St. Croix Realtors Joe & Julie San Martin
September 2021
A Tale of Two Islands
St Croix and St Thomas Real Estate Sales
Nine Year Comparison Year to Date
Number of Sales
Residential
Residential sales on St Thomas increased 113% (52 homes) compared to nine years ago. On St Croix, the number of homes sold increased 85% (70 homes) compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+5% |
123 |
+4% |
77 |
Jan – Aug 2017 |
|
+3% |
127 |
+9% |
84 |
Jan – Aug 2018 |
|
+6% |
134 |
+1% |
85 |
Jan – Aug 2019 |
|
(-23%) |
103 |
(-35%) |
55 |
Jan – Aug 2020 |
|
+48% |
152 |
+78% |
98 |
Jan – Aug 2021 |
Condominium
Condominium sales increased 190% (99 condos) on St Thomas, compared to nine years ago. On St Croix, the number of condos sold increased 102% (55 condos), compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+11% |
89 |
+7% |
98 |
Jan – Aug 2017 |
|
(-19%) |
72 |
(-28%) |
71 |
Jan – Aug 2018 |
|
+36% |
98 |
+32% |
94 |
Jan – Aug 2019 |
|
(-44%) |
55 |
(-32%) |
64 |
Jan – Aug 2020 |
|
+98% |
109 |
+136% |
151 |
Jan – Aug 2021 |
Vacant Land
Vacant land sales on St Thomas increased 229% (48 lots), compared to nine years ago. On St Croix, land sales increased 207% (85 lots) compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+30% |
70 |
+59% |
43 |
Jan – Aug 2017 |
|
(-12%) |
62 |
(-33%) |
27 |
Jan – Aug 2018 |
|
+55% |
96 |
+37% |
37 |
Jan – Aug 2019 |
|
(-17%) |
80 |
+5% |
39 |
Jan – Aug 2020 |
|
|
126 |
+77% |
69 |
Jan – Aug 2021 |
Residential
Average Sales Price
The average St Thomas residential sales price increased 35% ($231,363) compared to nine years ago. On St Croix, the average home sales price increased 107% ($307,208) when compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+12% |
$393,754 |
(-2%) |
$583,676 |
Jan – Aug 2017 |
|
(-32%) |
$342,041 |
(-10%) |
$524,735 |
Jan – Aug 2018 |
|
+18% |
$403,103 |
+27% |
$666,577 |
Jan – Aug 2019 |
|
+8% |
$437,163 |
+6% |
$709,626 |
Jan – Aug 2020 |
|
+36% |
$594,970 |
+26% |
$896,493 |
Jan – Aug 2021 |
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 |
|
Jan – Aug 2017 |
$9,000 |
$3,200,000 |
|
Jan – Aug 2018 |
$55,000 |
$3,150,000 |
|
Jan – Aug 2019 |
$40,000 |
$5,650,000 |
|
Jan – Aug 2020 |
$81,000 |
$2,800,000 |
|
Jan – Aug 2021 |
$80,000 |
$5,900,000 |
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 |
|
Jan – Aug 2017 |
$17,000 |
$2,212,500 |
|
Jan – Aug 2018 |
$37,500 |
$1,600,000 |
|
Jan – Aug 2019 |
$35,000 |
$2,975,000 |
|
Jan – Aug 2020 |
$35,000 |
$1,900,000 |
|
Jan – Aug 2021 |
$55,000 |
$2,500,000 |
Median sales price is the midpoint - half of all homes sold for more than this price, half sold for less.
For St Thomas, the median home sales price is 30% higher ($152,500) compared to nine years ago. On St Croix, the median home sales price increased 80% ($215,000) when compared to nine years ago.
Median Home Sales Price
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+27% |
$280,000 |
(-18%) |
$405,000 |
Jan – Aug 2017 |
|
No change |
$279,000 |
(-6%) |
$380,000 |
Jan – Aug 2018 |
|
No change |
$280,500 |
+6% |
$405,000 |
Jan – Aug 2019 |
|
+16% |
$325,000 |
+14% |
$568,060 |
Jan – Aug 2020 |
|
+49% |
$485,000 |
+18% |
$667,500 |
Jan – Aug 2021 |
Condominium
Average Sales Price
The average St Thomas condominium sales price increased 52% ($116,221) compared to nine years ago. On St Croix, average sales price increased 70% ($117,901) when compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
(-2%) |
$164,630 |
(-7%) |
$254,416 |
Jan – Aug 2017 |
|
+23% |
$203,095 |
(-1%) |
$252,387 |
Jan – Aug 2018 |
|
+2% |
$207,834 |
(-1%) |
$250,208 |
Jan – Aug 2019 |
|
+17% |
$243,895 |
+5% |
$263,459 |
Jan – Aug 2020 |
|
+18% |
$287,464 |
+29% |
$339,825 |
Jan – Aug 2021 |
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 |
|
Jan – Aug 2017 |
$24,000 |
$665,000 |
|
Jan – Aug 2018 |
$53,000 |
$780,000 |
|
Jan – Aug 2019 |
$72,000 |
$600,000 |
|
Jan – Aug 2020 |
$119,000 |
$730,000 |
|
Jan – Aug 2021 |
$21,000 |
$1,437,500 |
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 |
|
Jan – Aug 2017 |
$33,000 |
$570,000 |
|
Jan – Aug 2018 |
$34,000 |
$570,000 |
|
Jan – Aug 2019 |
$41,000 |
$650,000 |
|
Jan – Aug 2020 |
$62,000 |
$1,060,000 |
|
Jan – Aug 2021 |
$74,900 |
$1,295,000 |
Compared to nine years ago, the median condominium sales price increased 67% ($116,300) on St Thomas and 80% ($115,500) on St Croix.
Median Condominium Sales Price
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
+19% |
$215,000 |
Jan – Aug 2016 |
|
+7% |
$145,000 |
+2% |
$220,000 |
Jan – Aug 2017 |
|
+17% |
$170,000 |
(-10%) |
$198,562 |
Jan – Aug 2018 |
|
+9% |
$185,000 |
+13% |
$225,000 |
Jan – Aug 2019 |
|
+22% |
$225,000 |
(-1%) |
$222,500 |
Jan – Aug 2020 |
|
+16% |
$260,000 |
+30% |
$290,000 |
Jan – Aug 2021 |
Vacant Land
Average Sales Price
The average St Thomas land sales price inreased 69% ($75,165) compared to nine years ago. On St Croix, average land sales price increased 192% ($83,415) compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
(-7%) |
$71,529 |
+24% |
$225,455 |
Jan – Aug 2017 |
|
(-6%) |
$67,655 |
(-51%) |
$110,830 |
Jan – Aug 2018 |
|
(-21%) |
$53,597 |
+55% |
$172,270 |
Jan – Aug 2019 |
|
+53% |
$81,949 |
(-38%) |
$107,410 |
Jan – Aug 2020 |
|
+55% |
$126,840 |
+71% |
$183,522 |
Jan – Aug 2021 |
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 |
|
Jan – Aug 2017 |
$20,000 |
$2,100,000 |
|
|
|
|
|
Jan – Aug 2018 |
$30,000 |
$600,000 |
|
Jan – Aug 2019 |
$35,000 |
$990.000 |
|
Jan – Aug 2020 |
$40,000 |
$375,000 |
|
Jan – Aug 2021 |
$25,000 |
$1,065,000 |
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 |
|
Jan – Aug 2017 |
$12,000 |
$500,000 |
|
Jan – Aug 2018 |
$15,000 |
$350,000 |
|
Jan – Aug 2019 |
$14,000 |
$275,000 |
|
Jan – Aug 2020 |
$14,000 |
$999,999 |
|
Jan – Aug 2021 |
$7,000 |
$3,000,000 |
Median Land Sales Price
On St Thomas, the median lot sales price increased 41% ($30,500) compared to nine years ago. On St Croix, the median lot sales price increased 48% ($16,500) compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
(-43%) |
$37,250 |
(-13%) |
$85,000 |
Jan – Aug 2017 |
|
+7% |
$40,000 |
(-6%) |
$80,000 |
Jan – Aug 2018 |
|
No change |
$40,000 |
No change |
$80,000 |
Jan – Aug 2019 |
|
(-9%) |
$36,500 |
(-12%) |
$70,000 |
Jan – Aug 2020 |
|
+40% |
$51,000 |
+71% |
$119,500 |
Jan – Aug 2021 |
Total Market (Millions)
The St Thomas total residential market increased 187% ($57.3 million) compared to nine years ago. On St Croix, total residential market increased 283% ($66.8 million) compared to nine years ago and currently exceeds St Thomas by $2.5 million for this period.
Residential
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+18% |
$48.4 |
+2% |
$44.9 |
Jan – Aug 2017 |
|
(-10%) |
$43.4 |
(-2%) |
$44.1 |
Jan – Aug 2018 |
|
+24% |
$54.0 |
+29% |
$56.7 |
Jan – Aug 2019 |
|
(-17%) |
$45.0 |
(-31%) |
$39.0 |
Jan – Aug 2020 |
|
+101% |
$90.4 |
+125% |
$87.9 |
Jan – Aug 2021 |
The St Thomas total condominium market increased 342% ($39.7 million) compared to nine years ago. On St Croix, the total condominium market increased 240% ($22.1 million) compared to nine years ago.
Condominium
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+9% |
$14.6 |
No change |
$24.9 |
Jan – Aug 2017 |
|
No change |
$14.6 |
(-38%) |
$17.9 |
Jan – Aug 2018 |
|
+40% |
$20.4 |
+31% |
$23.5 |
Jan – Aug 2019 |
|
(-34%) |
$13.4 |
(-28%) |
$16.9 |
Jan – Aug 2020 |
|
+134% |
$31.3 |
+203% |
$51.3 |
Jan – Aug 2021 |
The St Thomas total land market increased 452% ($10.4 million) compared to nine years ago. On St Croix, total land market increased 950% ($17.1 million) compared to nine years ago and currently exceeds St Thomas total market by $6.2 million.
Vacant Land
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+24% |
$5.1 |
+102% |
$9.9 |
Jan – Aug 2017 |
|
(-18%) |
$4.2 |
(-70%) |
$3.0 |
Jan – Aug 2018 |
|
+45% |
$6.1 |
+113% |
$6.4 |
Jan – Aug 2019 |
|
+8% |
$6.6 |
(-34%) |
$4.2 |
Jan – Aug 2020 |
|
+186% |
$18.9 |
+202% |
$12.7 |
Jan – Aug 2021 |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
, compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+11% |
89 |
+7% |
98 |
Jan – Aug 2017 |
|
(-19%) |
72 |
(-28%) |
71 |
Jan – Aug 2018 |
|
+36% |
98 |
+32% |
94 |
Jan – Aug 2019 |
|
(-44%) |
55 |
(-32%) |
64 |
Jan – Aug 2020 |
|
+98% |
109 |
+136% |
151 |
Jan – Aug 2021 |
Vacant Land
Vacant land sales on St Thomas increased 229% (48 lots), compared to nine years ago. On St Croix, land sales increased 207% (85 lots) compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+30% |
70 |
+59% |
43 |
Jan – Aug 2017 |
|
(-12%) |
62 |
(-33%) |
27 |
Jan – Aug 2018 |
|
+55% |
96 |
+37% |
37 |
Jan – Aug 2019 |
|
(-17%) |
80 |
+5% |
39 |
Jan – Aug 2020 |
|
|
126 |
+77% |
69 |
Jan – Aug 2021 |
Residential
Average Sales Price
The average St Thomas residential sales price increased 35% ($231,363) compared to nine years ago. On St Croix, the average home sales price increased 107% ($307,208) when compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+12% |
$393,754 |
(-2%) |
$583,676 |
Jan – Aug 2017 |
|
(-32%) |
$342,041 |
(-10%) |
$524,735 |
Jan – Aug 2018 |
|
+18% |
$403,103 |
+27% |
$666,577 |
Jan – Aug 2019 |
|
+8% |
$437,163 |
+6% |
$709,626 |
Jan – Aug 2020 |
|
+36% |
$594,970 |
+26% |
$896,493 |
Jan – Aug 2021 |
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 |
|
Jan – Aug 2017 |
$9,000 |
$3,200,000 |
|
Jan – Aug 2018 |
$55,000 |
$3,150,000 |
|
Jan – Aug 2019 |
$40,000 |
$5,650,000 |
|
Jan – Aug 2020 |
$81,000 |
$2,800,000 |
|
Jan – Aug 2021 |
$80,000 |
$5,900,000 |
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 |
|
Jan – Aug 2017 |
$17,000 |
$2,212,500 |
|
Jan – Aug 2018 |
$37,500 |
$1,600,000 |
|
Jan – Aug 2019 |
$35,000 |
$2,975,000 |
|
Jan – Aug 2020 |
$35,000 |
$1,900,000 |
|
Jan – Aug 2021 |
$55,000 |
$2,500,000 |
Median sales price is the midpoint - half of all homes sold for more than this price, half sold for less.
For St Thomas, the median home sales price is 30% higher ($152,500) compared to nine years ago. On St Croix, the median home sales price increased 80% ($215,000) when compared to nine years ago.
Median Home Sales Price
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+27% |
$280,000 |
(-18%) |
$405,000 |
Jan – Aug 2017 |
|
No change |
$279,000 |
(-6%) |
$380,000 |
Jan – Aug 2018 |
|
No change |
$280,500 |
+6% |
$405,000 |
Jan – Aug 2019 |
|
+16% |
$325,000 |
+14% |
$568,060 |
Jan – Aug 2020 |
|
+49% |
$485,000 |
+18% |
$667,500 |
Jan – Aug 2021 |
Condominium
Average Sales Price
The average St Thomas condominium sales price increased 52% ($116,221) compared to nine years ago. On St Croix, average sales price increased 70% ($117,901) when compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
(-2%) |
$164,630 |
(-7%) |
$254,416 |
Jan – Aug 2017 |
|
+23% |
$203,095 |
(-1%) |
$252,387 |
Jan – Aug 2018 |
|
+2% |
$207,834 |
(-1%) |
$250,208 |
Jan – Aug 2019 |
|
+17% |
$243,895 |
+5% |
$263,459 |
Jan – Aug 2020 |
|
+18% |
$287,464 |
+29% |
$339,825 |
Jan – Aug 2021 |
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 |
|
Jan – Aug 2017 |
$24,000 |
$665,000 |
|
Jan – Aug 2018 |
$53,000 |
$780,000 |
|
Jan – Aug 2019 |
$72,000 |
$600,000 |
|
Jan – Aug 2020 |
$119,000 |
$730,000 |
|
Jan – Aug 2021 |
$21,000 |
$1,437,500 |
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 |
|
Jan – Aug 2017 |
$33,000 |
$570,000 |
|
Jan – Aug 2018 |
$34,000 |
$570,000 |
|
Jan – Aug 2019 |
$41,000 |
$650,000 |
|
Jan – Aug 2020 |
$62,000 |
$1,060,000 |
|
Jan – Aug 2021 |
$74,900 |
$1,295,000 |
Compared to nine years ago, the median condominium sales price increased 67% ($116,300) on St Thomas and 80% ($115,500) on St Croix.
Median Condominium Sales Price
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
+19% |
$215,000 |
Jan – Aug 2016 |
|
+7% |
$145,000 |
+2% |
$220,000 |
Jan – Aug 2017 |
|
+17% |
$170,000 |
(-10%) |
$198,562 |
Jan – Aug 2018 |
|
+9% |
$185,000 |
+13% |
$225,000 |
Jan – Aug 2019 |
|
+22% |
$225,000 |
(-1%) |
$222,500 |
Jan – Aug 2020 |
|
+16% |
$260,000 |
+30% |
$290,000 |
Jan – Aug 2021 |
Vacant Land
Average Sales Price
The average St Thomas land sales price inreased 69% ($75,165) compared to nine years ago. On St Croix, average land sales price increased 192% ($83,415) compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
(-7%) |
$71,529 |
+24% |
$225,455 |
Jan – Aug 2017 |
|
(-6%) |
$67,655 |
(-51%) |
$110,830 |
Jan – Aug 2018 |
|
(-21%) |
$53,597 |
+55% |
$172,270 |
Jan – Aug 2019 |
|
+53% |
$81,949 |
(-38%) |
$107,410 |
Jan – Aug 2020 |
|
+55% |
$126,840 |
+71% |
$183,522 |
Jan – Aug 2021 |
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 |
|
Jan – Aug 2017 |
$20,000 |
$2,100,000 |
|
|
|
|
|
Jan – Aug 2018 |
$30,000 |
$600,000 |
|
Jan – Aug 2019 |
$35,000 |
$990.000 |
|
Jan – Aug 2020 |
$40,000 |
$375,000 |
|
Jan – Aug 2021 |
$25,000 |
$1,065,000 |
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 |
|
Jan – Aug 2017 |
$12,000 |
$500,000 |
|
Jan – Aug 2018 |
$15,000 |
$350,000 |
|
Jan – Aug 2019 |
$14,000 |
$275,000 |
|
Jan – Aug 2020 |
$14,000 |
$999,999 |
|
Jan – Aug 2021 |
$7,000 |
$3,000,000 |
Median Land Sales Price
On St Thomas, the median lot sales price increased 41% ($30,500) compared to nine years ago. On St Croix, the median lot sales price increased 48% ($16,500) compared to nine years ago.
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
(-43%) |
$37,250 |
(-13%) |
$85,000 |
Jan – Aug 2017 |
|
+7% |
$40,000 |
(-6%) |
$80,000 |
Jan – Aug 2018 |
|
No change |
$40,000 |
No change |
$80,000 |
Jan – Aug 2019 |
|
(-9%) |
$36,500 |
(-12%) |
$70,000 |
Jan – Aug 2020 |
|
+40% |
$51,000 |
+71% |
$119,500 |
Jan – Aug 2021 |
Total Market (Millions)
The St Thomas total residential market increased 187% ($57.3 million) compared to nine years ago. On St Croix, total residential market increased 283% ($66.8 million) compared to nine years ago and currently exceeds St Thomas by $2.5 million for this period.
Residential
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+18% |
$48.4 |
+2% |
$44.9 |
Jan – Aug 2017 |
|
(-10%) |
$43.4 |
(-2%) |
$44.1 |
Jan – Aug 2018 |
|
+24% |
$54.0 |
+29% |
$56.7 |
Jan – Aug 2019 |
|
(-17%) |
$45.0 |
(-31%) |
$39.0 |
Jan – Aug 2020 |
|
+101% |
$90.4 |
+125% |
$87.9 |
Jan – Aug 2021 |
The St Thomas total condominium market increased 342% ($39.7 million) compared to nine years ago. On St Croix, the total condominium market increased 240% ($22.1 million) compared to nine years ago.
Condominium
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+9% |
$14.6 |
No change |
$24.9 |
Jan – Aug 2017 |
|
No change |
$14.6 |
(-38%) |
$17.9 |
Jan – Aug 2018 |
|
+40% |
$20.4 |
+31% |
$23.5 |
Jan – Aug 2019 |
|
(-34%) |
$13.4 |
(-28%) |
$16.9 |
Jan – Aug 2020 |
|
+134% |
$31.3 |
+203% |
$51.3 |
Jan – Aug 2021 |
The St Thomas total land market increased 452% ($10.4 million) compared to nine years ago. On St Croix, total land market increased 950% ($17.1 million) compared to nine years ago and currently exceeds St Thomas total market by $6.2 million.
Vacant Land
|
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
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 |
|
+24% |
$5.1 |
+102% |
$9.9 |
Jan – Aug 2017 |
|
(-18%) |
$4.2 |
(-70%) |
$3.0 |
Jan – Aug 2018 |
|
+45% |
$6.1 |
+113% |
$6.4 |
Jan – Aug 2019 |
|
+8% |
$6.6 |
(-34%) |
$4.2 |
Jan – Aug 2020 |
|
+186% |
$18.9 |
+202% |
$12.7 |
Jan – Aug 2021 |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
August 2021
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
Nine years ago (July 2012), there was a 4.7 year supply of homes and a 4.3 year supply of condominiums on the market.
Inventory has decreased by more than 4 years for both homes and condominiums,
There is now a 7 month (0.6 year) supply of homes and a 2 month (0.2 year) supply of condominiums in this quarter.
Average Sales Price
Average sales price is the highest in both categories for this 10 year period.
Compared to nine years ago, average home sales price increased 62%, from $575,667 in 2012 to $936,488 for the 12 months ending July 2021, a $360,821 increase.
Average condominium sales price increased 7%, from $382,500 in 2012 to $408,866 for the 12 months ending July 2021, a $26,366 increase.
East End A
Christiansted east to Coakley Bay
Inventory
Nine years ago (July 2012), there was a 4.2 year supply of homes and a 4.8 year supply of condominiums on the market.
Inventory decreased by about 3 years for homes, to a 1.1 year supply.
Inventory decreased by about 4 years for condominiums, to a 7 month (0.6 year) supply.
Average Sales Price
Average residential sale price ($612,905) is 27% higher than nine years ago ($481,712) and about $13,000 lower than the previous 12 month period, ending July 2020.
Condominium average sale price ($302,471) is 48% higher than nine years ago ($204,667)
Company
Christiansted west to east side of Judiths Fancy
Inventory
Nine years ago (July 2012), there was a 3.7 year supply of homes and a 5.9 year supply of condominiums on the market.
Residential inventory decreased by about 3 years, to an 11 month (0.9 year) supply of homes.
Condominium inventory sell off was dramatic, from a 5.9 year supply of units nine years ago to a current 10 month (0.8 year) supply of condominiums for sale.
Average Sales Price
Homes and condominiums both experienced average sales price increases, compared to nine years ago.
Average home sale price increased 137% ($262,462), from $191,269 in 2012 to $453,731 for the 12 months ending July 2021.
Average condo sale price increased 85% ($89,789), from $106,250 nine years ago to $196,039 for the 12 months ending July 2021.
Queen
Constitution Hill west to La Reine, includes southwest Judiths Fancy
Inventory
Nine years ago (July 2012), there was a 3.1 year supply of homes and an 8.3 year supply of condominiums on the market.
Home inventory decreased by more than 2 years, to an 11 month (0.9 year) supply, over the ten year period.
Condominium inventory decreased by nearly 8 years over this period, to a 6 month supply for the 12 months ending July 2021.
Average Sales Price
Average residential sale price increased 55% ($161,218) over the nine year period, from $291,289 in 2012 to $452,507 for the 12 months ending July 2021.
Average condo sale price increased 87% ($65,425) over the ten year period, from
$75,125 in 2012 to $140,850 from the 12 months ending July 2021.
Northside A & B
North shore from north Judiths Fancy west to Hamms Bluff
Inventory
Nine years ago (July 2012), there was a 4.6 year supply of homes and a 6.5 year supply of condominiums on the market.
Residential inventory decreased by 4 years, to a 1.3 year supply of homes.
The condominium supply decreased by 6 years, to a 6 month supply of condominiums in this quarter.
Average Sales Price
Average home sale price ($974,200) increased by $515,090 (112%), compared to nine years ago ($459,110).
Average condominium sale price decreased by $31,178 (9%) over the ten year period, from $345,000 for the 12 months ending July 2012 to $313,822 for the 12 months ending July 2021.
King
South shore from La Reine west to UVI
Inventory
Nine years ago (July 2012), there was a 3.8 year supply of homes;
there are no condominiums in King Quarter.
Residential inventory decreased by 3 years, compared to nine years ago, to 10 months (0.8 year) of inventory for the 12 months ending July 2021.
Average Sales Price
Average home sale price decreased $49,200 (24%) over the ten year period, from $207,400 for the 12 months ending July 2012 to $158,200 for the 12 months ending July 2021.
Prince
South shore from UVI west to Williams Delight
Inventory
Nine years ago (July 2012), there was a 5.8 year supply of homes and an 11.0 year supply of condominiums on the market.
Residential inventory decreased by 4.7 years, to a 1.1 year supply of homes.
Condominium inventory decreased by 10.5 years, to a 6 month supply of condominiums.
Average Sales Price
Homes saw a sales price increase of $51,061 (24%) when compared to nine years ago, from $208,430 for the 12 months ending July 2012 to $259,491 for the 12 months ending July 2021.
Condominiums experienced a $158,000 (38%) decrease in average sale price over the nine year period, from $415,000 for the 12 months ending July 2012 to $259,491 for the 12 months ending July 2021.
West End
South from Mahogany Road, East to Williams Delight
Inventory
Nine years ago (July 2012), there was a 4.6 year supply of homes and a 7.0 year supply of condominiums on the market.
Over the ten year period, residential inventory decreased by 4 years, to a 7 month (0.6 year) supply of homes for the 12 months ending July 2021.
Condominium inventory decreased by more than 5 years, to a 1.3 year supply for the 12 months ending July 2021.
Average Sales Price
Average home sale price increased $227,306 (138%) over the ten year period, from $164,300 for the 12 months ending July 2012 to $391,606 for the 12 months ending July 2021.
Average condominium sale price increased $93,833 (150%) over the ten year period, from $62,500 for the 12 months ending July 2012 to $156,333 for the 12 months ending July 2021.
Conclusion
Over the ten 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
In all quarters except King, the average home sale price increased, compared to the previous 12 month period.
Over the ten year period, the average St Croix condominium sales price increased by $69,872.
These quarters experienced a decrease in average condo sales price, compared to the previous 12 month period:
· Northside A & B
· Prince
· West End
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
July 2021
15 year look at the St Croix Real Estate Market for the 12 month period ending 30 June
St Croix real estate market recovers
The last real estate boom on St Croix was 16 years ago –
The July 2005 / June 2006 period
Total number of properties sold
· Residential – During the past 12 months, the second highest number of homes were sold on St Croix (209) for this entire 15 period, exceeded only by the July 2018 to June 2019 number of sales (231). Currently there are 97 active home listings and 96 pending home sales.
· Condominiums – During the past 12 months, the third highest number of condominiums were sold on St Croix (123) for this entire 15 period, exceeded only by July 2016 to June 2017 (142 condo sales) and July 2018 to June 2019 (139 condo sales). This level of sales is likely to decline; current inventory level is only 78 active and pending condominiums.
· Land – Number of lots sold (184) during the past 12 months is the highest level of sales since the July 2007 to June 2008 period. In this category there is plenty of inventory remaining, with 359 active lot listings and 91 pending lot sales.
Average sales price
· Residential – Average home sales price is the highest of the entire 15 year period ($574,593), exceeding the second highest average price (July 2010 to June 2011) by $50,000.
· Condominiums – Average condominium sales price ($277,481) is also the highest of the entire 15 year period.
· Land – Average lot sales price ($107,458) is exceeded only by average sales price during July 2006 to June 2007 ($110, 887) and July 2007 to June 2008
($154, 240).
Total Market
Number of properties sold x Average sales price
· Residential – Huge market recovery! Exceeds the next highest total market (July 2018 to June 2019) by $46 million dollars. Why? For the first time in the entire 15 year period homes listed for more than $1,000,000 (approximately 30% of inventory) account for approximately 15% of all sales. Over the previous 14 years, homes listed for more than $1,000, 000 accounted, on average, for about 5% of all sales.
· Condominiums – The past 12 months sales ($34.1 million) represent the highest total market of the entire 15 years period.
· Land – The total land market ($19.8 million) is more than double the previous period; July 2019 to June 2020 with $8.5 total land sales.
Conclusion
Compared to 15 years ago, total St Croix real estate sales increased by $47 million, from $127 million
(July 2006 to June 2007) to $174 million
(July 2020 to June 2021)
Compared to the previous 12 month period, total
St Croix real estate sales increased by $80 million,
from $94.4 million to $174.
The St Croix real estate market recovers!
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
June 2021
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 decade, using 15 May inventory levels.
Residential
· The lowest price range (under $200,000) accounted for about one third of the St Croix residential inventory from 2014 through 2018. This segment now represents only 16% of inventory. 22% of home sales on St Croix over the past 12 months were for $200,000 or less; 16% of inventory accounted for 22% of all sales.
· The second tier ($200,000 to $400,000) consistently comprised one third of all homes for sale on St Croix over the previous 10 year period. This segment is now about one fifth of the inventory. 26% of St Croix home sales over the past 12 months were between $200,000 and $400,000; 21% of inventory accounted for 26% of sales.
· Homes listed for more than $400,000 account for 63% of the inventory, about 7% higher than 10 years ago. During the past 12 months, this price range accounted for 52% of all homes sold.
· Homes listed for more than $1,000,000 increased to 26% of the inventory (51 homes). During the past 12 months, this price range accounted for 13% (25 homes) of the total 196 homes sold. A significant change in the St Croix real estate market!
Condominium
· The lowest price range (under $100,000) was 14% of condominium inventory 10 years ago; in May 2021 it was only 6% of total inventory. In May 2014, this segment accounted for 30% (nearly 1/3) of all condominium inventory.
· The second tier ($100,000 to $200,000) has consistently included between one-third and one-half the inventory until 2019. In May 2021 this segment was 23% (about ¼) of total condominium inventory.
· Condominiums listed for more than $200,000 increased to 71% of inventory, compared to 50% of condo inventory 10 years ago. In May 2013 and 2014, only 30% of the condominium inventory was listed from more than $200,000.
Land
· The lowest price range (under $50,000) decreased 4%, compared to 10 years ago, from 23% to 19% of total inventory. In May 2017, this price range accounted for 45% of the land inventory.
· The middle tier ($50,000 to $300,000) accounted for 65% of land inventory 10 years ago. In May 2021, this segment accounted for 64%, very little change.
· Lots listed for more than $300,000 increased 4%, compared to 10 years ago, from 13% to 17% of total listing inventory. This is the highest percentage during the decade for this segment of the land inventory.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
May 2021
Inventory Levels and Sales Projections
May Inventory Levels
11 Year Review
Residential
Residential inventory peaked in 2012 with 330 homes for sale and declined through 2020. Current inventory of 102 homes for sale is only 31% of the number of homes for sale in 2012.
Condominium
Condominium inventory also peaked in 2012 with 230 condominiums for sale and declined through 2020. Condominium inventory reduction is even greater; current inventory of 44 condos is only 19% of 2012 condominium inventory.
Land
Land inventory peaked in 2011 with 575 lots for sale and slowly declining through 2020. Current inventory of 342 lots is 59% of the 2011 inventory.
May Pending Sale Levels
11 Year Review
Residential
May 2021 residential pending sales (94) are the highest of the 11 year period. Previous high was May 2016, with 85 pending residential sales, resulting in total sales for the year of 170 homes. Current pending residential sales (94) are 229% of 11 years ago (41).
Condominium
May 2021 condominium pending sales (42) are also the highest of the 11 year period. Current pending condominium sales (42) are 350% of 2011 pending condo sales (12).
Land
May 2021 pending land sales (88) are also the highest of the 11 year period. Current pending land sales (88) are 251% of 11 years ago (35).
2021 Sales Predictions
Using the assumption that the first 4 months of 2021 is a valid predictor for the entire year.
Residential
The first four months home sales predict 183 home sales during 2021; pending contracts predict 188 home sales during 2021. Over the 11 year period, only 2018 (207 homes sales) and 2019 (197 homes sales) exceeded this figure.
Condominium
The first four months condo sales predict 177 condominium sales during 2021; pending contracts predict 186 condominium sales during 2021. These figures seem unlikely with 52 sales through April, 42 pending contracts, and an inventory of 44 condominiums, for a total of 138 possible closings if all available condos sold and closed before the end of the year.
Land
The first four months land sales predict 156 land sales during 2021, about the same as 2020. Pending contracts, however, predict 278 land sales during 2021, an 80% increase over last year.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
April 2021
1st Quarter Sales as Predictor for the full year
2021 is the 13th year of the St Croix real estate market "recovery" from the real estate boom years of 2006 through 2008. The two Category 5 hurricanes in September 2017 and the 2020 pandemic were not helpful. Market is now showing strong signs of recovery.
The 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
13 year period:
Residential Sales & 2021 Predictions
Until 2017 (Irma Maria Hurricanes), the actual number of homes sold annually exceeded the prediction based on 1st quarter sales. In 2018, 1st quarter sales underestimated actual number of homes sales by 40%. In 2019, 1st quarter sales slightly overestimated the total annual sales number. 2020 1st quarter sales prediction of only 104 home sales for the year underestimated the actual number (167) by 61%. The 2021 prediction is for 172 home sales, slightly higher than number of homes sold in 2020.
With the exception of 2009 through 2011, the 1st quarter average sales price was a fairly accurate predictor of the annual home sales price. The 2021 1st quarter average sales price predicts an annual average sales price of $216,000 more than the 2020 average home sales price of $475,303.
Here is the prediction for 2021 overall:
Condominium Sales & 2021 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.
From 2014 through 2019 there were more than 100 condominium sales annually on St Croix. During 2020, there were only 84 condominiums sold on St Croix. First quarter 2021 condominium sales predict 152 condominium sales 2021, an 81% increase from the previous year.
1st quarter average sale price has, in most cases, overestimated the average annual condominium sales price.
Here is the prediction for 2020 overall:
Land Sales & 2021 Predictions
Both predicted and actual number of lots sold have been trending in the right direction since 2014. The 2020 prediction of only 80 annual lot sales underestimate actual sales (155) by nearly 50%. The 2021 prediction of 140 lot sales is likely to be an underestimate of actual.
From 2014 through 2017, the average lot sales price was in the $70,000 range, decreasing by about $10, 00 for the subsequent 2 years. In 2020, average lot sales price retuned to the low $70,000 range, as predicted by 1st quarter sales. The 2021 predicted average lot sale price is $108,335.
Here is the prediction for 2021 overall:
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
March 2021
Home Sales
St Thomas vs St Croix
An 18 Year Look
Total Number of Properties Sold
· Over the 18 year period, more homes sold every year on St Croix than on St Thomas.
· During 2020, fewer homes sold on both St Thomas (101) and St Croix (167) than sold during 2019. St Thomas reduction was 12% (14 fewer homes), the St Croix reduction was 15% (30 fewer homes).
· During 2020, 66 more homes were sold on St Croix than on St Thomas.
· Over the 18 year period, the fewest number of homes sold on St Croix (88) was during 2012, the fewest number of homes sold on St Thomas (53) was during 2011.
· Over the 18 year period, the highest number of homes sold was in 2018 for both islands – 133 home sales on St Thomas and 207 home sales on St Croix.
Average Sales Price
· At the beginning of this 18 year period (2003), average home sale prices for St Thomas and St Croix were nearly identical, at an average of $415,823.
· For the past 17 years (since 2004), the annual average home sale price on St Thomas has exceeded that of St Croix.
· For 2020, the average St Thomas home sale price was 66% higher, at $692,745, than the 2003 average sales price. The average annual home sale price on St Croix for 2020 was 14% higher, at $475,303, than the 2003 average home sale price.
· For 2020, the average sale price of a home on St Croix ($475,303) was 69% of the averages sales price of a home on St Thomas ($692,745).
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 18 year period, the total St Thomas residential market exceeded the total St Croix market during six years: 2008, 2012, 2013, 2014, 2015, and 2018.
· During 2020, the total St Croix residential market exceeded the total St Thomas residential market by about $9.4 Million.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin Team Manager
February 2021
The St Croix Real Estate Cycle
An 18 Year Look
Total Number of Properties Sold
· Number of home sales on St Croix is mid-market, for 8 years more homes sold and for 9 years fewer homes sold than sold in 2020 (167).
· During 2020, 83 condominium sales closed. Only after the recent real estate market collapse (2009 through 2013), did fewer condominiums sell on St Croix.
· There were 154 lot sales in 2020, exceeded only by the six year period of 2003 through 2008.
Average Sales Price
· The average 2020 home sales price ($475,303) is the second highest of this 18 year period, exceeded only by 2008 with an average home sales price of $492,394, at the height of the last real estate boom.
· The 2020 average condominium sales price ($257,882) is the highest of this 18 year period, surpassing even the 2009 average condo sales price of $249,415.
· The average 2020 lot sales price ($73,602) is lower than 12 of the preceding 17 years. It is the highest average lot sales price since 2017 ($89,914)
Total Market in Millions of Dollars
· The 2020 total residential market ($79.4 million) was exceeded by only two years on the previous 17 years - $85.3 million in 2006 and $79.6 million in 2019.
· The 2020 total condominium market ($21.4 million) was exceeded by seven of the previous 17 years, included 2019 with a total condo market of $27.8 million. This is a 30% decrease, compared to 2019.
· The 2020 total land market ($11.3 million) is the best performance we have seen since 2009 ($13.3 million). This market segment is moving in the right direction, but has a long recovery ahead.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
January 2021
9 Year St Croix Home Sales Price Trends
The average sales price of a home on St Croix increased by $81,352 over the 9 year period; this is a 21% increase.
Total number of homes sold increased 87% (77 homes) since 2012.
All areas of the island did not perform the same.
East End B
Far East End
Compared to 9 years ago, the average sales price of a home increased 16% ($109,560 increase).
The number of homes sold in a year nearly doubled compared to 9 years ago;
12 homes sold in 2012, 22 homes sold in 2020.
East End A
Christiansted East to Coakley Bay
Compared to 9 years ago, the average sales price of a home decreased 8%
($68,244 decrease).
More than twice a many homes sold in 2020 (25) compared to 9 years ago,
when 10 homes sold.
Company
Christiansted West to the East Side of Judiths Fancy
Compared to 9 years ago, the average sales price of a home increased 71% ($144,611 increase).
The number of homes sold in a year nearly doubled,
from 15 home sales in 2012 to 23 home sales in 2020.
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Compared to 9 years ago, the average sales price of a home increased 74%
($179,391 increase).
The number of homes sold in a year increased by 7 homes since 2012, from 22 homes sold in 2012 to 29 home sales in 2020.
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Compared to 9 years ago, the average sales price of a home increased 98% ($450,999 increase).
The number of homes sold in a year decreased by one home;
13 homes sales closed in 2012, 12 homes sales closed in 2020.
King
South Shore from La Reine West to UVI
Compared to 9 years ago, the average sales price of a home increased 110%
($104,028 increase).
More than 4 times as many homes closed in 2020 (9), compared to 2012
(2 home sales).
Prince
South Shore from UVI West to Williams Delight
Compared to 9 years ago, the average sales price of a home decreased 4%
($9,569 decrease).
Three times as many homes sold in 2020 (16) compared to
2012 (5 home sales).
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Compared to 9 years ago, the average sales price of a home increased 22%
($45,380 increase).
Twice as many homes sold during 2020 (24 home sales) than during 2012
(10 home sales).
Observations
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 “average”:
· Company
· Queen
More homes sold in all quarters during 2020, when compared to 2012, except:
· Northside A & B
Compared to 2019, the island wide average home sale price increased 17%.
These quarters experienced increased average home sales prices:
· East End A
· Company
· Queen
· Northside A & B
· King
· Prince
Compared to 2012, these quarters had higher average home sales prices:
· East End B
· Company
· Queen
· Northside A & B
· King
· West End
Compared to 2012, these quarters had lower average home sales prices:
· 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 2020
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 2020, there were 23 active and 10 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
[23 + 10] / 20 = 1.7 Years or 20 months
East End B
Far East End
Residential
Compared to 9 years ago, home inventory decreased by one year;
average sales price is 12% ($110,383) lower; from $888,908 to $778,525.
Compared to last year, average time on the market decreased by 13 months;
average sales price increased 4% (from $747,416 to $778,525)
Condominium
Compared to 9 years ago, condominium inventory decreased by 20 months (from 2.6 years to 0.9 years); average sales price decreased by 7%
(from $370,846 to $344,169)
Compared to last year, average time on the market increased by about 1 month;
average sales price decreased by 4% (from $360,038 to $344,169)
Vacant Land
Compared to 9 years ago, land inventory decreased by 1.7 years,
from 8.2 years to 6.5 years;
average sales price decreased 4% (from $79,929 to $76,438)
Compared to last year, land inventory increased by 3.3 years;
average sales price increased 9% (from $70,163 to $76,438)
East End A
Christiansted East to Coakley Bay
Residential
Compared to 9 years ago, home inventory decreased by nearly 1.5 years,
from 2.8 years to 1.3 years;
average home sale price increased 115%; from $307,597 to $662,204.
Compared to last year, residential inventory increased by about 5 months;
average sales price increased 8% (from $615,527 to $662,204)
Condominium
Compared to 9 years ago, condominium inventory decreased by about 10 months (from 3 years to 2.2 years);
average condominium sales price increased 11% (from $242,556 to $268,083)
Compared to last year, condominium inventory increased by about 11 months;
average sales price increased 63% (from $164,017 to $268,083)
Vacant Land
Compared to 9 years ago, land inventory decreased by 1.8 years,
from 5.2 years to 3.4 years;
average lot sales price decreased 12% (from $54,421 to $48,600)
Compared to last year, land inventory decreased 1.7 years,
from 5.1 years to 3.4 years;
average lot sales price decreased 26% (from $64,600 to $48,104)
Company
Christiansted West to the East Side of Judiths Fancy
Residential
Compared to 9 years ago, residential inventory decreased by 5.8 years;
average home sales price increased 14% (from $275,571 to $315,682)
Compared to last year, residential inventory decreased by 2 months;
average home sales price decreased 1% (from $319,341 to $315,682)
Condominium
Compared to 9 years ago, condominium inventory decreased by 11 months (from 2.3 years to 1.4 years);
average sales price increased 50% (from $124,992 to $186,848)
Compared to last year, condominium inventory increased by 10 months;
average sales price increased 16% (from $161,339 to $186,848)
Vacant Land
Compared to 9 years ago, land inventory decreased by 1.5 years
(from 3.8 years to 2.3 years);
average sales price decreased 36% (from $66,433 to $44,069)
Compared to last year, land inventory decreased by 1.3 years,
while average sales price decreased 54% (from $95,858 to $44,069)
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Residential
Compared to 9 years ago, residential inventory decreased by nearly 2 years
(from 2.9 years to 1.0 years);
average sales priced decreased 2% (from $427,342 to $420,970)
Compared to last year, residential inventory is unchanged at 1 year;
average sales price increased 51% (from $279,169 to $420,970)
Condominium
Compared to 9 years ago, condominium inventory decreased by
more than 5 years (from 6.8 years to 1.1 years);
average condominium sales price increased 66% (from $102,250 to $169,500)
Compared to last year, condominium inventory increased by 11 months;
average sales price increased 23% (from $138,225 to $169,500)
Vacant Land
Compared to 9 years ago, land inventory decreased by
more than 14 years (from 16.2 years to 1.9 years);
average lot sales price increased 31% (from $61,000 to $80,100)
Compared to last year, land inventory decreased by 11 months;
the average lot sales price increased 176% (from $29,056 to $80,100)
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Residential
Compared to 9 years ago, residential inventory decreased by 1.8 years;
average home sales price increased 33% (from $592,312 to $789,279)
Compared to last year, residential inventory decreased by 4 months;
average home sales price increased 12% (from $703,601 to $789,279)
Condominium
Compared to 9 years ago, condominium inventory decreased by
3.9 years (from 4.7 years to 10 months);
average sales price decreased 15% (from $440,000 to $373,833)
Compared to last year, condominium inventory increased by 6 months;
average sales price decreased 17%, from $450,667 to $373,833.
Vacant Land
Compared to 9 years ago, land inventory decreased by
nearly 8 years (from 14 years to 6.2 years);
average lot sales price increased 75% (from $59,333 to $103,731)
Compared to last year, land inventory increased by 2.4 years;
average lot sales price increased 11% (from $93,586 to $103,731)
King
South Shore from La Reine West to UVI
Residential
Compared to 9 years ago, residential inventory decreased by
2.5 years (from 4 years to 1.5 years);
average home sales price decreased 15% (from $247,800 to $209,812)
Compared to last year, residential inventory increased by
1.2 years (from 4 months to 1.5 years);
average residential sales price increased 34% (from $156,494 to $209,812)
Condominium
There are no condominium complexes in King Quarter
Vacant Land
9 years ago, no land sales were reported in King Quarter during the
12 month period ending November 2011.
Compared to last year, land inventory decreased by
2 months (from 2.9 years to 2.7 years);
average lot sales price increased 67% (from $25,000 to $41,667)
Prince
South Shore from UVI West to Williams Delight
Residential
Compared to 9 years ago, residential inventory decreased by
1.8 years (from 2.6 years to 10 months);
average residential sales price increased 10% (from $239,519 to $264,156)
Compared to last year, residential inventory decreased by 2 months;
average residential sales price increased 27% (from $207,815 to $264,156)
Condominium
Compared to 9 years ago, condominium inventory decreased by
2.9 years (from 3.7 years to 10 months);
average condominium sales price decreased 2% (from $288,333 to $281,333)
Compared to last year, condominium inventory increased by
5 months (from 0.4 years to 0.8 years);
average condominium sale price increased 9% (from $257,864 to $281,333)
Vacant Land
Compared to 9 years ago, land inventory decreased by
7 years (from 9.3 years to 2.4 years);
average lot sales price increased 48% (from $50,714 to $75,357)
Compared to last year, land inventory is unchanged at 2.4 years;
average lot sales price increased 41% (from $53,318 to $75,357)
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Residential
Compared to 9 years ago, residential inventory decreased by 2 years
(from 2.9 years to 11 months);
average home sale price increased 64%, from $157,512 to $258,912)
Compared to last year, residential inventory decreased by
4 months, from 14 months to 10 months;
average home sale price decreased 23% (from $338,000 to $258,912)
Condominium
Compared to 9 years ago, condominium inventory increased by
2.7 years (from 2.3 years to 5 years);
average condominium sale price increased 173% (from $146,250 to $399,900)
Compared to last year, condominium inventory decreased by nearly 5 years;
average condominium sales price increased 108%, from $191,918 to $399,900.
Vacant Land
Compared to 9 years ago, land inventory decreased by 8.5 years,
from 10.9 years to 2.4 years;
average lot sales price increased 105% (from $32,222 to $66,147)
Compared to last year, land inventory decreased by 1 month;
average lot sales price increased 17% (from $56,625 to $66,147)
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
November 2020
Which St Croix Price Ranges are Selling?
143 home sales closed January through October; there were 240 homes for sale
1.7 sellers for every buyer
2017
130 home sales closed January through October; there were 200 homes for sale
1.5 sellers for every buyer
2018
166 home sales closed January through October; there were 143 homes for sale
0.86 sellers for every buyer
2019
162 home sales closed January through October; there were 218 homes for sale
1.3 sellers for every buyer
2020
136 home sales closed January through October; there were 129 homes for sale
0.95 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
2017
92 condominium sales closed January - October; there were 81 condos for sale
0.88 sellers for every buyer
2018
94 condominium sales closed January - October; there were 47 condos for sale
0.5 sellers for every buyer
2019
116 condominium sales closed January - October; there were 73 condos for sale
0.6 sellers for every buyer
2020
71 condominium sales closed January - October; there were 78 condos for sale
1.1 sellers for every buyer
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
2017
75 land sales closed January through October; there were 486 lots for sale
6.5 sellers for every buyer
2018
90 land sales closed January through October; there were 445 lots for sale
4.9 sellers for every buyer
2019
118 land sales closed January through October; there were 511 lots for sale
4.3 sellers for every buyer
2020
112 land sales closed January through October; there were 391 lots for sale
3.5 sellers for every buyer
First 10 months of 2014 through 2020
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
SALES BY PRICE RANGE
Residential
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2020 % of Sales |
2020 Sales |
2019 |