,000 listings have decreased by 2% of total inventory

·         15% of total inventory 9/15/09

·         13% of total inventory 9/15/15

$600,000 to $1,000,000 listings declined by more than 50% over the six year period

·         23% of total inventory 9/15/09

·         10% of total inventory 9/15/1/5

Over $1,000,000 listing declined by 6% over the six year period

·         20% of total inventory 9/15/09

·         14% of total inventory 9/15/15

 

 

 

Condominium

Under $100,000 listings have more than doubled (from 11% to 25%) as percentage of total inventory, compared to six years ago.

$100,000 to $200,000 listings have decreased by 6% of total inventory,

compared to six years ago

·         47% of total inventory 9/15/09

·         41% of total inventory 9/15/15

$200,000 to $300,000 listings are essentially unchanged over the six year period,

at about 18% of total inventory.

$300,000 to $500,000 listings have decreased by 6% over the six year period

·         17% of total inventory 9/15/09

·         11% of total inventory 9/15/15

Over $500,000 listings have decreased by 50% of total inventory over the six year period

·         8% of total inventory 9/15/09

·         4% of total inventory 9/15/15

 

Vacant Land

Under $50,000 listings have nearly doubled as a percentage of total inventory,

over the six year period.

·         21% of total inventory 9/15/09

·         37% of total inventory 9/15/15

$50,000 to $100,000 listings have decreased by 5% of total inventory,

since six years ago

·         30% of total inventory 9/15/09

·         25% of total inventory 9/15/15

$100,000 to $300,000 listings have decreased 6% of total inventory,

since six years ago

·         33% of total inventory 9/15/09

·         27% of total inventory 9/15/15

Over $300,000 listings have decreased by 5% of total inventory since six years ago

·         16% of total inventory 9/15/09

·         11% of total inventory 9/15/15

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

September 2015

September 2015

 

A Tale of Two Islands

St Croix and St Thomas Real Estate Sales

Three Year Comparison Year to Date

 

 

Number of Sales

Residential

 

Both islands have seen a significant decrease in number of homes sold, compared to 2014 year to date

                                                                                

Number of

Homes sold

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2013

46

 

82

 

Jan – Aug 2014

67

+ 46%

114

+39%

Jan – Aug 2015

54

(-19%)

85

(-25%)

 

 

Condominium

 St Croix continues to lead St Thomas in number of condominium sales. Both islands saw a decrease in number of condominiums sold, compared to 2014 year to date.

                                                                                

Number of

Condos sold

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2013

52

 

54

 

Jan – Aug 2014

70

+35%

82

+52%

Jan – Aug 2015

66

(-5%)

69

(-15%)

 

Vacant Land

 St Croix barely leads St Thomas in number of land sales, although St Croix’s inventory is typically at least double the St Thomas inventory.

                                                                                

Number of

Condos sold

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2013

21

 

41

 

Jan – Aug 2014

30

+43%

30

(-26%)

Jan – Aug 2015

38

+27%

47

+57%

 

 

Average Sales Price

Residential

 

For both 2013 and 2014 year to date, the average price of a St Thomas home was 230% of a home on St Croix. For 2015 year to date, this ratio has narrowed to 162%, a change of nearly 70%.

                                                                                

Average Home Sales Price

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2013

$665,130

 

$287,762

 

Jan – Aug 2014

$772,334

+17%

$332,572

+16%

Jan – Aug 2015

$689,658

(-10%)

$426,719

+29&

 

St Thomas Home Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$100,000

$3,300,000

Jan – Aug 2014

$ 34,000

$4,400,000

Jan – Aug 2015

$ 85,000

$6,000,000

 

St Croix Home Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$ 35,000

$  800,000

Jan – Aug 2014

$ 35,000

$1,680,000

Jan – Aug 2015

$ 31,000

$6,250,000

 

 

Several high sales prices have skewed the St Croix data. This is more evident when looking at the median (midpoint sales price, half of all sales were for more than the median, half were for less)

 

Median Sales Price

Median Home Sales Price

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2014

$490,000

 

$299,000

 

Jan – Aug 2015

$492,000

No change

$255,000

(-14%)

 

 

Condominium

The average price of a condominium year to date has remained constant on St Thomas for the past three years at about $223,000. St Croix saw a significant increase ($47,000) in the average condominium sales price over last year.

                                                                                

Average Condo Sales Price

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2013

$223,604

 

$169,563

 

Jan – Aug 2014

$219,512

(-1%)

$155,356

(-8%)

Jan – Aug 2015

$227,064

+4%

$202,402

+31%

 

St Thomas Condominium Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$ 38,000

$ 550,000

Jan – Aug 2014

$ 39,000

$ 770,000

Jan – Aug 2015

$ 55,000

$ 940,000

 

St Croix Condominium Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$ 40,000

$  545,000

Jan – Aug 2014

$ 30,000

$   775,000

Jan – Aug 2015

$ 22,500

$1,150,000

 

The median St Croix condominium sales price increased 26%, compared to this date in 2014, but still lags behind St Thomas by $30,000.

 

Median Sales Price

Median Home Condo Price

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2014

$165,000

 

$119,125

 

Jan – Aug 2015

$180,000

+9%

$150,000

+26%

 

Vacant Land

 Three years ago, the average sales price of a lot on St Thomas was 250% that of the St Croix average year to date. Last year the average sales price of a lot on St Thomas was 150% of the StCroix average year to date. This year, the average sales price of a lot on St Thomas was only 118% of the St Croix average year to date.

                                                                                

Average Lot Sales Price

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2013

$ 108,357

 

$  43,425

 

Jan – Aug 2014

$ 126,172

+17%

$  80,162

+85%

Jan – Aug 2015

$  91,737

(-26%)

$  78,055

(-2%)

 

St Thomas Land Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$ 35,000

$ 250,000

Jan – Aug 2014

$ 15,000

$ 900,000

Jan – Aug 2015

$ 20,000

$ 370,000

 

St Croix Land Sales Prices

 

Lowest

Highest

Jan – Aug 2013

$ 10,000

$  120,000

Jan – Aug 2014

$  8,000

$  970,000

Jan – Aug 2015

$ 13,000

$  348,000

 

 

Total Market (Millions)

 

Residential

                                                                                

Total Market (Millions)

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2013

$ 30.6

 

$  23.6

 

Jan – Aug 2014

$ 51.7

+69%

$  37.9

+61%

Jan – Aug 2015

$  37.2

(-28%)

$  36.3

(-4%)

 

Condominium

                                                                                

Total Market (Millions)

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2013

$ 11.6

 

$   9.2

 

Jan – Aug 2014

$ 15.4

+33%

$ 12.7

+38%

Jan – Aug 2015

$ 15.0

No change

$ 14.0

+11%

 

Vacant Land

                                                                                

Total Market (Millions)

St Thomas

% increase

(decrease)

St Croix

% increase

(decrease)

Jan – Aug 2013

$ 2.3

 

$  1.8

 

Jan – Aug 2014

$ 3.8

+66%

$  2.4

+34%

Jan – Aug 2015

$ 3.5

(-7%)

$  3.7

+55%

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

August 2015

 

 

 

Sales Price and Marketing Time on St Croix

 

“Annual Supply” represents the number of years it will take at the current annual rate of sales to sell all the properties for sale in a specific area.

 

East End B

Far East End

 

Inventory

Three years ago (July 2012), there was a 4.7 year supply of homes on the market and a 4.3 year supply of condominiums.

The inventory decreased by 3 years for both homes and condominiums over the three year period, to 1.7 years for homes and 1.1 years for condominiums.

 

Average Sales Price

The average home sales price increased by $52,000 since July 2012; the average condominium sales price decreased by $112,687.

 

 

East End A

Christiansted East to Coakley Bay

 

Inventory

Three years ago (July 2012), there was a 4.2 year supply of homes on the market and 4.8 year supply of condominiums.

The inventory decreased by 1.7 years for homes and 4 years for condominiums over the three year period, to 2.5 years for homes and 0.8 years (about 10 months) for condominiums.

 

Average Sales Price

The average home sales price increased by $102,000 since July 2012; the average condominium sales price increased by $38,420.

 

Company

Christiansted West to east side of Judiths Fancy

 

Inventory

Three years ago (July 2012), there was a 3.7 year supply of homes on the market and 5.9 year supply of condominiums.

The inventory decreased by 1 year for homes and 4.5 years for condominiums since then, to 2.7 years for homes and 1.5 years for condominiums.

 

Average Sales Price

The average home sales price increased by $171,700, nearly doubling, since July 2012; the average condominium sales price increased by $15,000.

 

Queen

Constitution Hill west to La Reine, includes southwest Judiths Fancy

 

Inventory

Three years ago (July 2012), there was a 3.1 year supply of homes on the market and an 8.3 year supply of condominiums.

The inventory increased by 6 months (0.5 years) for homes and decreased 1.6 years for condominiums since then, to 3.6 years for homes and 6.7 years for condominiums.

 

Average Sales Price

The average home sales price decreased by $13,000 since July 2012; the average condominium sales price increased by $48,000.

 

Northside A & B

North Shore from north Judiths Fancy to Hamms Bluff

 

Inventory

Three years ago (July 2012), there was a 4.6 year supply of homes on the market and 6.5 year supply of condominiums.

The residential inventory decreased by 1.8 years and 4 years for condominiums over the three year period, to 2.8 years for homes and 2.5 years for condominiums.

 

Average Sales Price

The average home sales price increased by $89,000 since July 2012; the average condominium sales price decreased by $111,000.

 

King

South Shore from La Reine west to UVI

 

Inventory

Three years ago (July 2012), there was a 3.8 year supply of homes on the market; there are no condominiums in King Quarter.

The residential inventory decreased by 1.5 years over the three year period, to 2.3 years.

 

 

Average Sales Price

The average home sales price decreased by $64,000 since July 2012.

 

Prince

South Shore from UVI west to Williams Delight

 

Inventory

Three years ago (July 2012), there was a 5.8 year supply of homes on the market and an 11 year supply of condominiums.

The inventory decreased by 4.2 years for homes and 8.7 years for condominiums since then, to 1.6 years for homes and 2.3 years for condominiums.

 

Average Sales Price

The average sales price decreased by $46,000 for homes and $227,000 for condominiums since July 2012.

 

West End

South from Mahogany Road, East to Williams Delight  

 

Inventory

Three years ago (July 2012), there was a 4.6 year supply of homes on the market and 7 year supply of condominiums.

The inventory decreased by 2.2 years for homes and 6.2 years for condominiums since then, to 2.4 years for homes and 10 months (0.8 years) for condominiums.

 

Average Sales Price

The average home sales price increased by $53,000 since July 2012; the average condominium sales price increased by $32,000.

 

 

 

Conclusion

 

Over the 3 year period, average home sales prices increased in all Quarters except those adjacent to the closed oil refinery:

·         Queen

·         King

·         Prince

 

Over the 3 year period, average condominium sales prices increased in all Quarters except:

·         East End B

·         Northside A & B

·         Prince (Carambola)

Over the 3 year period, residential inventory decreased in all quarters, except Queen Quarter.

 

Over the 3 year period, condominium inventory decreased island wide.

 

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

July 2015

 

10 year look at the St Croix Real Estate Market for the 12 month period

ending 30 June

 

The last real estate boom on St Croix was 10 years ago –

The 2006 / 2007 period

 

Total number of properties sold

 

·         Residential – Total number of homes sold decreased by 1/3 over the 10 year period. The lowest point was July 2011 through June 2012, with a 55% decrease in the number of homes sold

(90 homes vs 201 homes).

·         Condominiums – Total number of condominiums sold has decreased 45% over the 10 year period. The low point was again July 2011 through June 2012, with an 81% decline in condominiums sold (42 condos vs 220 condos).

·         Land – Total number of lots sold has declined 84% over the 10 year period. The low point was more recent, July 2012 through June 2013; a 86% decrease in the number of lots sold

(60 lots vs 442 lots).

 

Average sales price

 

·         Residential – The average sales price of a home on St Croix has decreased 26% over the 10 year period. For the past 4 years, since July 2011, the average sales price of a home on St Croix has been consistent, in the $350,000 range.

·         Condominiums – The average sales price of a condominium on St Croix has declined only 3% over the 10 year period. In fact, the high point of this market was July 2007 through June 2008, when the average sales price of a condominium ($238,350) was 31% higher than during the July 2005 through June 2006 period ($182,380).

·         Land – The average sales price of a lot on St Croix has declined 35% over the 10 year period, from $103,220 to $67,058. The average sales price of a lot has been unchanged over the past three years, since July 2012.

 

 

Total Market

Number of properties sold x Average sales price

 

·         Residential – Total market has decreased 51% ($48 million dollars), compared to 10 years ago. The lowest point was July 2011 through June 2012, a 65% decrease ($61 Million Dollars).

·         Condominiums – Total market has decreased 47% ($19 million dollars), compared to 10 years ago. The lowest point was, again, July 2011 through June 2012, with a 78% decrease ($31 million dollars).

·         Land – Total market has decreased 87% ($40 million dollars), compared to 10 years ago. The low point was more recent, July 2012 through June 2013, a 91% decrease ($40 million dollars).

 

Conclusion

 

Compared to 10 years ago, total real estate sales on St Croix have decreased 51% ($76.5 million dollars)

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

June 2015

 

 

Changes in the St Croix Real Estate Market

 

Inventory levels by price range reflect sellers’ expectations. The Attached graphs compare changes in asking prices over the past 5 years, using inventory levels on 15 May

 

Residential

 

·         The lowest price range (under $200,000) has increased each year. In 2010, this price range represented only 14% of residential inventory. Five years later, this price range has more than doubled and now represents 1/3 (32%) of the homes for sale on St Croix

·         The second tier ($200,000 to $400,000) has remained consistent over the 5 years at about 30% of total residential inventory.

·         Homes listed for more than $400,000 have decreased by 17% over the five year period. In May 2010, 56% of the inventory was listed for more than $400,000. In May 2015, only 39% of residential inventory was listed for more than $400,000.

 

Condominium

 

·         The lowest price range (under $100,000) has nearly tripled in 5 years. In May 2010, this price range represented just 9% of the inventory, by May 2015, it represents  1/4 (25%) of condo inventory, down from a high of 30% in May 2014

·         The second tier ($100,000 to $200,000) has decreased by 11% over the 5 year period, from 50% of all condos for sale in May 2010 to 39% in May 2015.

·         The over $200,000 price range has decreased by 5% over the 5 year period, with the largest decrease in inventory occurring in the over $300,000 price range, down 6% from 5 years ago.

 

Land

 

·         The lowest price range (under $50,000) has increased each year. In 2010, this price range represented only 20% of land inventory. Five years later, this price range has nearly doubled and now represents more than 1/3 (38%) of the lots for sale on St Croix

·         The second tier ($50,000 to $100,000) has declined over the 5 year period from 35% in May 2010 to 27% of total land inventory, a decrease of 8%.

·         Lots listed for more than $100,000 have decreased 10% over the five year period, from 45% of total inventory in May 2010 to 35% of total land inventory in May 2015.

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

May 2015

 

Inventory Levels and Sales Projections

 

May Inventory Levels

 

5 Year Review

 

 

 

Residential

 

Inventory is slightly higher (7 homes) than 4 years ago, but lower than the intervening 3 years (50 less than 2012, 42

 

less than 2013, 12 less than last year)

 

 

 

Condominium

 

The lowest inventory level in five years! In 2011, there were 60 more condos on the market in May, last year there were

 

37 more condos for sale in May.

 

 

 

Land

 

Inventory is lower than 5 years ago, by 66 lots, but higher than last May, by 16 lots.

 

 

 

May Pending Sale Levels

 

5 Year Review

 

Residential

 

There were more pending residential sales in May than in any of the previous 4 years.

 

 

 

Condominium

 

The number of pending sales in May is similar to the previous two years, but results differed. In 2013, only 68

 

condominiums were sold, in 2014 a total of 121 condominiums sold.

 

 

 

Land

 

Pending sales continue to decline; in May 2011 there were 35 pending land sales, in 2012 and 2013 the numbers were

 

28 and 27, in 2014 pending sales were reduced to 20, and this month there are 23 pending land sales.

 

 

 

2015 Sales Predictions

 

Using the assumption that the first 4 months of 2015 is a valid predictor for the entire year,

 

the predictions based on only first quarter sales appear optimistic.

 

 

 

Residential

 

Using another month of data, the total predicted number of home sales is downgraded by 4% to 135 homes; the

 

prediction based on 1st quarter sales was 140 homes.

 

 

 

Condominium

 

Using the first 4 months of the year, predications for 2015 are 114 condominium sales; this would mean that 85% of all

 

condominiums now for sale will have sold by the end of the year…..probably not, but an interesting prediction. This

 

number was off in May 2014 also – a total of 87 condominium sales was predicted – the actual number was 121

 

condominium sales in 2014!

 

 

 

Land

 

Using another month of data, the total predicted number of lot sales is downgraded by 11% to 63 lots; prediction based

 

on 1st quarter sales was 80 lots.

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

April 2015

 

1st Quarter Sales as Predictor for the full year

 

2015 is the 7th year of the St Croix real estate market “recovery” from the real estate boom years of 2006 through 2008.

 

An obvious questions is – what do the 1st quarter statistics predict about market prospects for the balance of the year?

 

First, a look at inventory trends over the 7 year period:

 

·         Residential inventory peaked in 2012, at 340 homes for sale, and was at its lowest in 2009, at the beginning of the recovery, with 266 homes for sale

·         Condominium inventory peaked in 2010, at 265 condos for sale, and is at its lowest level in seven years, with only 129 condos listed for sale in February 2015.

·         Land inventory also peaked in 2010, with 610 land listings, and has remained constant for the past three years, in the 480 to 490 range.

 

Residential Sales & 2015 Predictions

 

The number of units sold and the average sales price are consistent, but opposite – units sold under predicts the rest of the year, average sales over predicts, in most cases.

Here is the prediction for 2015 overall:

Total home sales will be in the 140 range, about 10% fewer than in 2014

Average sale price will be in the $340,000 range, about 1% higher than 2014

 

Condominium Sales & 2015 Predictions

 

This market will behave differently from the residential and land market.

The majority of available units were constructed from the 1960s through the 1980s; very few units have been built since then.

Inventory was 193 units in February 2014; a total of 121 condos were sold during 2014; this is 63% of the 1st quarter inventory.

2014 also represented the largest number of condominium sales during the six year period by very large margins – two to three times as many units sold during 2014 than during any of the previous 5 years.

 With 26 condominium sales in the first quarter of 2015, it is most likely that condominium sales will, again, stall. Also, the average sale price for 1st quarter 2015 was $226,000; this is significantly higher than any year since 2009, and $75,000 above the 2014 average condominium sales price.

Here is the prediction for 2015 overall:

Total condominiums sold will be in the 60 unit range, about 50% fewer than in 2014

Average sale price will be in the $165,000 range, about 10% higher than 2014

 

Land Sales & 2015 Predictions

 

The number of lots sold during the 1st quarter has consistently under estimated the total sales for the year over the six year period. If this trend holds, we are seeing the beginning of a recovery in the land market!

 

Since 2011, the 1st quarter average sales price under estimated the average sales price for the year. But 2015 does not look typical; the 1st quarter average sale price is nearly twice that of the average 1st quarter sale price for 2014.

 

Here is the prediction for 2015 overall:

Total land sales will be in the 80 lot range, about 30% more than in 2014

Average sale price will be in the $100,000 range, about 30% higher than 2014

 

  

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

 

 

March 2015

 

Home Sales

St Thomas vs St Croix

A 12 Year Look

 

 

Total Number of Properties Sold

 

·         Over the 12 year period, more homes were sold every year on

St Croix than on St Thomas.

·         On St Thomas, the most homes were sold during 2004 (118) and the fewest during 2009 (46).

·         On St Croix, the most homes were sold during 2006 (188) and the fewest during 2012 (88).

 

Market recovery is similar:

·         2014 St Thomas sales were 83% of 2003 total home sales.

·         2014 St Croix sales were 88% of total 2003 home sales.

 

Average Sales Price

 

·         Over the 12 year period, the average St Thomas home sale price always exceed the St Croix average home sale price.

·         2003 was the year with the most similar average sales price; $416,000 on St Thomas and $415,000 on St Croix

·         2014 was the year with the largest discrepancy in home sale prices; the average home sales price on St Thomas ($902,209) was nearly 3 times that of the average sales price of a home on St Croix ($332,955)

·         For 2014, the average sales price of a home on St Thomas was more  than twice the 2003 average St Thomas home sale price of $416,000

·         For 2014, the average sales price of a home on St Croix was only 80% of the average 2003 St Croix home sale price

  

What accounts for this large discrepancy in home sale prices?

·         On St Thomas, 23 homes (24% of all 2014 home sales) sold for $1,000,000 or more

·           On St Croix, only 3 homes (2% of all 2014 home sales) sold for $1,000,000 or more

 

 

Total Market in Millions of Dollars

 

·         This measurement is a combination of total properties sold and sales price, so it gives the best overview of market performance

·         For 8 years (2003 – 2007 and 2009 - 2011) the total St Croix residential market exceeded the total St thomas residential market; the largest discrepancies were in 2003 and 2009, when the total ST Croix market exceed St Thomas by approximately 30%

·         For 4 years (2008 and 2012 -2014), the total St Thomas market has exceed the total St Croix market, with the largest difference in 2014, when St Thomas exceeded St Croix by 70%

 Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

February 2015

 

The St Croix Real Estate Cycle

A 12 Year Look

 

Total Number of Properties Sold

 

·         Homes and condominiums are showing a strong recovery in the total number of properties sold.

·         Home sales have rebounded to pre-2008 levels; more homes were sold on St Croix during 2014 (152) than in any year since 2007 – seven years ago!

·         Condominiums performed even better – more condos were sold during 2014 (121) than in any year since 2006 – eight years ago!

·         Land sales have not yet recovered; fewer lots were sold during 2014 (55) than during any of the previous 11 years.

 

Average Sales Price

 

·         This is where the effect of the market downturn shows

·         The average sales price of a home during 2014 was $332,950; better than 2013 but worse than 2003 through 2013 and $160,000 lower than at the height of the market in 2008 ($492,390).

·         The 2014 average condominium sales price was $149,730. This is higher than the average condominium sales price during 2003 and 2004, but lower than the average price of a condominium on St Croix from 2005 through 2013.

·         The one area that the land market has performed well in is the average sale price, which was $74,670 for 2014. This exceeds 2011 and 2013, but lags behind 2003 through 2010 and 2012.

 

Total Market in Millions of Dollars

 

·         This measurement is a combination of total properties sold and sales price, so it gives the best overview of market performance

·         This graph shows the clear market recovery in home and condominium sales, starting in 2012 and continuing through 2014.

·         This measurement also clearly shows that there has not yet been a recovery in land sales.

 

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

January 2015

 

3 Year Home Sales Price Trends

 

 

Over all, the average sale price of a home on St Croix has decreased by nearly $60,000 (15%) since 2012.

 

At the same time, the number of homes sold annual has increased by 40% (62 homes)

 

All areas of the island did not perform the same

 

East End B

Far East End

 

Over the 3 year period (2012 through 2014), the average home sale price decreased by $269,000 (40%) and the number of homes sold increased 56%; 12 homes sold in 2012, 27 homes sold in 2014

 

East End A

Christiansted East to Coakley Bay

 

Over the 3 year period (2012 through 2014), the average home sale price decreased by $454,839 (53%) and the number of homes sold increased 64%; 10 homes sold in 2012, 28 homes sold in 2014

.

 

Company

Christiansted West to the East Side of Judiths Fancy

 

Over the 3 year period (2012 through 2014), the average home sale price increased by $74,000 (27%) and the number of homes sold increased 38%; 15 homes sold in 2012, 24 homes sold in 2014


 

 

 

 

King

South Shore from La Reine West to UVI

 

Over the 3 year period (2012 through 2014), the average home sale price increased by $41,000 (30%) and the number of homes sold increased 67%; 2 homes sold in 2012, 6 homes sold in 2014

.

Northside A & B

North Shore from North Judiths Fancy to Hams Bluff

 

Over the 3 year period (2012 through 2014), the average home sale price increased by $88,000 (16%) and the number of homes sold increased 24%; 13 homes sold in 2012, 17 homes sold in 2014

 

Prince

South Shore from UVI West to Williams Delight

 

Over the 3 year period (2012 through 2014), the average home sale price decreased by $117,000 (46%) and the number of homes sold increased 64%; 5 homes sold in 2012, 14 homes sold in 2014

 

Queen

Constitution Hill West to La Reine, includes South West Judiths Fancy

 

Over the 3 year period (2012 through 2014), the average home sale price increased by $51,000 (18%) and the number of homes sold decreased 14%; 22 homes sold in 2012, only 19 homes sold in 2014

 

West End

South Shore, south from Mahogany Road, East to Williams Delight

 

Over the 3 year period (2012 through 2014), the average home sale price increased by $47,000 (19%) and the number of homes sold increased 33%; 10 homes sold in 2012, 15 homes sold in 2014

 

Observations

 

Home sale prices in three areas of the island consistently exceed the average home sales price:

·         East End B

·         East End A

·         Northside A & B

 

Number of homes sold, comparing 2012 to 2014, increased island wide except for Queen Quarter, where the number of homes sold decreased by 14% over the three year period, corresponding to an increase in average home sales price.

 

Average home sale price increased in all areas of the island where the average home sale price lags behind the island wide average – and Northside A & B (there was a $1.68 million home sale during 2014)

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

December 2014

 

Inventory Level Trends

 

 

Current Annual Supply represents the number of years it will take at the current rate of sales to sell all the properties listed in a specific area (Quarter) of St Croix

 

[Active Listings + Pending Listings] /

Number of Listings Sold During the Previous 12 Months

 

For example, in November 2014, there were 27 active and 4 pending home sales in East End B, with 25 home sales in the previous 12 months, for a 1.2 year supply of homes for sale

 

[27 + 4] / 25 = 1.2 Years

 

East End B

Far East End

 

Residential inventory increased by one year between November 2011 and 2012. November 2013 inventory was 50% of the November 2012 inventory level. November 2014 residential inventory decreased by 7 months from November 2013 and was, once again, the fastest selling residential inventory on the island.

 

Condominium inventory doubled between November 2011 and 2012, then decreased three years by November 2013, followed by a 1 year decrease for the twelve months ending November 2014, to less than one year, becoming the fastest selling condominium inventory on the island.

 

Land is selling almost 10 months slower than three years ago, from 8.2 years in November 2011 to 9 years in November 2014. The intervening two years were slightly better, at a 6 year inventory level.

 

East End A

Christiansted East to Coakley Bay

 

Residential inventory doubled between November 2011 and 2012, then decreased 3 years by November 2013 with a further 6 month decrease by November 2014, for slightly under a 2 year supply of residential inventory in November 2014

 

Condominium inventory increased slightly between November 2011 and 2012, then increased more than 6 years by November 2013, and has decreased by 8 years in the past 12 months, for a 1.4 year supply of condominiums for sale.

 

Land inventory was 5 years in November 2011, swelled to 24 years by November 2012, dropped back to 5 years by November 2013 and then increased 3 years by November 2014, for an 8.6 year supply of lots for sale.

 

Company

Christiansted West to the East Side of Judiths Fancy

 

Residential inventory was 7 years for the twelve months ending November 2011. By November 2012, inventory had decreased by more than 50%, to 3 years, where it remained through November 2013. By November 2014, residential inventory had decreased by an additional year, to 1.8 years.

 

Condominium inventory more than tripled between November 2011 and 2012, decreased by two thirds to 3.5 years by November 2013, with a further decrease of 2 years to a 1.2 year inventory level in November 2014.

 

Land inventory nearly doubled between November 2011 and 2012. No land sales closed during the twelve months ending November 2013 and only 1 land sale closed in the following 12 months, for a 43 year inventory level of land for sale in November 2014

 

Queen

Constitution Hill West to La Reine, includes South West Judiths Fancy

 

Residential inventory has changed little over the four year period, averaging 2.7 years of inventory. Lowest residential inventory was in the 12 months ending November 2013 (2.2 years), highest was the 12 months ending November 2012 (3.3 years)

 

Condominium inventory doubled between November 2011 and 2012. By November 2013, inventory had fallen more than 8 years, to a 3 year supply. The twelve months ending November 2014 saw a further reduction of 2 years; current inventory is a 1.2 year supply of condominiums.

 

Land inventory was 16 years for the twelve months ending November 2011. By November 2012, inventory had decreased by more than 50%, to 7.2 years. November 2012 showed a 2 year increase, the following twelve months showed a 2.5 year decrease for a current inventory level of 6.6 years.

 

Northside A & B

North Shore from North Judiths Fancy to Hams Bluff

 

Residential inventory decreased slightly between November 2011 and 2012, then more than tripled to 7.8 for the twelve months ending November 2013. During the past twelve months, inventory has fallen by 6.5 years to a near market low of 1.3 years.

 

Condominium inventory was 5 years for the twelve months ending November 2011, then more than doubled to 11 years by November 2012. For the past two years, inventory levels have fallen by almost ten years to a respectable 1.5 year condominium inventory level.

 

Land inventory is exactly the same as four years ago (14 years), after decreasing slightly between November 2011 and 2012, to 11 years, then increasing substantially to 19 years for the twelve months ending 2013.

 

King

South Shore from La Reine West to UVI

 

Residential inventory is nearly the same as four years ago (3.4 years), after increasing to four times the current value (12 years) for the twelve months ending November 2013.

 

There are no condominium complexes in King Quarter.

 

No land sales were reported for the twelve months ending November 2011 and 2014. Two lots sold during the twelve months ending November 2012 and 5 lots sold during the twelve months ending November 2013.

 

Prince

South Shore from UVI West to Williams Delight

 

Residential inventory doubled between November 2011 and 2012, from 2.6 years to 6.8 years. In the twelve months ending November 2012, inventory levels fell by three years and by another 8 months during the following twelve months, to a 2 years inventory level for the period ending November 2014.

 

Condominium inventory levels are exactly the same as four years ago – 3.7 years. No condominiums were sold during the twelve months ending November 2012; five condominiums were sold during the following twelve months.

 

Land inventory in Prince Quarter has remained unchanged over the past four years, averaging 9.6 years of inventory.

 

West End

South Shore, south from Mahogany Road, East to Williams Delight

 

Residential inventory was 3 years for the twelve month periods ending November 2011 and 2013. The twelve months ending November 2012 saw a two year increase in inventory and the twelve months ending November 2014 saw an eight month increase in residential inventory to a 3.7 year supply of homes on the market.

 

Condominium inventory was slightly over 2 years for the twelve months ending November 2011 and slightly under two years for the twelve months ending November 2014. No condominiums were sold in West End Quarter for the twelve months ending November 2012; three condominiums were sold during the twelve months ending November 2013.

 

Land inventory levels for the twelve months ending November 2011 and 2012 was 10 years, then dropped by half to 5.6 years for the twelve months ending November 2012. The past twelve months have not been good for land sales in West End; current inventory level is 24 years (there are 95 active and pending lots, with 4 land sales closed in the previous twelve months).

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

November 2014

 

Which St Croix Price Ranges are Selling?

First 10 months of 2014

 

Residential

134 home sales closed in the first 10 months of 2013

There are 308 homes for sale

Approximately 2.3 sellers for every buyer

 

Condominium

101 condominium sales closed in the first 10 months of 2013

There are 154 condominiums for sale

Approximately 1.5 sellers for every buyer

 

Vacant Land

37 land sales closed in the first 10 months of 2013

There are 522 lots for sale

Approximately 14.1 sellers for every buyer

 

INVENTORY BY PRICE RANGE

 

Residential

31% (42 homes) of all closed sales were under $200,000

37% of the inventory (115 homes) is listed for under $200,000

There are 2.7 sellers for every buyer in this price range

The average discount was 16% from asking price

 

36% (48 homes) of all closed sales were between $200,001 and $400,000

30% of the inventory (93 homes) is listed between $200,001 and $400,000

There are 1.9 sellers for every buyer in this price range

The average discount was 9% from asking price

 

18% (24 homes) of all closed sales were between $400,001 and $600,000

9% of the inventory (27 homes) is listed between $400,001 and $600,000

There are 1.1 sellers for every buyer in this price range

The average discount was 9% from asking price

 

10% (14 homes) of all closed sales were between $600,001 and $800,000

8% of the inventory (24 homes) is listed between $600,001 and $800,000

There are 1.7 sellers for every buyer in this price range

The average discount was 9% from asking price

 

3% (4 homes) of all closed sales were between $800,001 and $1 Million

4% of the inventory (12 homes) is listed between $800,001 and $1 Million

There are 3 sellers for every buyer in this price range

The average discount was 15% from asking price

 

1% (2 homes) of all closed sales were for more than $1 Million

12% of the inventory (37 homes) is listed for more than $1 Million

There are 18.5 sellers for every buyer in this price range

The average discount was 3% from asking price

 

 

Condominium

38% (38 condos) of all closed sales were under $100,000

25% of the inventory (38 condos) is listed for under $100,000

There is 1 seller for every buyer in this price range

The average discount was 12% from asking price

 

43% (43 condos) of all closed sales were between $100,001 and $200,000

45% of the inventory (69 condos) is listed between $100,001 and $200,000

There are 1.6 sellers for every buyer in this price range

The average discount was 11% from asking price

 

13% (13 condos) of all closed sales were between $200,001 and $300,000

15% of the inventory (23 condos) is listed between $200,001 and $300,000

There are 1.8 sellers for every buyer in this price range

The average discount was 7% from asking price

 

6% (6 condos) of all closed sales were between $300,001 and $500,000

12% of the inventory (18 condos) is listed between $300,001 and $500,000

There are 3 sellers for every buyer in this price range

The average discount was 7% from asking price

 

1% (1 condo) of all closed sales were for more than $500,000

4% of the inventory (6 condos) is listed for more than $500,000

There are 6 sellers for every buyer in this price range

The average discount was 13% from asking price

 

 

Vacant Land

68% (25 lots) of all closed sales were under $50,000

35% of the inventory (182 lots) is listed for under $50,000

There are 7.3 sellers for every buyer in this price range

The average discount was 16% from asking price

 

22% (8 lots) of all closed sales were between $50,001 and $100,000

28% of the inventory (148 lots) is listed between $50,001 and $100,000

There are 18.5 sellers for every buyer in this price range

The average discount was 21% from asking price

 

8% (3 lots) of all closed sales were between $100,001 and $300,000

27% of the inventory (139 lots) is listed between $100,001 and $300,000

There are 46.3 sellers for every buyer in this price range

The average discount was 8% from asking price

 

3% (1 lot) of all closed sales were for more than $300,000

10% of the inventory (53 lots) is listed for more than $300,000

There are 53 sellers for every buyer in this price range

The average discount was 49% from asking price

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

October 2014

 

 

 

 

 

 

September 2014

 

 

 

 

 

 

August 2014

 

The relationship between sales price and marketing time on St Croix

 

Annual supply represents the number of years it will take at the current annual rate of sales to sell all the properties for sale in a specific area.

 

East End B

Far East End

 

Three years ago, there was a 4.7 year supply of homes and a

4.3 year supply of condominiums for sale.

 

At the end of July 2014, there was a 1.4 year supply of homes (a decrease of 3 years marketing time) and also a 1.4 year supply of condominiums (again, a decrease of nearly 3 years marketing time).

 

What happened to average sales price over the three year period?

 

The average price of a home in East End B decreased by $168,000,

from $576,000 for the period of 6/11 through 7/12

to $408,000 for the period of 7/13 – 7/14.

The decrease in average sales price of a condominium was $186,000,

from $382,000 for the period of 6/11 through 7/12

to $196,000 for the period of 6/13 – 7/14.

 

East End A

 Christiansted east to Coakley Bay

 

Three years ago, there was a 4.2 year supply of homes and a 4.8 year supply of condominiums for sale.

 

At the end of July 2014, there was a 2 year supply of homes (a decrease of 2 years marketing time) and a 3.8 year supply of condominiums (a decrease of only 1 year marketing time)

 

What happened to average sales price over the three year period?

 

The average price of a home in East End A decreased by only $71,000,

from $482,000 for the period of 6/11 through 7/12

to $411,000 for the period of 6/13 – 7/14.

The average sales price of a condominium increased by $13,000,

from $205,000 for the period of 6/11 through 7/12

to $218,000 for the period of 6/13 – 7/14.

 

Company

 Christiansted west to east side of Judiths Fancy

 

Three years ago, there was a 3.7 year supply of homes and a 5.9 year supply of condominiums for sale.

 

At the end of July 2014, there was a 1.9 year supply of homes (a decrease of nearly 2 years marketing time) and a 1.8 year supply of condominiums (a decrease of more than 4 years marketing time)

 

What happened to average sales price over the three year period?

 

The average price of a home in Company Quarter increased by $97,000, from $191,000 for the period of 6/11 through 7/12

to $288,000 for the period of 6/13 – 7/14.

The average sales price of a condominium decreased by $3,000,

from $106,000 for the period of 6/11 through 7/12

to $103,000 for the period of 6/13 – 7/14.

 

Queen

 Constitution Hill west to La Reine, includes southwest Judiths Fancy

 

Three years ago, there was a 3.1 year supply of homes and an 8.3 year supply of condominiums for sale.

 

At the end of July 2014, there was a 2.7 year supply of homes (negligible change) and a 1.1 year supply of condominiums (a decrease of more than 7 years marketing time)

 

What happened to average sales price over the three year period?

 

The average price of a home in Queens Quarter decreased by only $3,000, from $291,000 for the period of 6/11 through 7/12

 to $288,000 for the period of 6/13 – 7/14.

The average sales price of a condominium increased by $5,000,

from $75,000 for the period of 6/11 through 7/12

to $80,000 for the period of 6/13 – 7/14.

 

Northside A & B

 North Shore from north Judiths Fancy to Hamms Bluff

 

Three years ago, there was a 4.6 year supply of homes and a 6.5 year supply of condominiums for sale.

 

At the end of July 2014, there was a 1.5 year supply of homes (a decrease of 3 years) and a 2.4 year supply of condominiums

(a decrease of 4 years marketing time)

 

What happened to average sales price over the three year period?

 

The average price of a home in Northside A & B Quarters increased by $53,000, from $459,000 for the period of 6/11 through 7/12

to $512,000 for the period of 6/13 – 7/14;

(a $1,650,000 recent sale has skewed the data).  

The average sales price of a condominium decreased by $105,000,

from $345,000 for the period of 6/11 through 7/12

to $240,000 for the period of 6/13 – 7/14.

 

King

 South Shore from La Reine west to UVI

 

Three years ago, there was a 3.8 year supply of homes on the market;

at the end of July 2014,

there was 3.4 year supply (no change in marketing time).

 

There are no condominium complexes in King Quarter.

 

What happened to average sales price over the three year period?

 

The average price of a home in King Quarter decreased by $79,000,

from $207,000 for the period of 6/11 through 7/12

to $128,000 for the period of 6/13 – 7/14.

 

Prince

 South Shore from UVI west to Williams Delight

 

Three years ago, there was a 5.8 year supply of homes and

an 11 year supply of condominiums for sale

 

At the end of July 2014, there was a 2.7 year supply of homes (a decrease of 3 years) and a 4.3 year supply of condominiums

(a decrease of nearly 7 years marketing time)

 

What happened to average sales price over the three year period?

 

The average price of a home in Prince Quarter decreased by $1,000,

from $208,000 for the period of 6/11 through 7/12

to $207,000 for the period of 6/13 – 7/14.

The average sales price of a condominium decreased by $256,000,

from $415,000 for the period of 6/11 through 7/12

to $159,000 for the period of 6/13 – 7/14.

 

West End

 South from Mahogany Road, east to Williams Delight

 

Three years ago, there was a 4.6 year supply of homes and

a 7 year supply of condominiums for sale

 

At the end of July 2014, there was a 4.2 year supply of homes (no change in time in the market) and a 3 year supply of condominiums

(a decrease of 4 years marketing time)

 

What happened to average sales price over the three year period?

 

The average price of a home in West End Quarter increased by $38,000, from $164,000 for the period of 6/11 through 7/12

to $202,000 for the period of 6/13 – 7/14.

The average sales price of a condominium increased by $30,000 over the three year period, from $62,000 for the period of 6/11 through 7/12

to $92,000 for the period of 6/13 – 7/14.

 

Conclusions

While the overall market activity has increased,

buyers are price conscious and well informed on local market conditions.

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

July 2014

 

 

10 Year History

 

St Croix Real Estate Market

 

July - June

 

Comparing this 12 month period (July 2013 – June 2014) to

10 years ago (July 2004 – June 2005)

 

TOTAL UNITS SOLD

·         Total number of homes sold declined 22%, from 187 to 147

·         Total number of condominiums sold declined 54%, from 175 to 80

·         Total number of lots sold declined 76%, from 268 to 63

 

AVERAGE SALES PRICE

·         Average home sale price is $1,000 more than 10 years ago, from $335,000 to $336,000.

·         Average condominium sale price increased 12%, from $131,000 to $146,000

·         Average lot sale price declined 29%, from $98,000 to $69,000

 

TOTAL MARKET

·         Total home sales market declined 22%, from $62.7 million to $49.1 million

·         Total condominium sales market declined 49%, from $23 million to $11.7 million

·         Total land sales market declined 83%, from $26.2 million to $4.4 million

 

SOME COMPARISONS

 

Residential

10 years ago, the highest sales price was $2,050,000 and

the lowest $10,000

For the past 12 months, the highest home sale price was $1,680,000 and the lowest $35,000

 

Condominium

10 years ago, the highest sales price was $665,225 and

the lowest $10,000

For the past 12 months, the highest condominium sale price was $775,000 and the lowest $30,000

 

 

Land

10 years ago, the highest sales price was $3,750,000 and

the lowest $8,000

For the past 12 months, the highest land sale price was $970,000 and the lowest $8,000

 

The highest grossing 12 month period during the past 10 years was:

July 2005 through June 2006

·         Residential sales of $93.6 million

·         Condominium sale of $40.1 million

·         Land sales of $45.6 million

 

The 12 month period with the lowest level of sales over the past 10 years was:

·         July 2011 through June 2012 for residential and condominium sales

·         July 2012 through June 203 for land sales

 

 

June 2014

 

Changes in the St Croix Real Estate Market

 

Inventory levels by price range reflect sellers’ expectations. The attached graphs compare changes in asking prices over the past 4 years, using inventory levels on 15 May.

 

RESIDENTIAL

 

 

CONDOMINIUM

 

LAND

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

May 2014

 

Inventory Levels and Sales Projections

 

 

May Inventory Levels

4 Year Review

 

RESIDENTIAL

 

Inventory levels are slightly higher (19 homes) than four years ago and about 10% lower than May of 2012 and 2013

 

CONDOMINIUM

 

Inventory levels are the lowest they have been in May for the past four years; in May 2012, there were 59 more condominiums for sale than in May 2014.

LAND

 

Land inventory is approximately the same as May 2013 and 17% lower (82 lots) than in May 2011

 

 

 

May Pending Sales Levels

4 Year Review

 

RESIDENTIAL

 

The number of pending home sales is approximately the same as May 2013 and about 30% higher than in May of 2011 and 2012.

 

CONDOMINIUM

 

Big improvement in pending condominium sales over May of 2011 and 2012! Pending condominium sales are approximately the same as May 2013.

LAND

 

Disappointing pending contract numbers. May 2014 is the lowest number of pending land contracts when compared to the same date for the previous three years.

 

2014 Sales Projections

 

Using the assumption that the first 4 months of 2014 is a valid predictor for the entire year

yields some interesting projections

 

RESIDENTIAL

 

51 homes sold in the first 4 months of 2014. Extended, this would be 153 home sales during 2014, or 52% of the current inventory.

 

CONDOMINIUM

 

29 condominiums sold during the first 4 months of 2014. Extended, this would be 87 condominium sales during 2014, or 51% of the current inventory.

 

LAND

 

Only 9 lots sold during the first 4 months of 2014. Extended, this would be 27 lot sales during 2014, or 5% of the current inventory. What will change this low level of sales? As the residential and condominium inventory sells off, sales prices for improved properties will increase to replacement level or greater, making land a more attractive investment.

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

 

March 2014

 

Home Sales

 

 

St. Thomas vs St. Croix

 

 

 

In 2003, 11 years ago, the average home sales price on St Thomas ($416,250) and St Croix ($415,396) were nearly identical.

 

In 2013, the average home sales price on St Thomas ($606, 694) was double the average home sales price on St Croix ($318,447).

 

Since 2010, the average sales price of a St Croix home has decreased every year, with a total decrease of 30% over the 4 year period.  

 

Since 2011, the average sales price of a St Thomas home has increased every year, with a total increase of 20% over the 3 year period.

 

The St Thomas total home market has very nearly regained the 2003 level of $47.9 Million; 2013 St Thomas home sales totaled $43.7 Million.

 

2013 total home sales on St Croix were on 53% ($37.9 Million) of total 2003 St Croix home sales ($71.9 Million).

 

On St Thomas, the total number of home sales has declined 37% between 2003 (115 home sales) and 2013 (72 home sales). The lowest number of home sales on St Thomas during this period was in 2009, when only 46 home sales closed on St Thomas.

 

On St Croix, the total number of home sales declined 31% between 2003 (173 home sales) and 2013 (119 home sales). The lowest number of home sales on St Croix during this period was in 2012, when only 88 home sales closed on St Croix.

 

Every year, more homes are sold on St Croix than on St Thomas; the ratio is consistent - for every 2 homes sold on St Thomas, 3 homes are sold on St. Croix. 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

February 2014

 

68 Condominiums Sold on St Croix During 2013

 

 

Complexes with 8 units sold during 2013

·       Mill Harbour – average sales price: $69,688

·       Villa Madeleine – average sales price : $244,312

 

Complexes with 6 units sold during 2013

·       The Reef – average sales price: $152,333

·       Carambola (Saman, Sweet Lime I & II) – average sales price : $152,583

 

Complexes with 4 units sold during 2013

·       Bay Garden, Long & Little Reef – average sales price: $44,000

·       St C – average sales price : $87,750

·       Questa Verde – average sales price: $93,750

·       Colony Cove – average sales price : $143,100

 

Complexes with 3 units sold during 2013

·       Pelican Cove – average sales price: $184,333

·       Gentle winds – average sales price : $235,000

·       Carden Beach – average sales price: $490,000

 

Complexes with 2 units sold during 2013

·       Sunset Beach – average sales price: $135,000

·       Coakley Bay – average sales price : $155,000

 

Complexes with 1 unit sold during 2013

·       Vista Mar – sales price: $59,000

·       Queens Ridge – sales price : $73,000

·       Coral & Cruzan Princess – sales price : $75,000

·       Peters Farm – sales price: $77,000

·       Club St Croix – sales price : $107,500

·       Ft Augusta – sales price : $125,000

·       Plantation – sales price : $159,000

·       Harbour Beach – sales price : $165,000

·       Maison De Poincy – sales price : $184,000

·       Sugar Beach – sales price : $350,000 (4 bedroon unit)

·       Candle Reef I & II – sales price : $460,000

 

 

 

 

 

 

 

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

January 2014

 

 

 

 

 

 

December 2013

(see report and graphs below)

 

 

INVENTORY LEVEL TRENDS

Current Annual Supply represents the number of years it will take at the current rate of sales to sell all the properties listed in a specific area (Quarter) of St Croix.

[Active Listings + Pending Listings] /

Number of Listings Sold, Previous 12 Months

 

For example, in November 2013, there were 40 active and 3 pending home sales in East End B, with 23 home sales in the previous 12 months,

for a 1.9 year supply of homes

[40 + 3] / 23 = 1.9 Years

East End B

Far East End

 

Residential inventory increased by one year between November 2011 and 2012, and then decreased by nearly 2 years by November 2013, for the lowest inventory level on the island, a 1.9 year supply.

Condominium inventory doubled between November 2011 and 2012, and then decreased 3 years by November 2013, to a 1.9 year supply.

Land inventory decreased by 2 years from November 2011 to 2012. There has been no significant change since November 2012; supply remains at 6 years.

East End A

Christiansted East to Coakley Bay

 

Residential inventory doubled between 2011 and 2012, and then decreased 3 years by November 2013, for a 2.5 year supply.

Condominium inventory increased slightly between November 2011 and 2012, and then increased more than 6 years by November 2013, to a 10.7 year supply.

East End A condominiums are: Coakley Bay, Candle Reef, Carden Beach, Plantation, Southgate Courtyard Villas, Schooner Bay, and Ft Augusta.

Land inventory was 5 years in November 2011, swelled to 24 years by November 2012, and then returned to 5 years by November 2013.

Company

Christiansted West to East Side of Judiths Fancy

 

Residential inventory was 7 years in November 2011. By November 2012, inventory had decreased by more than 50%, to 3 years, where it has remained for the past year.

Condominium inventory more than tripled between 2011 and 2012, and then decreased by 2/3 to 3.5 years by November 2013.

Land inventory nearly doubled between November 2011 and 2012. No land sales have closed in Company Quarter since December 2011.

Queen

Constitution Hill West to La Reine, includes South West Judiths Fancy

 

Residential inventory remained steady between November 2011 and 2012, at 3 years. By November 2013, inventory had decreased one year,

to 2.2 years.

Condominium inventory doubled between November 2011 and 2012. By November 2013, inventory had fallen more than 8 years, to a 3 year supply.

Land inventory was 16 years in November 2011. By November 2012, inventory had decreased by more than 50%, to 7.2 years. November 2013 showed a 2 year increase, at a 9 year supply.

Northside A & B

North Shore from North Judiths Fancy West to Hams Bluff

 

Residential inventory decreased slightly between November 2011 and 2012, then more than tripled to 7.8 years by November 2013.

Condominium inventory was 5 years in November 2011 and more than doubled by November 2012. By November 2013, inventory had fallen by 10 years to a 1.4 year supply.

Northside A & B condominiums are: Carambola and Gentle Winds.

 

Land inventory was 14 years in November 2011. By November 2012, inventory had decreased by 3 years. November 2013 showed a 7 year increase to a 19 year supply.

King

South Shore from La Reine West to UVI

 

Residential inventory increased slightly between November 2011 and 2012, then more than doubled to a 12 year supply by November 2013.

There are no condominium complexes in Kings Quarter.

No land sales were reported in Kings Quarter in 2011. Between November 2012 and 2013, inventory has been constant at a little under 3 years.

Prince

South Shore from UVI West to Williams Delight

 

Residential inventory was 2.6 years in November 2011, more than doubled by November 2012, and then returned to the November 2011 level by November 2013.

Condominium inventory was 3.7 years in November 2011. There were no condominium sales in Prince Quarter in 2012. By November 2013, inventory was 2.4 years.

Northside A & B condominiums are: Carambola and Carlton.

Land inventory has remained constant over the 3 year period at a 9 to 10 year supply.

West End

South Shore, South from Mahogany Road, East to Williams Delight

 

Residential inventory supply was 3 years in November 2011 and again in November 2013. In the intervening year, November 2012, inventory swelled to 5 years.

Condominium inventory was 2 years in November 2011. No condominiums were sold in West End in 2012. By November 2013, inventory had fallen to a 1.3 year supply.

West End condominiums are: Carlton, Good Hope, Harbour Beach and Sunset Beach

Land inventory was 10 years in November 2011 and 2012. By November 2013, inventory had decreased by 50%, to 5.6 years.

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 

 

 

November 2013

Which St Croix Price Ranges Sold Best in 2013 ?

 

TOTAL INVENTORY

Residential

100 homes closed in the first 10 months of 2013; there are 331 homes for sale, or approximately 3.3 sellers for every buyer

Condominiums

60 condos closed in the first 10 months of 2013; there are 206 condos for sale, or approximately 3.4 sellers for every buyer

Land

52 lots closed in the first 10 months of 2013; there are 536 lots for sale, or approximately 10.3 sellers for every buyer

 

 

INVENTORY BY PRICE RANGE

Residential (Homes)

33% (33 homes) of all closed sales were under $200,000; 28% of the inventory (93 homes) is listed for under $200,000; there are 2.8 sellers for every buyer in this price range. The average sale to list price for homes in this price range was 87% (13% discount from list price).

42% (42 homes) of all closed sales were between $200,000 and $400,000; 32% of the inventory (106 homes) is listed for between $200,000 and $400,000; there are 2.5 sellers for every buyer in this price range. The average sale to list price for homes in this price range was 91% (9% discount from list price).

12% (12 homes) of all closed sales were between $400,000 and $600,000; 17% of the inventory (55 homes) is listed for between $400,000 and $600,000; there are 4.6 sellers for every buyer in this price range. The average sale to list price for homes in this price range was 92% (8% discount from list price).

12% (12 homes) of all closed sales were between $600,000 and $800,000; 7% of the inventory (22 homes) is listed for between $600,000 and $800,000; there are 1.8 sellers for every buyer in this price range. The average sale to list price for homes in this price range was 87% (13% discount from list price).

No home sales closed between $800,000 and $1,000,000; 5% of the inventory (18 homes) is listed for between $800,000 and $1,000,000.

1% (1 home) of all closed sales was for more than $1,000,000; 11% of the inventory (37 homes) is listed for more than $1,000,000; there are 37 sellers for every buyer in this price range. The average sale to list price for homes in this price range was 68% (32% discount from list price).

 

Condominiums

32% (19 condos) of all closed sales were under $100,000; 29% of the inventory (59 condos) is listed for under $100,000; there are 3 sellers for every buyer in this price range. The average sale to list price for condos in this price range was 91% (9% discount from list price).

45% (27 condos) of all closed sales were between $100,000 and $200,000; 41% of the inventory (85 condos) is listed for between $100,000 and $200,000; there are 3 sellers for every buyer in this price range. The average sales to list price for condos in this price range was 88 (12% discount from list price).

12% (7 condos) of all closed sales were between $200,000 and $300,000; 17% of the inventory (36 condos) is listed for between $200,000 and $300,000; there are 5 sellers for every buyer in this price range. The average sale to list price for condos in this price range was 91% (9% discount from list price).

8% (5 condos) of all closed sales were between $300,000 and $500,000; 8% of the inventory (17 condos) is listed for between $300,000 and $500,000; there are 3.4 sellers for every buyer in this price range. The average sale to list price for condos in this price range was 88% (12% discount from list price).

3% (2 condos) of all closed sales were for more than $500,000; 4% of the inventory (9 condos) is listed for more than $500,000; there are 4.5 sellers for every buyer in this price range. The average sale to list price for condos in this price range was 93% (7% discount from list price).

 

 

Land

69% (36 lots) of all closed sales were under $50,000; 37% of the inventory (198 lots) is listed for under $50,000; there are 5.5 sellers for every buyer in this price range. The average sale to list price for lots in this price range was 82% (18% discount from list price).

25% (13 lots) of all closed sales were between $50,000 and $100,000; 29% of the inventory (154 lots) is listed for between $50,000 and $100,000; there are 11.8 sellers for every buyer in this price range. The average sale to list price for lots in this price range was 82% (18% discount from list price).

4% (2 lots) of all closed sales were between $100,000 and $300,000; 25% of the inventory (134 lots) is listed for between $100,000 and $300,000; there are 67 sellers for every buyer in this price range. The average sale to list price for lots in this price range was 88% (12% discount from list price).

2% (1 lot) of all closed sales was for more than $300,000; 9% of the inventory (50 lots) is listed for more than $300,000; there are 50 sellers for every buyer in this price range. The average sale to list price for lots in this price range was 40% (60% discount from list price).

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 


 

 

October 2013

 

St Croix Real Estate Inventory Levels

A 4 Year Comparison

 

TOTAL INVENTORY

Residential

Slight increase in homes for sale 2009 through 2011,

Big increase (21%) in September 2012,

Inventory is now 9% higher (23 homes) than 4 years ago

 

Condominiums

Inventory has decreased 16% (38 condominiums) compared to 4 years ago

 

Land

Inventory has decreased 13% (73 lots) compared to 4 years ago

 

 

 

 

INVENTORY BY PRICE RANGE

 

Residential

Under $200,000 listings have doubled (from 13% to 27%) as percentage of total inventory compared to 4 years ago

$200,000 to $600,000 listings are similar to 4 years ago

(47% of total inventory 9/13, 44% of total inventory 9/09) 

 

$600,000 to $800,000 listings have declined by 50%

(8% of total inventory 9/13, 15% of total inventory 9/09)

 

$800,000 to $1,000,000 listings are similar to 4 years ago

(6% of total inventory 9/13, 8% of total inventory 9/09)

 

Listings over $1,000,000 have declined by 50% in 4 years

(11% of total inventory 9/13, 20% of total inventory 9/09)

 

 

Condominiums

Under $100,000 listings have nearly tripled (from 11% to 29%) as percentage of total inventory compared to 4 years ago

$100,000 to $200,000 listings declined slightly compared to 4 years ago

(43% of total inventory 9/13, 47% of total inventory 9/09) 

 

$200,000 to $300,000 listings are unchanged at 17% of total inventory

$300,000 to $500,000 listings have declined by more than 50%,

compared to 4 years ago

 (7% of total inventory 9/13, 17% of total inventory 9/09)

 

Listings over $500,000 have declined somewhat in 4 years

(5% of total inventory 9/13, 8% of total inventory 9/09)

 

 

Land

Under $50,000 listings have nearly doubled (from 21% to 36%) as percentage of total inventory compared to 4 years ago

$50,000 to $100,000 listings are unchanged as percent of total inventory compared to 4 years ago

$100,000 to $300,000 listings have declined somewhat in 4 years

(25% of total inventory 9/13, 33% of total inventory 9/09)

 

Listings over $300,000 have declined nearly 50% in 4 years

(9% of total inventory 9/13, 16% of total inventory 9/09)

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 

 

 

 


 

 

September 2013

 

A Tale of Two Islands

 

St Croix and St Thomas Real Estate Sales

2013 Year to Date

 

Number of Sales:

Residential

Nearly twice as many homes were sold on St Croix (82),

compared to St Thomas (46)

 

Condominiums

A similar number of condominiums were sold on St Thomas (52)

and St Croix (54)

 

Land

Nearly twice as many lots were sold on St Croix (41),

compared to St Thomas (21)

 

 

Average Sales Price:

Residential

The average home sale on St Thomas ($665,130) was more than twice that of St Croix ($287,762)

The highest home sale price on St Croix was $800,000;

on St Thomas the highest sales price was $3,300,000

The lowest home sale price on St Croix was $35,000;

on St Thomas the lowest home sale price was $100,000.

 

Condominiums

On average, a condominium sold for $50,000 more on

St Thomas ($223,604) than on St Croix ($169,563)

The top and the bottom sales prices were the same:

St Thomas - $550,000 top, $38,000 bottom

St Croix - $545,000 top, $40,000 bottom

 

Land

On average, a building lot on St Thomas ($108,357) sold for 2.5 times as much as a building lot on St Croix ($43,425).

In supply and demand terms, this makes sense – the population is approximately the same and St Croix is about 2.5 times larger than St. Thomas. 

 

On St. Thomas, the highest lot sale price was $250,000; the lowest $35,000.

On St Croix, the highest lot sale price was $120,000; the lowest $10,000.

 

 

Total Market (Millions):

Residential

The total St Thomas residential market ($30.6 Million) exceed the total

St Croix market ($23.6 Million) by $7,000.000

 

Condominiums

The total St Thomas condominium market ($11.6 Million) exceed the total St Croix market ($9.2 Million) by $2,400.000

 Land

The total St Thomas land market ($2.3 Million) exceed the total

St Croix market ($1.8 Million) by $500.000

 

 

 

 

 

 

 

 

Information is from MLS and deemed to be reliable, but is not guaranteed.

Prepared by:

Julie San Martin

Team Manager

 


 

August 2013

©

 

Annual Selling Rates

St Croix Real Estate Market

Homes and Land

July 2012 compared to July 2013

 

Annual supply (selling rate) represents the number of years it will take at the current rate of sales to sell off current listings

Residential

In July 2012, there were 368 active and pending homes for sale, 88 homes had sold in the previous 12 months:

368 homes / 88 home sales per year = 4.18 year supply of homes for sale

In July 2013, there were 342 active and pending homes for sale, 110 homes had sold in the previous 12 months:

342 homes / 110 home sales per year = 3.11 year supply of homes for sale

The residential selling rate improved by one year, island wide

 

Land

In July 2012, there were 559 active and pending lots for sale, 58 lots had sold in the previous 12 months:

559 lots / 58 land sales per year = 9.64 year supply of lots for sale

In July 2013, there were 527 active and pending lots for sale, 62 lots had sold in the previous 12 months:

527 lots / 62 land sales per year = 8.50 year supply of lots for sale

The land selling rate improved by one year, island wide


 

This improvement was not equally distributed

 

(See Quarter map below)

 

Four Quarters showed improvement (decrease in annual supply / increase in annual selling rate) for both homes and land

East End B – Point Udall to Coakley Bay

East End A – Coakley Bay to Christiansted

Northside A & B – North Shore, North Judiths Fancy to West End

West End – Mahogany Road to Williams Delight

 

Residential

Quarter

7/12

Annual supply

7/13