St. Croix Realtors Joe & Julie San Martin

November 2018

November 2018

Which St Croix Price Ranges are Selling?

First 10 months of 2014, 2105, 2016, 2017, and 2018

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

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

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

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

SALES BY PRICE RANGE

Residential

Condominium

Vacant Land

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

Prepared by:

Julie San Martin

Team Manager

October 2018

Ten Year Comparison

St Croix Real Estate Inventory Levels

TOTAL INVENTORY

Residential

49% lower (129 homes) than ten years ago.

Highest inventory during this period was 9/15/12 with 336 homes on the market

(200 more homes for sale than on 9/15/18)

Condominium

GIGANTIC decrease over the ten year period!

Ten years ago, there were five times as many condominiums on the market (236) as were for sale on 9/15/18 (46)

Vacant Land

23% lower (135 lots) than ten years ago.

Land inventory has slowly declined over the ten year period;

now at its lowest level, with 440 lots for sale on 9/15/18

INVENTORY BY PRICE RANGE

Residential

Under $200,000 listings have more than doubled (from 13% to 31%) as percentage of total inventory, compared to ten years ago.

$200,000 to $400,000 listings decreased by 5%, from 29% of inventory ten years ago to currently 24% of total inventory.

$400,000 to $600 listings have remained constant at about 15% of total inventory over the ten year period.

$600,000 to $800,000 listings have declined from 15% of total inventory to just 6% over the ten year period.

$800,000 to $1,000,000 listings remain unchanged over the ten year period at about 8% of total inventory.

Listings over $1,000,000 also have remained unchanged at about 19% of total inventory, with a decline to just 11% of total inventory in 2011.

Condominium

Under $100,000 listings are again 11% of total condo listings, as they were ten years ago. In 2013, this price range accounted for 29% of all condo listings.

$100,000 to $200,000 listings have decreased by 8% of total inventory, to about 39%, compared to ten years ago (47%).

$200,000 to $300,000 listings have increased by 4% as percentage of total inventory, at about 21%, compared to ten years ago (7%).

$300,000 to $500,000 listings have also increased by about 3%, from 17% to 20%, compared to ten years ago.

Listings over $500,000 again represent about 9% of the total condominium market, as they did ten years ago. In 2016, this segment of the market was only 3% of total condominium market.

Vacant Land

Under $50,000 listings have nearly doubled (from 21% to 40%) as percentage of total inventory, compared to ten years ago.

$50,000 to $100,000 listings have decreased by 5% as percentage of total inventory, from 30% to 25%, compared to ten years ago.

$100,000 to $300,000 listings have decreased by 7%, from 33% to 26%, compared to ten years ago.

Listings over $300,000 have decreased by 6% of the total inventory over the ten year period, from 16% on 9/15/09 to 10% on 9/15/18.

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

Prepared by:

Julie San Martin

Team Manager

September 2018

A Tale of Two Islands

St Croix and St Thomas Real Estate Sales

Six Year Comparison Year to Date

2017 Data reflects the market prior to Irma Maria

2018 Data reflects our market after the storms

Number of Sales

Residential

Residential sales after the storm were robust. St Croix showed a slight increase in number of sales. St Thomas sales were nearly twice as numerous, compared to six years ago.

Condominium

Condominium sales were more affected by Irma Maria than residential sales. Compared to six years ago, condominium sales on both islands increased significantly.

Vacant Land

 Vacant land sales declined significantly on St Thomas after the storms, St Croix land sales fared better.  

Residential

Average Sales Price

Both islands experienced a decline in average sales price after the storms. Not unexpected, given the damage sustained.

St Thomas Home Sales Prices

 St Croix Home Sales Prices

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 sales price consistently decreased over the 6 year period. On St Croix, the median sales price remained at $280,000 for the last two years, after decreasing to just $220,000 for this period in 2016.

The St Croix median residential sales price is $100,000 lower than the current median residential sales price for St Thomas

 Median Home Sales Price

Average Sales Price

Condominium

St Croix average condominium sales prices increased significantly after the storms. St Thomas average condo sales price was nearly the same as before the storms,

St Thomas Condominium Sales Prices

St Croix Condominium Sales Prices

Over the six year period, the median condominium sales price on both St Thomas and St Croix increased about $25,000.

Median Condominium Sales Price

Average Sales Price

Vacant Land

The average St Thomas land sales price is about the same as it was six years ago.

On St Croix, average land sale price increased by about $25,000.

St Thomas Land Sales Prices

St Croix Land Sales Prices

Median Land Sales Price

On both islands, the median lot sales price is nearly the same as 6 years ago.

Total Market (Millions)

The 2018 St Thomas and St Croix total residential markets were nearly the same.

 Residential

The St Thomas total condominium market declined by seven million dollars between 2017 and 2018. On St Croix there was no change in total condo market for this period.

Condominium

The St Thomas 2017 total land market was skewed by one large sale. For the first 8 months of 2018, the St Croix total land market exceeded that of St Thomas by $1 Million.

Vacant Land

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

Prepared by:

Julie San Martin

Team Manager

August 2018

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

Six 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 for both homes and condominiums, 

There is now a 19 month supply of homes and an 11 month supply of condominiums in this quarter.

Average Sales Price

Compared to six years ago, both homes and condominiums have experienced a decrease in average sales price.

The average sales price of a home in this quarter ($560,938) is $15,000 less than it was six year ago ($575,667).

Condominiums experienced a larger decrease in average sales price ($152,000), from $383,500 for the 12 months ending July 2012 to $230,538 for the 12 months ending July 2018. 

East End A

Christiansted east to Coakley Bay

Inventory

Six 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 has decreased for both homes and condominiums.  

There is now an 18 month supply of homes and a 10 month supply of condominiums in this quarter.

Average Sales Price

Average residential sale price ($458,335) decreased about $22,000, compared to six years ago.

Condominium average sale price ($245,190) increased by about $40,000, when compared to six years ago ($204,667).

Company

Christiansted west to east side of Judiths Fancy

Inventory

Six 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 more than 2 years, to a 17 month supply of homes.

Condominium inventory sell off was dramatic, from a 5.9 year supply of units six years ago to a current 1 year supply of condominiums for sale.

Average Sales Price

Homes and condominiums both experienced average sales price increases, compared to six years ago.

Average home sale price increased the most ($72,000), from $191,269 in 2012 to $264,498 for the 12 months ending July 2018.

Average condo sale price increased $37,000, from $$101,250 six years ago to $143,896 for the 12 months ending July 2018.

Queen

Constitution Hill west to La Reine, includes southwest Judiths Fancy

Inventory

Six 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 has decreased by 16 months, to 1.8 years, over the six year period.

Condominium inventory decreased by more than 7 years over this period, to an 8 month supply for the 12 months ending July 2018.

Average Sales Price

Decrease in inventory levels also resulted in an increase of average sale price over the six year period, for both homes and condos.

Average residential sale price increased by $37,000 over the six year period, from $291, 29 in 2012 to $328,725 from the 12 months ending July 2018.

Average condo sale price increased by $44,000 over the six year period, from

$75,125 in 2012 to $119,408 from the 12 months ending July 2018.

Northside A & B

North shore from north Judiths Fancy west to Hamms Bluff

Inventory

Six 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 3 years, to a 1.5 year supply of homes.

The condominium supply decreased by nearly 4 years, to a 2.7 year supply of condominiums in this quarter.

Average Sales Price

Average home sale price ($549,333) increased by $90,000, compared to six years ago ($459,110). Current average sale price is, however, $210, 00 lower than the highest average sale price during the six year period, which was $753,188 for the 12 months ending July 2016.

Average condominium sale price decreased by about $30,000 over the six year period, from $345,000 for the 12 months ending July 2012 to $316,500 for the 12 months ending July 2018.

King

South shore from La Reine west to UVI

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

Inventory

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

there are no condominiums in King Quarter.

Residential inventory increased slightly, to a 4 year supply of homes, compared to six years ago. For the 12 months ending July 2013, only one home sold in King Quarter.

Average Sales Price

Average home sale price decreased $81,000 over the six year period, from $207,400 for the 12 months ending July 2012 to $126,450 for the 12 months ending July 2018.

Prince

South shore from UVI west to Williams Delight

Inventory

Six 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 2 years, to a 3.7 year supply of homes.

Condominium inventory decreased by nearly 11 years, to a 1.3 year supply of condominiums.

Average Sales Price

Homes saw a sale price increase of nearly $70,000 when compared the six years ago, from $208,430 for the 12 months ending July 2012 to $275,750 for the 12 months ending July 2018.

Condominiums experienced a $214,000 decrease in average sale price over the six year period, from $415,000 for the 12 months ending July 2012 to $200,625 for the 12 months ending July 2018.

West End

South from Mahogany Road, East to Williams Delight

Inventory

Six 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 six year period, residential inventory decreased by 3.4 years, to a 1.2 year supply of homes for the 12 months ending July 2018.

Condominium inventory decreased by 5 years, to a 2 year supply of condominiums.

Average Sales Price

Average home sale price increased $74,000 over the six year period, from $164,300 for the 12 months ending July 2012 to $238,158 for the 12 months ending July 2018.

Average condominium sale price increased $45,000 over the six year period, from $62,500 for the 12 months ending July 2012 to $107,067 for the 12 months ending July 2018.

Conclusion

Over the seven 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

Over the seven year period, the average condominium sale price decreased by about $35,000. These quarters experienced an increase in average sale condo sale price:

·         East End A

·         Company

·         Queen

·         West End

Residential and condominium inventories decreased island wide over the past seven years, with the exception of King Quarter, where residential inventory increased about 2 months.

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

Prepared by:

Julie San Martin

Team Manager

July 2018

13 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 13 years ago –

The 2005 / 2006 period

Total number of properties sold

·         Residential – Fewer homes sold in the past 12 months than were sold during the past 4 annual cycles. But there was that weather event - Irma / Maria, the likes of which we have not seen for 100 years!

·         Condominiums – 40% fewer (84) condominiums sold than were sold during the previous 12 month period (142).  

·         Land – Land sales performed the best. During the current period, 80 lots sold compared to 89 for the previous 12 month period

Average sales price

·         Residential – The one bright spot! The “average” sales price of a home on St Croix ($382,435) increased by $12,000 over the previous 12 month period ($370,340).

·         Condominiums – Average condominium sales price for this 12 month period ($173,977) was about $15,000 less than the previous period ($189,240).

·         Land – Average lot sales price ($63,069) also decreased, by about $11,000, for this 12 month period, when compared to the previous period ($75,822).

Total Market

Number of properties sold x Average sales price

·         Residential – The total residential market ($54.7 million) was $10 million less than the previous 12 month period (($64.8 million).

·         Condominiums – This 12 month period ($14.6 million) was $12 million less than the previous 12 months ($26.9). Many fewer condominiums sold, at a lower average sale price.

·         Land – This total market experienced the smallest decrease ($1.7 million). The total market for July 2017 through June 2018 was $5 million. For the previous 12 month period, the total land market was $6.7 million.

Conclusion

Compared to 13 years ago, total St Croix real estate sales have decreased by $105 Million Dollars (59%)

Compared to the previous 12 month period, total

St Croix real estate sales have decreased by $24 million (24%) for the period of July 2017 through June 2018

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

Prepared by:

Julie San Martin

Team Manager

June 2018

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 nine years, using 15 May inventory levels.

Residential

·         The lowest price range (under $200,000) has accounted for about one third of the St Croix residential inventory for the past 5 years. In 2010, this price range was only 14% of the inventory, increasing to about 25% for the next three years.

·         The second tier ($200,000 to $400,000) has consistently comprised nearly one third of all homes for sale on St Croix over the 9 year period. Nearly two thirds of all homes for sale on St Croix are currently listed for $400,000 or less.

·         Over the 9 year period, homes listed for more than $400,000 have decreased by 18%, from 56% of the inventory in 2010 to 38% of all homes for sale on St. Croix in May 2018.

Condominium

·         The lowest price range (under $100,000) is now 12% and approaching the 2010 level of 9% of inventory, after more than tripling in 2014, when this price range represented 30% of condominium inventory.

·         The second tier ($100,000 to $200,000) has consistently included between one-third and one-half the inventory over the 9 year period.

·         Condominiums listed for more than $200,000 have consistently comprised about one third of the inventory over the 9 year period.

Land

·         The lowest price range (under $50,000) has more than doubled over the 9 year period, from 20% of total inventory in 2010 to 42% of all lots for sale in 2018.

·         The second tier ($50,000 to $100,000) has decreased from one third of the inventory to one quarter of all lots for sale over the 9 year period.

·         Lots listed for more than $100,000 have decreased from approximately 45% of total inventory to about one third of all lots for sale over the 9 year period.

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

Prepared by:

Julie San Martin

Team Manager

May 2018

Inventory Levels and Sales Projections

May Inventory Levels

8 Year Review

Residential

Residential inventory peaked in 2012 at 330 homes for sale and has steadily declined since then. Current inventory of 173 homes for sale is 37% lower (100 homes) than May 2012 residential inventory.

Condominium

Condominium inventory also peaked in 2012, at 230 condominiums for sale, and has steadily declined since then. Current inventory of 72 condos is less than one third of the May 2012 condominium inventory.

Land

Land inventory peaked in 2011, steadily declining until 2014 and is now at its lowest level of the 8 year period with 411 lots for sale, nearly 30% lower than 8 years ago.

May Pending Sale Levels

8 Year Review

Residential

Residential pending sales peaked in May 2016, at 85 pending residential sales, and have been robust since, at nearly twice the level of earlier in the decade.

Condominium

The condominium inventory has continuously declined since May 2012. Meanwhile the number of pending condo sales has steadily increased and is currently at 50% of the inventory!  
 

Land

Pending land sales have remained relatively constant over the 8 year period, but now represent a higher portion of the inventory, which has significantly declined.

2018 Sales Predictions

Using the assumption that the first 4 months of 2018 is a valid predictor for the entire year.

Residential

The first four months predict there will be approximately the same number of homes sold in 2018 as were sold during the previous 4 years. The average number of homes sold for years 2014 through 2017 was 154 homes annually; looks like a trend!

Condominium

The first four months predict there will be about half as many condominiums sold as were sold during the 2014 through 2017 period, which averaged 115 condos a year. This prediction might be accurate, due to the low condominium inventory?

Land

Land sales have nearly returned to 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 2018.

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

Prepared by:

Julie San Martin

Team Manager

April 2018

1^st Quarter Sales as Predictor for the full year

2018 is the 10^th 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 were not helpful.

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

First, a look at inventory trends over the

10 year period:

·         Residential inventory peaked in 2012, at 340 homes for sale, and has continually declined each year since. Current residential inventory levels are at only 52% (176 homes) of the 2012 level, a significant decline.

·       Condominium inventory peaked in 2010, with 265 condominiums on the market. The current level of 85 condominiums for sale is only 32% of the inventory 2010.

·       Land inventory also peaked in 2010, at 610 lots for sale. First quarter 2018 inventory is again the lowest level of the 10 year period at 74% (454 lots) of the 2010 inventory levels.

Residential Sales & 2018 Predictions

From 2009 to 2016, the number of homes sold during the first quarter consistently under predicted the total number of sales for the year. The average of the under prediction over the 8 year period was 20%. 2017 was a trend reverser; sales predictions based on the number of 1^st quarter homes sold was 5% higher than the actual number of home sold.

For the period 2012 through 2016, the average 1^st quarter sales price was within 12% of the actual annual average sales price. The 2017 prediction, based on 1^st quarter average home sales price, was 28% below the actual average 2017 home sales price of $402,507.

Here is the prediction for 2018 overall:

·         Total number of homes sold will be as predicted, around 120, representing about a 20% decreased from total number of homes sold during 2017.

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

Condominium Sales & 2018 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.

For the period of 2012 through 2016, the 1^st quarter condo sales have underestimated the annual total number of condos sold by about 13%. 2017 was a game changer; the predicted number of condos sold (144) was 26% higher than the actual number of condos sold (107).

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

Here is the prediction for 2018 overall:

·         Total number of condominiums sold will be in the 80 condo range, even though only 10 condominiums sold during the 1^st quarter. Put another way, all of the 85 condominiums currently listed for sale should sell.

·         Average sales price will most likely be in the $180,000 range, about 85% of the 1^st quarter average 2018 condominium sales price.

Land Sales & 2018 Predictions

Both predicted and actual number of lots sold are trending in the right direction, at last! A sign of market recovery!

For the past 4 years, 2014 through 2017, the average lot sales price has consistently been in the $70,000 range. Predications based on 1^st quarter land sales prices for this period varied as much as $30,000 off the actual annual lot sales price; this statistic does not appear to be a good predictor for the rest of the year.

Here is the prediction for 2017 overall:

·         Total number of lots sold will be about 100, similar to 2017 and the highest number of lots sold since 2009.

·         The 2018 average lot sales price will be in the $70,000 range, similar to the previous 5 years. Land asking prices have adjusted downward.

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

Prepared by:

Julie San Martin

Team Manager

March 2018

Home Sales

St Thomas vs St Croix

A 15 Year Look

Total Number of Properties Sold

·         Over the 15 year period, more homes sold every year on St Croix than on St Thomas.

·         The number of homes sold on both St Thomas and St Croix declined slightly in 2017, when compared to 2016; not surprising.

·         Over the 15 year period, St Croix has seen a high of 188 homes sold (2006) and a low of 88 homes sold (2012). During this same period, St Thomas saw a high of 118 homes sold (2004) and a low of only 46 homes sold (2009).

·         Nearly twice as many homes were sold on St Croix during 2017 (156) as were sold on St Thomas (88).

·         Compared to 2016, 7 fewer homes were sold on St Thomas and 13 fewer homes were sold on St Croix during 2017.

Average Sales Price

·         At the beginning of this 15 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 (14 years) the annual average home sales price on St Thomas has exceeded that of St Croix.

·         For 2017, the average St Thomas homes price was 51% higher, at $627,079, than the 2003 average sales price. The average annual home sales price on St Croix for 2017 was 3% lower, at $402,507, than the 2003 average sales price.

·         The average sale price of a home on St Croix for 2017 ($402,507) was 64% of the averages sales price of a home on St Thomas ($627,079).  

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 15 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 past two years, 2016 and 2017, total St Croix residential market has exceeded the total St Thomas residential market by about $6 Million.  

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

Prepared by:

Julie San Martin

Team Manager

February 2018

The St Croix Real Estate Cycle

A 15 Year Look

Total Number of Properties Sold

·         Fewer homes and condominiums sold in 2017 than were sold in 2016; not a big surprise, given the two major 2017 hurricanes. There was, however, a slight uptick in number of lot sales – 12 more lots were sold in 2017 than in 2016.

·         The number of homes sold during 2017 (156) exceeds all years since 2008 (125 home sales) except 2016, when 169 homes sold.

·         The number of condominiums sold during 2017 (106) exceeds the number of sales for the seven year period of 2007 through 2013, but falls short of the previous three years sales numbers (2014 – 2016).

·         The number of lots sold during 2017 (88) exceeds all years since 2009, when 128 lots sold.

Average Sales Price

·         The 2017 average home sales price ($402,507) exceeded the average 2016 average homes sale price by $50,000! However, the 2017 average home sales price is $10,000 lower than the average home sale price of 15 years ago ($413,439).

·         The 2017 average condominium sales price ($182,412) is about $6,000 lower than the 2016 average condominium sales price. It is, however, nearly $40,000 higher than the average condominium sales price 15 years ago ($144,823).

·         The average 2017 lot sales price ($89,914) is the highest average lot sales price since 2012 ($108,952).The 2017 average lot sale price is nearly identical to the 2013 average lot sales price of $91,315.

Total Market in Millions of Dollars

·         The 2017 total residential market ($62.8 million) was about $3 million higher than the 2016 total residential market of $59.5 million. But the total residential market is still $9 million less than the total residential market of 15 years ago ($71.9 million).

·         The 2017 total condominium market ($17.7 million) was $5.6 Million lower than the total 2016 condominium market ($23.3 million). The 2017 total condominium market was also $2.6 million below the total condominium market in 2003 ($20.3 million).

·         The 2017 total land market ($6.5 million) exceed the previous year by $1 million. But the total land market is still more than $10 million below our total land market of 15 years ago ($17.1 million).

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

Prepared by:

Julie San Martin

Team Manager

January 2018

 Year Home Sales Price Trends

The average sales price of a home on St Croix increased by $12,239 over the 5 year period; this is a 3% increase

Total number of homes sold increased 73% (65 homes) since 2012.

All areas of the island did not perform the same.

East End B

Far East End

Compared to 6 years ago, the average sales price of a home increased 1% ($4,208).  

The number of homes sold in a year has more than doubled;

12 homes sold in 2012 compared to 28 in 2017.

East End A

Christiansted East to Coakley Bay

Compared to 6 years ago, the average sales price of a home decreased 59% ($505,672) from $859,500 for 2012 to $353,828 for 2017.

The number of homes sold in a year more than doubled since 2012;

10 homes sold in 2012 compared to 25 in 2017.

Company

Christiansted West to the East Side of Judiths Fancy

Compared to 6 years ago, the average sales price of a home increased 46% ($92,392), from $202,367 for 2012 to $294,759 for 2017.

The number of homes sold in a year has almost doubled since 2012,

from 15 home sales in 2012 to 27 homes sales in 2017.

Queen

Constitution Hill West to La Reine, includes southwest

Judiths Fancy

Compared to 6 years ago, the average sales price of a home increased 58% ($141,683) from $242,003 for 2012 to $383,686 for 2017.

The number of homes sold in a year increased by 3 homes since 2012, from 22 homes sold in 2012 to 25 home sales in 2017.

Northside A & B

North Shore from North Judiths Fancy to Hamms Bluff

Compared to 6 years ago, the average sales price of a home increased 44% ($201,986), from $458,576 for 2012 to $660,562 for 2017.

The number of homes sold in a year increased by 3 homes since 2012, from 13 homes sales in 2012 to 16 sold during 2017.

King

South Shore from La Reine West to UVI

Compared to 6 years ago, the average sales price of a home increased 69% ($65,250), from $94,750 for 2012 to $160,000 for 2017.

Twice as many homes sold when compared to 6 years ago,

from 2 homes in 2012 to 4 homes in 2017.

Prince

South Shore from UVI West to Williams Delight

Compared to 6 years ago, the average sales price of a home decreased 15% ($37,392), from $256,000 for 2012 to $219,208 for 2017.

More than twice as many homes sold during 2017 (12 homes) as compared to

 2012 (5 homes).

West End

South Shore, South from Mahogany Road,

East to Williams Delight

Compared to 6 years ago, the average sales price of a home decreased 13% ($25,853), from $203,500 for 2012 to $177,647 for 2017.

Five more homes sold during 2017 (15 homes) than during 2012 (10 homes).

Observations

Average home sales prices in these two quarters of the island consistently exceed the

island wide “average” home sales price:

·         East End B

·         Northside A & B

Average home sales prices in these three quarters 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 in these areas are about “average”:

·         East End A

·         Company

·         Queen

More homes sold in all quarters during 2017, when compared to 2012.

Compared to 2016, the island wide average home sale price increased 15%.

All quarters saw increased average home sales prices with the exception of:

·         Company

·         West End

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

·         East End B

·         Company

·         Queen

·         Northside A & B

·         King

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

·         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 2017

 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 2017, there were 20 active and 4 pending home sales in East End B, with 27 home sales in the previous 12 months, for a 0.9 year supply of homes for sale

[20 + 4] / 27 = 0.9 Years or 10.8 months

East End B

Far East End

Residential

Compared to 6 years ago, home inventory decreased by nearly 2 years and average sales price is about 25% ($220,149) lower

(from $888,908 to $668,759)

Compared to last year, average time on the market has decreased by 9.6 months; average sales price has increased by about 10% (from $609,950 to $668,759)

Condominium

            Compared to 6 years ago, condominium inventory has decreased by 18 months (from 2.6 years to 1.1 years); average sales price decreased by 32%

(from $370,846 to $253,785)

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

average sales price decreased by 9% (from $279,538 to $253,785)

Vacant Land

Compared to 6 years ago, land inventory decreased by 3.5 years

(from 8.2 years to 4.7 years); average sales price decreased by 4%

(from $79,929 to $77,138)

Compared to last year, land inventory decreased by 2 years;

 average sales price decreased by 29% (from $108,800 to $77,138)

East End A

Christiansted East to Coakley Bay

Residential

Compared to 6 years ago, home inventory decreased by a year;

 average home sale price increased by 16% (from $307,597 vs $357,604)

Compared to last year, residential inventory decreased by about 2 months;

average sales price decreased by 1% (from $361,979 to $357,604)

Condominium

            Compared to 6 years ago, condominium inventory has decreased by 8 months (from 3 years to 2.3 years);

average condominium sales price decreased 37% (from $242,556 to $152,129)

Compared to last year, condominium inventory increased by a year

(from 1.4 years to 2.3 years); average sales price decreased by 32%

(from $222,786 to $152,129)

Vacant Land

Compared to 6 years ago, land inventory is about the same at 5.8 years;

average lot sales price increased by 86% (from $54,421 to $101,464)

Compared to last year, land inventory is unchanged;

average lot sales price increased by 49% (from $67,900 to $101,464)

Company

Christiansted West to the East Side of Judiths Fancy

Residential

Compared to 6 years ago, residential inventory decreased by more than 6 years (from 7 years to 0.8 years);

average home sales price is the same as 6 years ago ($275,274)

Compared to last year, residential inventory decreased by 1 year;

 average home sales price decreased 17% (from $333,239 to $275,274)

Condominium

            Compared to 6 years ago, condominium inventory decreased by 17 months (from 2.3 years to 0.9 years);

average sales price increased by 14% (from $124,992 to $142,067)

Compared to last year, condominium inventory is unchanged at about 10 months; average sales price has increased by 5% (from $135,559 to $142,067)

Vacant Land

Compared to 6 years ago, land inventory increased by 1 year

(from 3.8 years to 4.9 years);

average sales price increased by 55% (from $66,433 to $103,000)

Compared to last year, land inventory decreased by more than 4 years

(from 9.2 years to 4.9 years) while average sales price decreased 3%

(from $106,500 to $103,000)

Queen

Constitution Hill West to La Reine, includes southwest

Judiths Fancy

Residential

Compared to 6 years ago, residential inventory decreased by about 4 months

(from 2.9 years to 2.6 years);

average sales priced decreased by 9% (from $427,342 to $390,012)

Compared to last year, residential inventory is unchanged at 2.6 years;

average sales price increased by 17% (from $296,020 to $390,012)

Condominium

            Compared to 6 years ago, condominium inventory has decreased by more than 6 years (from 6.8 years to 5 months);

average condominium sales price increased by 6% (from $102,250 to $108,263)

Compared to last year, condominium inventory decreased by 7 months;

 average sales price increased by 10% (from $98,462 to $108,263)

Vacant Land

Compared to 6 years ago, land inventory decreased by nearly 10 years

(from 16.2 years to 6.5 years);

average lot sales price increased by 10% (from $61,000 to $67,314)

Compared to last year, land inventory decreased by nearly 14 years;

 the average lot sales price decreased 7% (from $72,625 to $67,314)

Northside A & B

North Shore from North Judiths Fancy to Hamms Bluff

Residential

Compared to 6 years ago, residential inventory decreased by 2.5 years;

average home sales price increased by 7% (from $592,312 to $632,294)

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

 average home sales price decreased 7% (from $677,762 to $632,294)

Condominium

            Compared to 6 years ago, condominium inventory decreased by 2.5 years (from 4.7 years to 2 years);

average sales price decreased 16% (from $440,000 to $369,167)

Compared to last year, condominium inventory increased by more than 20 months

(from 0.3 years to 2 years);

average sales price increased by 34% (from $276,125 to $369,167)

Vacant Land

Compared to 6 years ago, land inventory decreased by 8 years

(from 14 years to 6 years);

average lot sales price increased by 17% (from $59,333 to $69,333)

Compared to last year, land inventory decreased by 1.2 years

(from 7.2 years to 6 years);

average lot sales price increased by 4% (from $66,667 to $69,333)

King

South Shore from La Reine West to UVI

Residential

Compared to 6 years ago, residential inventory increased by 3 years 

(from 4 years to 7 years);

average home sales price decreased by 20% (from $247,800 to $196,667)

Compared to last year, residential inventory increased by nearly 5 years

(from 2.3 years to 7 years);

average residential sales price increased by 23% (from $159,250 to $196,667)

Condominium

            There are no condominium complexes in King Quarter

Vacant Land

6 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 6 months

(from 7 years to 7.5 years);

average lot sales price decreased by 52% (from $42,500 to $20,500)

Prince

South Shore from UVI West to Williams Delight

Residential

Compared to 6 years ago, there is about 10 months less residential inventory

(from 2.6 years to 1.8 years);

average residential sales price decreased by 17% (from $239,519 to $208,115)

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

(from 2.4 years to 1.8 years);

average residential sales price decreased by 1% (from $210,846 to $208,115)

Condominium

            Compared to 6 years ago, condominium inventory increased by 1.3 years (from 3.7 years to 5 years);

average condominium sales price decreased by 45% (from $288,333 to $160,000)

Compared to last year, condominium inventory increased 3.2 years

(from 1.8 years to 5 years);

average condominium sale price decreased by 6% (from $170,625 to $160,000)

Vacant Land

Compared to 6 years ago, land inventory decreased by 5.7 years

(from 9.3 years to 3.6 years);

average lot sales price decreased by 49% (from $50,714 to $25,690)

Compared to last year, land inventory decreased by 6.2 years

(from 9.8 years to 3.6 years);

average lot sales price decreased by 2% (from $26,249 to $25,690)

West End

South Shore, South from Mahogany Road,

East to Williams Delight

Residential

Compared to 6 years ago, residential inventory decreased by about 10 months

(from 2.9 years to 2.1 years);

average home sale price has increased by 13% (from $157,512 to $177,647)

Compared to last year, residential inventory increased by about 7 months

(from 1.6 years to 2.1 years);

average home sale price decreased 12% (from $200,875 to $177,647)

Condominium

            Compared to 6 years ago, condominium inventory decreased by 1.3 years (from 2.3 years to 1 year);

average condominium sale price increased by 4% (from $146,250 to $152,740)

Compared to last year, condominium inventory decreased by 3 years;

average condominium sales price decreased by 12% (from $172,500 to $152,740)

Vacant Land

Compared to 6 years ago, land inventory increased by 1.2 years

(from 10.9 years to 12.1years);

average lot sales price decreased by 31% (from $32,222 to $22,214)

Compared to last year, land inventory increased by 2.6 years

(from 9.5 years to 12.1 years);

average lot sales price decreased by 64% (from $61,750 to $22,214)

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

Prepared by:

Julie San Martin

Team Manager

November 2017

Which St Croix Price Ranges are Selling?

First 10 months of 2014, 2105, 2016, and 2017

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

2017

130 home sales closed January through October; there were 200 homes for sale

1.5 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

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

2017

92 condominium sales closed January - October; there were 81 condos for sale

0.88 sellers for every buyer; condos continue to sell 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

2017

75 land sales closed January through October; there were 486 lots for sale

6.5 sellers for every buyer

SALES BY PRICE RANGE

Residential

Condominium

Vacant Land

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

Prepared by:

Julie San Martin

Team Manager

October 2017

Eight Year Comparison

St Croix Real Estate Inventory Levels

TOTAL INVENTORY

Residential

15% lower (41 homes) than eight years ago.

Highest inventory during this period was 9/15/12 with 336 homes on the market (33% higher than 9/15/17)

Condominium

GIGANTIC decrease over the eight year period!

Eight years ago, there were nearly three times as many condominiums on the market (236) as were for sale on 9/15/17 (87)

Vacant Land

16% lower (89 lots) than eight years ago.

Land inventory has varied little over the eight year period, with the lowest inventory level on 9/15/17 (486 lots)

INVENTORY BY PRICE RANGE

Residential

Under $200,000 listings have more than doubled (from 13% to 34%) as percentage of total inventory, compared to eight years ago.

$200,000 to $400,000 listings have increased to 1/3 of the total inventory from about 28%, compared to eight years ago.

$400,000 to $600,000 listings decreased by 3% of the total inventory over the eight year period.

$600,000 to $800,000 listings have decreased from 15% to just 3% of total inventory over the eight year period.

$800,000 to $1,000,000 have decreased by 50% over the eight year period, from 8% of total inventory on 9/15/09 to 4% on 9/15/17.

Listings over $1,000,000 have decreased by 6% of the total inventory over the eight year period, from 20% on 9/15/09 to 14% on 9/15/17.

Condominium

Under $100,000 listings have nearly doubled (from 11% to 21%) as percentage of total inventory, compared to eight years ago.

$100,000 to $200,000 listings have decreased by 11% of total inventory, to about 36%, compared to eight years ago.

$200,000 to $300,000 listings have increased by 2% as percentage of total inventory, at about 19%, compared to eight years ago.

$300,000 to $500,000 listings have also increased by about 2%, from 17% to 19%, compared to eight years ago.

Listings over $500,000 have decreased by 3% of the total inventory over the eight year period, from 8% on 9/15/09 to 5% on 9/15/17.

Vacant Land

Under $50,000 listings have nearly doubled (from 21% to 44%) as percentage of total inventory, compared to eight years ago.

$50,000 to $100,000 listings have decreased by 5% as percentage of total inventory, from 30% to 25%, compared to eight years ago.

$100,000 to $300,000 listings have decreased by 11%, from 33% to 22%, compared to eight years ago.

Listings over $300,000 have decreased by 7% of the total inventory over the eight year period, from 16% on 9/15/09 to 9% on 9/15/17.

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

Prepared by:

Julie San Martin

Team Manager

September 2017

A Tale of Two Islands

St Croix and St Thomas Real Estate Sales

Five 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), and then an increase of about 1/3 for total units sold during this period in 2016 and 2017

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.

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. 2017 saw a significant increase in lot sales on both islands.

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 about 50% more than on St Croix. 

St Thomas Home Sales Prices

St Croix Home Sales Prices

The 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 sales price has decreased by $110,000 over the 5 year period. On St Croix, the median sales price is $10,000 higher than 5 years ago, but still only 70% of the St Thomas median sales price.

 Median Home Sales Price

Average Sales Price

Condominium

Average condominium sales price has increased by about $30,000 for St Thomas over the 5 year period. On St Croix, average condominium sales price has decreased by $5,000, compared to this period 5 years ago.

St Thomas Condominium Sales Prices

St Croix Condominium Sales Prices