St. Croix Realtors Joe & Julie San Martin
March 2024
Home Sales
St Thomas vs St Croix
A 20 Year Look
Total Number of Properties Sold
· Over the 20-year period, more homes sold every year on St Croix than on St Thomas.
· Over the 20-year period, the highest number of homes sold was in 2021 for St Croix with 219 home sales and 2018 for St Thomas with 133 home sales; 2021 was nearly the same, with 132 home sales on St Thomas.
· During 2023, 51 more homes were sold on St Croix than on St Thomas.
· Over the 20-year period, the fewest number of homes sold on St Croix (88) was during 2012, the fewest number of homes sold on St Thomas (46) was during 2009.
Average Sales Price
· For the past 20 years, the annual average home sale price on St Thomas has exceeded that of St Croix.
· For 2023, the average St Thomas home sale price was 107% higher, at $1,051,988, than the 2004 average sales price ($507,000).
· The average annual home sale price on St Croix for 2023 was 54% higher, at $568,306, than the 2004 average home sale price ($368,248).
· For 2023, the average sale price of a home on St Croix ($568,306) was 54% of the average sales price of a home on St Thomas ($1,051,988).
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 20-year period, the total St Thomas residential market exceeded the total St Croix market during six years: 2008, 2012, 2013, 2014, 2015, 2018, and 2023.
· During 2023, the total St Thomas residential market ($85 Million) exceeded the total St Croix residential market ($75 Million) by $10 Million.
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin Team Manager
February 2024
The St Croix Real Estate Cycle
An 20 Year Look
2023 St Croix real estate sales were disappointing.
Total Number of Properties Sold
· The number of homes sold on St Croix during 2023 (152) is 60 fewer than last year (192) and 52 fewer than 20 years ago (184).
· There were 99 condominium sales on St Croix during 2023, 41 fewer than last year (140) and 86 fewer than twenty years go (185).
· There were 152 lot sales in 2023. This is 51 fewer than last year (203) and 105 fewer than 20 years ago (257).
Average Sales Price
· At $568,306, the average 2023 home sales price was exceeded only by the 2021 average home sales price ($618,943) and 2022 average home sales price ($771,242).
· The 2023 average condominium sales price ($301,649) is the highest average sales price of the entire 20-year period, exceeding last year’s record of $284,681 by $16,998, a 6% increase.
· The average 2023 lot sales price ($106,735) is $27,307 lower than last year’s average lot sale price ($134,042), a 20% decrease, and $4,048 lower than the 2004 average lot sale price of $110,783.
Total Market in Millions of Dollars
· The 2023 total residential market ($75 million) is 50% of the previous year’s record setting market of $148.1 million. Only 5 years during this 20-year period exceeded the 2023 figure – 2006 and 2019 - 2022.
· The 2023 total condominium market ($29.9 million) fell $10 million short of last year ($39.9 million). Only 4 years during this 20-year period exceed 2023 – 2006 & 2007 and 2021 & 2022.
· The 2023 total land market ($16.2 million) is $11 million lower than last year ($27.2 million) and $12.3 million less than 20 years ago ($28.5 million).
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
January 2024
10 Year St Croix Home Sales Price Trends
The average sales price of a home on St Croix increased $234,139 over the
10-year period; this is a 70% increase.
Total number of homes sold annually decreased 13% (19 homes) since 2014.
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 96% ($393,536 increase).
The number of homes sold in a year decreased by 16 homes, compared to 9 years ago.
27 homes sold in 2014, 11 homes sold in 2023.
East End A
Christiansted East to Coakley Bay
Compared to 9 years ago, the average sales price of a home increased 145%
($587,260 increase).
The number of homes sold in a year decreased by 9 homes, compared to 9 years ago;
28 homes sold in 2014, 19 homes sold in 2023
Company
Christiansted West to the East Side of Judiths Fancy
Compared to 9 years ago, the average sales price of a home increased 50% ($148,505 increase).
The number of homes sold in a year decreased by 6 homes, compared to 9 years ago,
from 24 home sales in 2014 to 18 home sales in 2023.
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Compared to 9 years ago, the average sales price of a home increased 39%
($113,295 increase).
The number of homes sold in a year increased by 3 homes, compared to 9 years ago, from 19 homes sold in 2014 to 22 home sales in 2023.
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 143% ($790,554 increase).
The number of homes sold in a year decreased by 6 homes, compared to 9 years ago.
17 home sales closed in 2014, 11 home sales closed in 2023.
King
South Shore from La Reine West to UVI
Compared to 9 years ago, the average sales price of a home increased 70%
($95,233 increase).
The number of homes sold in a year increased by 4 homes, compared to 9 years ago, from 6 homes sold in 2014 to 10 home sales in 2023.
Prince
South Shore from UVI West to Williams Delight
Compared to 9 years ago, the average sales price of a home increased 94%
($130,388 increase).
The number of homes sold in a year decreased by 1 home, compared to 9 years ago, from 14 homes sold in 2014 to 13 home sales in 2023.
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 18%
($45,833 increase).
The number of homes sold in a year increased by 5 homes, compared to 9 years ago, from 15 homes sales in 2014 to 20 homes sales in 2023.
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 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
Fewer homes sold in all quarters during 2023, when compared to 2014 except for:
· Queen
· King
· West End
Compared to 2022, the island wide average home sale price decreased 26%.
All quarters experienced decreased average sales prices except for:
· Company
· Northside A & B
Compared to 2014, all quarters experienced higher average home sale prices during 2023.
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
December 2023
Ten Year 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 2023, there were 20 active and 4 pending home sales in East End B, with 11 home sales in the previous 12 months, for a 2.2-year supply of homes for sale
[20 + 4] / 11 = 2.2 Years
East End B
Far East End
Residential
Compared to 9 years ago, home inventory increased by 1 year, from 1.2 years to 2.2 years; average sales price has doubled; from $415,756 to $867,818.
Compared to last year, average time on the market increased by 1.5 years;
average sales price decreased 40% (from $1,435,148 to $867,818)
Condominium
Compared to 9 years ago, condominium inventory decreased by 6 months; average sales price increased 116%, from $200,026 to $431,772
Compared to last year, average time on the market increased by 1 month;
average sales price decreased 1% (from $436,276 to $431,772)
Vacant Land
Compared to 9 years ago, land inventory decreased by 6.8 years,
from 9 years to 2.2 years; average sales price increased 67% (from $58,575 to $97,861)
Compared to last year, land inventory increased by 2 months;
average sales price decreased 29% (from $138,051 to $97,861)
East End A
Christiansted East to Coakley Bay
Residential
Compared to 9 years ago, home inventory decreased 0.6 years,
from 1.8 years to 1.2 years;
average home sale price more than doubled, from $397,569 to $958,694.
Compared to last year, residential inventory increased by about 7 months;
average sales price decreased 21% (from $1,213,621 to $958,694)
Condominium
Compared to 9 years ago, condominium inventory decreased by 10 months
(from 1.4 years to 0.6 years);
average condominium sales price increased 49% (from $231,529 to $344,917)
Compared to last year, condominium inventory increased by 6 months;
average sales price increased 22% (from $283,556 to $344,917)
Vacant Land
Compared to 9 years ago, land inventory decreased by 5.7 years,
from 8.6 years to 2.9 years;
average lot sales price increased 55%, from $68,200 to $105,958)
Compared to last year, land inventory increased by 8 months;
average lot sales price decreased 15% (from $124,992 to $105,958)
Company
Christiansted West to the East Side of Judiths Fancy
Residential
Compared to 9 years ago, residential inventory decreased by 11 months, from 1.8 years to 0.9 years; average home sales price increased 48% (from $271,082 to $401,789)
Compared to last year, residential inventory decreased by 1 month;
average home sales price is unchanged at $401,789
Condominium
Compared to 9 years ago, condominium inventory decreased by 4 months (from 1.2 years to 0.9 years);
average sales price increased 135% (from $106,240 to $250,163)
Compared to last year, condominium inventory increased by 6 months, from 5 months to 11 months; average sales price increased 8% (from $231,848 to $250,163)
Vacant Land
Compared to 9 years ago, lot inventory decreased by 41 years, from 43 years to 2 years; average lot sales price decreased 8%, from $80,000 to $73,286.
Compared to last year, land inventory increased by 7 months, from 1.4 years to 2 years; average sales price decreased 24%, from $96,620 to $73,286.
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Residential
Compared to 9 years ago, residential inventory decreased by 1.3 years
(from 2.5 years to 11.2 years);
average sales priced increased 45% (from $277,776 to $404,160)
Compared to last year, residential inventory increased by 6 months, from 0.7 years to 1.2 years; average sales price decreased 19% (from $500,948 to $404,160)
Condominium
Compared to 9 years ago, condominium inventory decreased by
6 months (from 1.2 years to 0.7 months);
average condominium sales price increased 153% (from $76,883 to $194,562)
Compared to last year, condominium inventory increased by 3 months, from 5 months to 8 months; average sales price increased 12% (from $173,769 to $194,5629)
Vacant Land
Compared to 9 years ago, land inventory decreased by
4.2 years, from 6.6 years to 2.4 years);
average lot sales price increased 110%, from $39,583 to $83,062.
Compared to last year, land inventory increased by 10 months, from 1.6 years to 2.4 years; average lot sales price decreased 34%, from $125,100 to $83,062.
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Residential
Compared to 9 years ago, residential inventory increased by 2 months, from 1.3 years to 1.5 years; average home sales price increased 144% (from $528,446 to $1,292,500)
Compared to last year, residential inventory increased by 1 year, from 6 months to 1.5 years; average home sales price decreased 1% (from $1,302,389 to $1,292,500)
Condominium
Compared to 9 years ago, condominium inventory decreased by
2 months (from 1.5 years to 1.3 years);
average sales price increased 155% (from $212,333 to $542,143)
Compared to last year, condominium inventory increased by 6 months, from 0.8 years to 1.3 years; average sales price increased 51%, from $358,375 to $542,143.
Vacant Land
Compared to 9 years ago, land inventory decreased by
10.8 years, from 14.2 years to 3.4 years;
average lot sales price decreased 53%, from $266,400 to $125,588.
Compared to last year, land inventory increased by 2 months, from 302 years to 304 years; average lot sales price decreased 9%, from $137.952 to $125,588.
King
South Shore from La Reine West to UVI
Residential
Compared to 9 years ago, residential inventory decreased by
2.6 years (from 3.4 years to 0.8 years);
average home sales price increased 42% (from $174,857 to $248,717)
Compared to last year, residential inventory decreased by
1.1 years (from 1.9 years to 0.8 years);
average residential sales price increased 23% (from $201,850 to $248,717)
Condominium
There are no condominium complexes in King Quarter
Vacant Land
9 years ago, there were no lots for sale in King Quarter, there is now a 4.6 year inventory of lots for sale;
There were no lot sales in King Quarter 9 years ago; average lot sales price for the past 12 months was $60,800.
Compared to last year, land inventory uncreased by
2.7 years, from 1.9 years to 4.6 years;
average lot sales price decreased 59%, from $148,878 to $60,800.
Prince
South Shore from UVI West to Williams Delight
Residential
Compared to 9 years ago, residential inventory decreased by
1 year (from 2 years to 1 year);
average residential sales price increased 77% (from $150,182 to $266,460)
Compared to last year, residential inventory increased by 5 months, from 0.6 years to 1 year; average residential sales price decreased 33% (from $395,221 to $266,460)
Condominium
Compared to 9 years ago, condominium inventory decreased by 3.4 years, from 3.7 years to 4 months;
Average condominium sales price increased 141% (from $159,333 to $384,000).
Compared to last year, condominium inventory increased by 2 months, from 2 months to 4 months; average condominium sale price increased 5% (from $367,272 to $374,000)
Vacant Land
Compared to 9 years ago, land inventory decreased by
8.1 years, from 9.5 years to 1.4 years;
average lot sales price increased 411%, from $32,750 to $167,381)
Compared to last year, land inventory decreased by 5 months, from 1.8 years to 1.4 years; average lot sales price increased 43%, from $117,040 to $167,381.
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Residential
Compared to 9 years ago, residential inventory decreased by 2.7 years
(from 3.7 years to 1 year);
average home sale price increased 28%, from $236,929 to $302,275.
Compared to last year, residential inventory decreased by 5 months, from 1.4 years to 1 year; average home sale price decreased 35% (from $464,953 to $302,275)
Condominium
Compared to 9 years ago, condominium inventory decreased by 1.7 years (from 1.7 years to no inventory)
average condominium sales price increased 72% (from $113,300 to $194,500)
Last year, there was a 5-month inventory in West End quarter, this year there is no condominium inventory;
average condominium sales price increased 61%, from $120,980 to $194,500.
Vacant Land
Compared to 9 years ago, land inventory decreased by 22.4 years,
from 23.8 years to 1.4 years;
average lot sales price increased 344%, from $32,525 to $144,391.
Compared to last year, land inventory decreased by 1 month, from 1.5 years to 1.4 years; average lot sales price increased 2%, from $141,315 to $144,391.
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
November 2023
Which St Croix Price Ranges are Selling?
First 10 months of 2019 through 2023
Residential
2019
162 home sales closed January through October; there were 218 homes for sale
0.74 buyers for every seller
2020
136 home sales closed January through October; there were 129 homes for sale
1.05 buyers for every seller
2021
183 home sales closed January through October; there were 90 homes for sale
2.03 buyers for every seller
2022
157 home sales closed January through October; there were 96 homes for sale
1.64 buyers for every seller
2023
114 home sales closed January through October; there were 123 homes for sale
0.93 buyers for every seller
Condominium
2019
116 condominium sales closed January - October; there were 73 condos for sale
1.59 buyers for every seller
2020
71 condominium sales closed January - October; there were 78 condos for sale
0.91 buyers for every seller
2021
131 condominium sales closed January - October; there were 26 condos for sale
5.04 buyers for every seller
2022
127 condominium sales closed January - October; there were 30 condos for sale
4.23 buyers for every seller
2023
82 condominium sales closed January - October; there were 49 condos for sale
1.67 buyers for every seller
Vacant Land
2019
118 land sales closed January through October; there were 511 lots for sale
0.23 buyers for every seller
2020
112 land sales closed January through October; there were 391 lots for sale
0.29 buyers for every seller
2021
158 land sales closed January through October; there were 373 lots for sale
0.42 buyers for every seller
2022
175 land sales closed January through October; there were 336 lots for sale
0.52 buyers for every seller
2023
132 land sales closed January through October; there were 332 lots for sale
0.40 buyers for every seller
SALES BY PRICE RANGE
Residential
2023 % of Sales |
2023 Sales |
2022 % of Sales |
2022 Sales |
2021 % of Sales |
2021 Sales |
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
Sales Price |
%19 |
22 |
%11 |
18 |
%16 |
30 |
32% |
44 |
36% |
59 |
Under $200K |
%34 |
39 |
%25 |
33 |
%25 |
45 |
29% |
39 |
28% |
46 |
$200K - $400K |
%14 |
16 |
%21 |
33 |
%17 |
31 |
16% |
22 |
15% |
25 |
$400K - $600K |
%11 |
13 |
%10 |
16 |
%19 |
34 |
10% |
14 |
9% |
14 |
$600K - $800K |
%11 |
12 |
%8 |
13 |
%11 |
21 |
2% |
3 |
6% |
10 |
$800K - $1 Million |
%11 |
12 |
%28 |
44 |
%12 |
22 |
10% |
14 |
5% |
8 |
Over $1 Million |
Condominium
2023 % of Sales |
2023 Sales |
2022 % of Sales |
2022 Sales |
2021 % of Sales |
2021 Sales |
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
Sales Price |
%2 |
2 |
%6 |
8 |
%2 |
2 |
7% |
5 |
19% |
22 |
Under $100K |
%28 |
23 |
%23 |
29 |
%27 |
36 |
31% |
22 |
37% |
43 |
$100K - $200K |
%29 |
24 |
%31 |
40 |
%33 |
43 |
37% |
26 |
22% |
26 |
$200K - $300K |
%32 |
26 |
%35 |
45 |
%31 |
41 |
22% |
16 |
18% |
21 |
$300K - $500K |
%9 |
7 |
%4 |
5 |
%7 |
9 |
3% |
2 |
3% |
4 |
Over $500K |
Vacant Land
2023 % of Sales |
2023 Sales |
2022 % of Sales |
2022 Sales |
2021 % of Sales |
2021 Sales |
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
Sales Price |
%43 |
57 |
%39 |
68 |
%41 |
65 |
74% |
83 |
62% |
73 |
Under $50K |
%31 |
41 |
%30 |
53 |
%32 |
50 |
12% |
13 |
20% |
24 |
$50K - $100K |
%22 |
29 |
%23 |
41 |
%23 |
36 |
10% |
11 |
17% |
20 |
$100K - $300K |
%4 |
5 |
%7 |
13 |
%4 |
7 |
4% |
5 |
1% |
1 |
Over $300K |
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
October 2023
Ten Year Comparison
St Croix Real Estate Inventory Levels
TOTAL INVENTORY
Residential
58% fewer homes (160) than ten years ago.
The highest inventory during this period was 9/15/14 with 274 homes on the market.
Lowest inventory during this period was 9/15/21 with only
88 homes for sale.
Condominium
GIGANTIC decrease over the ten-year period!
Ten years ago, there were three times as many condominiums on the market (145) as were for sale on 9/15/23 (42).
The highest inventory during this period was 9/15/14, with 145 condominiums for sale.
The lowest inventory during this period was 9/15/22 with only 22 condos for sale.
Vacant Land
32% fewer lots (157) than ten years ago.
The highest inventory during this period was 9/15/16 with 535 lots on the market.
9/15/2022 is the lowest inventory of the ten-year period with only.
328 lots for sale.
INVENTORY BY PRICE RANGE
Residential
Under $200,000 listings (12%) are 23% lower than ten years ago as percentage of total inventory. Compared to last year, this segment decreased by 3%.
$200,000 to $400,000 listings (29%) have remained relatively constant over the 10-year period, varying from 24% of inventory (9/15/18) to 34% of inventory (9/15/14).
$400,000 to $600 listings (16%) are 6% higher compared to 10 years ago and the highest for this period. Lowest was 10% (9/15/14).
$600,000 to $800,000 listings (8%) are 1% higher than ten years ago.
$800,000 to $1,000,000 listings (4%) are the same as ten years ago. The highest percentage of the 10-year period was 11% (9/15/21).
Listings over $1,000,000 (33%) have more than doubled over the 10-year period. The lowest level was 9/15/14, at just 12% of total inventory, highest was 33% (9/15/23).
Condominium
Under $100,000 listings are currently only 2% of total condo listings, down from a high of 25% (9/15/14).
$100,000 to $200,000 listings (10%) decreased by 35% of total inventory when compared to 10 years ago. On 9/15/16, this price range represented 46% of the total condominium inventory.
$200,000 to $300,000 listings are at 31% of total inventory, more than double 10 years ago (14%).
$300,000 to $500,000 listings, at 43% of total inventory, have increased 32% compared to ten years ago. The lowest level was 11% on 9/15/14.
Listings over $500,000 represent 15% of the total condominium market, an increase of 11% compared to ten years ago.
Vacant Land
Under $50,000 listings (16%) are less than half of 10 years ago (35%). The highest percentage of total inventory (44%) was 9/15/17.
$50,000 to $100,000 listings (37%) have remained relatively constant over the 10-year period.
$100,000 to $300,000 listings (28%) have also remained relatively constant over the ten years. Lowest percentage was 9/15/17, at 22% of total land inventory.
Listings over $300,000 (19%) increased 8% when compared to ten years ago. The lowest levels were 2016 and 2017 when this segment of the market decreased to 9% of total land listings.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
September 2023
A Tale of Two Islands
St Croix and St Thomas Real Estate Sales
Ten Year Comparison Year to Date
Number of Sales
Residential
Residential sales on St Thomas
decreased 8% (5 homes) compared to ten years ago. On St Croix, the number of homes sold decreased 23% (26 homes) compared to ten years ago.
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Number of Homes Sold |
+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 |
(-13%) |
134 |
(-40%) |
70 |
Jan – Aug 2022 |
(-34%) |
88 |
(-11%) |
62 |
Jan – Aug 2023 |
Condominium sales increased 26% (18 condos) on St Thomas, compared to ten years ago. On St Croix, the number of condos sold
decreased 17% (14 condos), compared to ten years ago.
% increase
(decrease)
Year over year
St Croix
% increase
(decrease)
Year over year
St Thomas
Number of Condos Sold
+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
+2%
111
(-49%)
77
Jan – Aug 2022
(-39%)
68
+14%
88
Jan – Aug 2023
Vacant Land
Vacant land sales on St Thomas increased 50% (15 lots), compared to ten years ago. On St Croix, land sales increased 253% (76 lots) compared to ten years ago.
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Number of Lots Sold |
(-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 |
+58% |
126 |
+77% |
69 |
Jan – Aug 2021 |
+17% |
147 |
(-17%) |
57 |
Jan – Aug 2022 |
(-28%) |
106 |
(-21%) |
45 |
Jan – Aug 2023 |
Residential
Average Sales Price
The average St Thomas residential sales price increased 51% ($394,860) compared to ten years ago. On St Croix, the average home sales price increased 64% ($213,070) when compared to ten years ago.
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Average Home Sales Price |
+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% |
$896,493 |
Jan – Aug 2021 |
+47% |
874,628$ |
+20% |
1,078,479$ |
Jan – Aug 2022 |
(-38%) |
545,642$ |
+8% |
1,167,194$ |
Jan – Aug 2023 |
St Thomas Home Sales Prices
Lowest |
Highest |
|
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 |
Jan – Aug 2022 |
$80,000 |
$3,400,000 |
Jan – Aug 2023 |
$150,000 |
$4,500,000 |
St Croix Home Sales Prices
Lowest |
Highest |
|
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 |
Jan – Aug 2022 |
$55,000 |
$9,500,000 |
Jan – Aug 2023 |
$34,000 |
$3,200,000 |
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 83% higher ($405,000) compared to ten years ago. On St Croix, the median home sales price increased 21% ($63,500) when compared to ten years ago.
Median Home Sales Price
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Median Home Sales Price |
+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 |
+16% |
$562,000 |
+31% |
$875,000 |
Jan – Aug 2022 |
(-36%) |
$362,500 |
+2% |
$895,000 |
Jan – Aug 2023 |
Condominium
Average Sales Price
The average St Thomas condominium sales price increased 97% ($213,170) compared to ten years ago. On St Croix, average sales price increased 87% ($135,725) when compared to ten years ago.
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Average condo Sales Price |
(-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 |
(-1%) |
$283,594 |
+12% |
$380,683 |
Jan – Aug 2022 |
+3% |
$291,081 |
+14% |
$432,682 |
Jan – Aug 2023 |
St Thomas Condominium Sales Prices
Lowest |
Highest |
|
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 |
Jan – Aug 2022 |
$65,000 |
$1,600,000 |
Jan – Aug 2023 |
$77,000 |
$1,193,000 |
St Croix Condominium Sales Prices
Lowest |
Highest |
|
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 |
Jan – Aug 2022 |
$69,000 |
$1,000,000 |
Jan – Aug 2023 |
$98,000 |
$627,500 |
Compared to ten years ago, the median condominium sales price increased 142% ($235,000) on St Thomas and 118% ($140,875) 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 |
(-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 |
(-4%) |
$249,500 |
+12% |
$325,000 |
Jan – Aug 2022 |
+4% |
$260,000 |
+23% |
$400,000 |
Jan – Aug 2023 |
Vacant Land
Average Sales Price
The average St Thomas land sales price increased 115% ($124,867) compared to ten years ago. On St Croix, average land sales price increased 195% ($84,824) compared to ten years ago.
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Average lot Sales Price |
+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 |
+1% |
$128,249 |
+27% |
$233,224 |
Jan – Aug 2022 |
(-6%) |
$120,021 |
+39% |
$325,003 |
Jan – Aug 2023 |
St Thomas Land Sales Prices
Lowest |
Highest |
|
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 |
Jan – Aug 2022 |
$30,000 |
$2,500,000 |
Jan – Aug 2023 |
$65,000 |
$2,800,000 |
St Croix Land Sales Prices
Lowest |
Highest |
|
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 |
Jan – Aug 2022 |
$20,000 |
$2,150,000 |
Jan – Aug 2023 |
$5,000 |
$2,100,000 |
Median Land Sales Price
On St Thomas, the median lot sales price increased 111% ($94,500) compared to ten years ago. On St Croix, the median lot sales price increased 52% ($21,500) compared to ten years ago.
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Median Lot Sales Price |
+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 |
+25% |
$64,000 |
+5% |
$125,000 |
Jan – Aug 2022 |
(-6%) |
$60,000 |
+44% |
$179,500 |
Jan – Aug 2023 |
Total Market (Millions)
The St Thomas total residential market increased 40% ($20.7 million) compared to ten years ago. On St Croix, total residential market increased 27% ($10.1 million) compared to ten years ago.
Residential
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Number of Homes Sold |
+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 |
+130% |
$117.2 |
(-14%) |
$75.5 |
Jan – Aug 2022 |
(-59%) |
$48.0 |
(-4%) |
$72.4 |
Jan – Aug 2023 |
The St Thomas total condominium market increased 147% ($22.7 million) compared to ten years ago. On St Croix, the total condominium market increased 56% ($7.1 million) compared to ten years ago.
Condominium
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Number of Condos Sold |
+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 |
+1% |
$31.5 |
(-43%) |
$29.3 |
Jan – Aug 2022 |
(-37%) |
$19.8 |
+30% |
$38.1 |
Jan – Aug 2023 |
The St Thomas total land market increased 284% ($10.8 million) compared to ten years ago. On St Croix, total land market increased 429% ($10.3 million) compared to ten years ago.
Vacant Land
% increase (decrease) Year over year |
St Croix |
% increase (decrease) Year over year |
St Thomas |
Number of Lots Sold |
+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 |
(-1%) |
$18.8 |
+5% |
$13.3 |
Jan – Aug 2022 |
(-32%) |
$12.7 |
+10% |
$14.6 |
Jan – Aug 2023 |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
August 2023
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 2014), there was a 1.4 year supply of homes and a 1.4 year supply of condominiums on the market.
Home inventory has increased while condominium inventory has depleted.
There is now a 2 year supply of homes (an increase of 1.4 years compared to last year) and a 4 month (0.3 year) supply of condominiums in this quarter, the same as last year.
Average Sales Price
Average home sales price ($1,080,000) decreased $302,492 (22%) since last year ($1,382,492), the highest of this 10-year period.
At $448,572, condominium average sale price is the highest of this 10-year period, a $67,072 (18%) increase over last year ($381,500).
East End A
Christiansted east to Coakley Bay
Inventory
Nine years ago (July 2014), there was a 2-year supply of homes and a 3.8 year supply of condominiums on the market.
Inventory decreased by about 11 months for homes, to a 1.1 year supply, an increase of 7 months compared to last year.
Inventory decreased by 3 years for condominiums, to a 10 month (0.8 year) supply, an increase of 6-months compared to last year.
Average Sales Price
Average residential sale price ($1,094,289) is 166% higher than nine years ago ($410,596) and $30,823 (3%) lower than last year ($1,125,112), the highest of the 10-year period.
Condominium average sale price ($331,500) is 52% higher than nine years ago ($217,938) and the highest of the 10-year period.
Company
Christiansted west to east side of Judiths Fancy
Inventory
Nine years ago (July 2014), there was a 1.9-year supply of homes and a 1.8 year supply of condominiums on the market.
Residential inventory decreased by about 11 months, to a 1-year supply of homes, an increase of 6 months compared to last year.
Condominium inventory decreased by 1.2 years, to a 7-month supply of condominiums for sale, an increase of 2 months compared to last year.
Average Sales Price
Average home sale price increased 86% ($191,318), from $221,182 in 2014 to $412,500 for the 12 months ending July 2023.
The highest average home sales price ($453.731) was for the 12-month period ending July 2021
Average condominium sale price increased 97% ($111,883), from $114,859 nine years ago to $226,742 for the 12 months ending July 2023.
Queen
Constitution Hill west to La Reine, includes southwest Judiths Fancy
Inventory
Nine years ago (July 2014), there was a 2.7-year supply of homes and a 1.1-year supply of condominiums on the market.
Home inventory decreased by 1.9 years, to a 10-month (0.8 year) supply, over the ten-year period and the same as the previous year.
Condominium inventory decreased by 7 months over the 10-year period, to a 6-month supply for the 12 months ending July 2023, a 2-month increase over the previous period.
Average Sales Price
Average residential sale price increased 41% ($117,313) over the ten-year period, from $288,288 in 2014 to $405,578 for the 12 months ending July 2023. Residential sales price decreased $99,938 (20%) since last year.
Average condo sale price increased 121% ($97,495) over the ten-year period, from
$80,592 in 2014 to $178,087 for the 12 months ending July 2023, nearly identical to the previous period.
Northside A & B
North shore from north Judiths Fancy west to Hamms Bluff
Inventory
Nine years ago (July 2014), there was a 1.5-year supply of homes and a 2.4-year supply of condominiums on the market.
Residential inventory increased by about 2 months, to an 8-month supply of homes.
Condominium inventory decreased by 1.9 years, to a 6-month supply of condominiums in this quarter, about 2 months more than last year.
Average Sales Price
Average home sale price ($1,015,273) increased by $503,314 (98%), compared to nine years ago ($511,959). Average home sale price decreased $252,546 (20%) since last year ($1,267,819).
Average condominium sales price increased $276,568 (115%) over the ten-year period, from $239,700 for the 12 months ending July 2014 to $516,268 for the 12 months ending July 2023, the highest average sale price of the 10-year period, an increase of $160,868 (45%) compared to last year ($355,400).
King
South shore from La Reine west to UVI
Inventory
Nine years ago (July 2014), there was a 3.4-year supply of homes.
There are no condominiums in King Quarter.
Residential inventory decreased 2 years, compared to nine years ago, to 1.4 years of inventory for the 12 months ending July 2023, the same as the previous year.
Average Sales Price
Average home sale price increased $98,728 (77%) over the ten-year period, from $128,000 for the 12 months ending July 2014 to $226,728 for the 12-months
ending July 2023. Average home sale price decreased $71,972 (24%) compared to last year ($298,700).
Prince
South shore from UVI west to Williams Delight
Inventory
Nine years ago (July 2014), there was a 2.7-year supply of homes and a 4.3-year supply of condominiums on the market.
Residential inventory decreased by 1.7 years, to a 1-year supply of homes, an increase of 2-months compared to the previous year (10 months).
Condominium inventory decreased 3 years to a 4-month supply, an increase of 1 month compared to the previous year.
Average Sales Price
Homes saw a sales price increase of $65,636 (32%) when compared to nine years ago, from $207,444 for the 12 months ending July 2014 to $273,080
for the 12 months ending July 2023. Average homes sale price decreased $144,391 (35%) compared to last year ($417,471).
Condominiums experienced a $219,665 (138%) increase in average sale price over the ten-year period, from $159,333 for the 12 months ending July 2014 to
$378,998 for the 12 months ending July 2023.
Average condo sales price increased $18,543 (5%) since last year
West End
South from Mahogany Road, East to Williams Delight
Inventory
Nine years ago (July 2014), there was a 4.2-year supply of homes and a 3-year supply of condominiums on the market.
Over the ten-year period, residential inventory decreased 3.2 years, to a 1-year supply of homes for the 12 months ending July 2023, a decrease of 5 months compared to the previous year.
Condominium inventory decreased by 2.4 years, to a 7-month supply for the 12 months ending July 2023, a decrease of 7 months compared to the previous year.
Average Sales Price
Average home sale price increased $172,949 (86%) over the ten-year period, from $201,625 for the 12 months ending July 2014 to $374,574 for the
12 months ending July 2023, a $2,739 (1%) increase over last year ($371,835).
Average condominium sale price increased $25,550 (28%) over the ten-year period, from $92,450 for the 12 months ending July 2014 to $118,000
for the 12 months ending July 2023, a $154,317 (43%) decrease over the previous year ($272.317).
Conclusion
Over the ten year period, average home sale prices increased to more than
$1 Million in these quarters:
In the other five quarters, home sales prices were one half to one third the average of the east end and the north shore home sale prices:
Condominium sales prices were more consistent, with a $398,268 difference between the highest average price (Northside A & B at $516,268) and the lowest.
(West End at $118,000)
Both home and condo inventories are increasing, except for Queen and King Quarters with unchanged home inventory and West End with a 5-month reduction of home inventory. For condos, East End B showed no change in inventory levels, West End experienced a 7-month reduction in condo inventory, all other quarters saw a slight increase in inventory.
All quarters have less than a one-year inventory of condos, only Queen Quarter has less than a one-year inventory of homes.
Only Company and West End Quarters saw an increase in average home sale prices. Average home sale prices decreased in all other quarters.
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
July 2023
15 year look at the St Croix Real Estate Market for the 12 month period ending 30 June
St Croix real estate market boom cycle is over.
Previous St Croix real estate market boom was July 2005 / June 2006,
then thirteen years of slow recovery
Total number of properties sold
· Residential – During the past 12 months, the number of homes sold (147) is near the average number of homes sold per year for the 15-year period (149) and significantly lower than the previous seven 12-month periods, with the exception of 2019 / 2020. Currently there are 131 active home listings and 42 pending home sales, a 24% pending rate.
· Condominiums – During the past 12 months, the number of condominiums sold (105) was slightly higher than the average number of condos sold per year for this 15-year period (95). Compared to the previous period (163 sales) this is a 36% decrease in the number of condos sold. Current inventory level is 48 active and 19 pending condominiums, a 28% pending rate.
· Land – Number of lots sold (175) during the past 12 months is significantly higher than the average number of lots sold per year for the 15 year period (113). Compared to the previous 12-month period (218 lots), this is a 20% decrease in number of lots sold. In this category there is plenty of inventory with 341 active lot listings and 43 pending lot sales, an 11% pending rate.
Average sales price
· Residential – Average home sales price decreased 25% ($187,530) compared to the previous 12-month period to $577,759 from $765,289. The 2022 / 2023 average is 31% higher than the average sales price for the 15-year period ($441,136)
· Condominiums – Average condominium sales price ($307,043) is the highest of the 15-year period, exceeded the previous period (2021/2022) by 14%!
· Land – Average lot sales price ($126,444) is the highest of the 15-year period, exceeding the average for this period ($84,904) by 49% ($41,540).
Total Market
Number of properties sold x Average sales price
· Residential – Huge market readjustment! Total residential market declined 50% when compared to the previous 12 months, from $166.8 Million for 2021/2022 to $84.9 Million. The 2022/2023 period did however exceed the 15-year average housing market ($67.9 Million) by $17 Million (25%).
· Condominiums – The past 12 months’ sales ($32.2 Million) represent a $13.7 Million (30%) decrease from the 2021/2022 period ($45.9 Million). The 2022/2023 period exceeded the 15-year average condo market ($20.6 Million) by $11.6 Million (44%).
· Land – The past 12 months sales ($22.1 Million) represent a $4.6 Million (17%) decrease from the 2021/2022 period ($26.7 Million). The 2022/2023 period exceeded the 15-year average land market ($10.5 Million) by $11.6 Million (44%).
Conclusion
Compared to 15 years ago, the total St Croix real estate market increased 67%, from $83.6 Million
(July 2008 to June 2009) to $139.2 million
(July 2022 to June 2023)
An average of 4.5% growth per year
Compared to the previous 12-month period, total
St Croix real estate sales decreased by $100 million (42%) from $239.4 Million to $139.2 Million.
The St Croix real estate market boom has ended,
the market is readjusting.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
June 2023
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.
BIG changes in sellers expectations!
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 11% of inventory. 15% of home sales on St Croix over the past 12 months were for $200,000 or less; 11% of inventory accounted for 15% of all sales.
· The second tier ($200,000 to $400,000) has consistently accounted for about 30% of inventory except for 2020 and 2021, when this segment declined to 21% of inventory. This segment has now returned to 29% of inventory. 35% of St Croix home sales over the past 12 months were between $200,000 and $400,000; 29% of inventory accounted for 35% of sales.
· Homes listed for more than $400,000 account for 60% of the inventory, an increase of 24% over the decade. During the past 12 months, this price range accounted for 50% of all homes sold.
· Homes listed for more than $1,000,000 increased to 26% of the inventory (42 homes), from just 11% a decade ago. During the past 12 months, this price range accounted for 14% (22 homes) of the total 158 homes sold. 26% of the inventory accounted for just 14% of home sales.
Condominium
· The lowest price range (under $100,000) was 30% of condominium inventory 10 years ago; by May 2023 there were no condominiums for sale for less than $100,000. 5% of condominium sales (5 condos) on St Croix over the past 12 months were for $100,000 or less.
· The second tier ($100,000 to $200,000) consistently included 40% of the inventory until 2019. In May 2023 this segment was 19% (one fifth) of total condominium inventory. 28% of all sales over the past 12 months were between $100,000 and $200,000. 19% of inventory accounted for 28% of condominium sales.
· Condominiums listed for more than $200,000 increased to 81% of inventory, compared to only 30% of condo inventory 10 years ago. 67% of the 108 condominiums sold over the past 12 months were sold for more than $200,000. 81% of inventory accounted for 67% of Condominium sales.
Land
· The lowest price range (under $50,000) decreased by 17%, compared to 10 years ago, from 33% to 16% of total inventory. 16% of inventory accounted for 40% of sales (69 lots) over the past 12 months.
· The middle tier ($50,000 to $300,000) accounted for 57% of land inventory 10 years ago. In May 2022, this segment accounted for 62%, very little change. 54% of all land sales on St Croix (94 lots) over the past 12 months were between $50,000 and $300,000.
· Lots listed for more than $300,000 increased 12%, compared to 10 years ago, from 10% to 22% of total listing inventory. 6% of land sales on St Croix over the past 12 months (11 parcels) were sold for more than $300,000. 22% of inventory accounted for 6% of sales over the past 12 months.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
May 2023
Inventory Levels and Sales Projections
May Inventory Levels
10 Year Review
Residential
Residential inventory peaked in 2016 with 262 homes for sale and declined through 2022. Current inventory of 115 homes for sale is 44% of the number of homes for sale in 2016.
Condominium
Condominium inventory peaked in 2014 with 171 condominiums for sale and declined through 2022. Condominium inventory reduction is even greater; current inventory of 38 condos is just 22% of 2014 condominium inventory.
Land
Land inventory peaked in 2016 / 2017 with 544 lots for sale and slowly declining through 2023. Current inventory of 324 lots is 60% of the 2016 / 2017 inventory.
May Pending Sale Levels
10 Year Review
Residential
May 2023 residential pending sales (51) are nearly identical to the number of pending residential sales 10 years ago (50). The average number of pending residential sales over the 10 year period is 69; the May 2023 number of pending sales (51) is 74% of the 10 year average.
Condominium
May 2023 condominium pending sales (23) are slightly lower than 10 years ago (25). Current pending condominium sales (23) are 77% of the 10 year average of 30 pending condominium sales.
Land
May 2023 pending land sales (55) are more than double pending contracts 10 years ago (20). Current pending land sales (55) are 122% of the 10 year average of 45 pending land sales in May.
2023 Sales Predictions
Using the assumption that the first 4 months of 2023 is a valid predictor for the entire year.
Residential
The first four months home sales predict 120 home sales during 2023; pending contracts predict 153 home sales during 2023. Inventory levels of 115 homes on the market suggest the lower number to be more likely.
Condominium
The first four months condominium sales predict 87 condominium sales during 2023; pending contracts predict 69 condominium sales during 2023. Inventory levels of only 38 condominiums on the market suggest the lower number to be more likely.
Land
The first four months land sales predict 147 land sales during 2023; pending contracts predict 165 land sales during 2023. With ample land inventory and dwindling home and condo inventory, it is entirely possible there will be 165 land sales during 2023, a 19% reduction from the number of lots sold (203) during 2022.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
April 2023
1st Quarter Sales as Predictor for the full year
2022 was the 15th 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.
The St Croix real estate market made a strong recovery, is now beginning to show signs of contraction.
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
15 year period:
· Residential inventory peaked in 2012, with 340 homes for sale, then steadily declined each year to the low point of only 85 homes for sale in 2022. Residential inventory is now increasing, slowly.
· Condominium inventory peaked in 2010, with 265 condominiums for sale, then steadily declined each year to the low point of only 46 condos on the market in 2019, inventory increased slightly in 2020 and 2021. The 2022 level of only 14 condominiums for sale has nearly tripled but continues at a very low level of only 38 condos on the market during the 1st quarter of 2023.
· Land inventory also peaked in 2010, at 610 lots for sale. Until 2020, land inventory was between 566 lots for sale and 443 lots for sale. For the past three years, 1st quarter land inventory has been in the low to mid-300 lot range.
Residential Sales & 2023 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. The 2020 1st quarter sales prediction of only 104 home sales for the year underestimated the actual number (167) by 61%. The 2021 prediction of 172 home sales was 27% low, actual number of sales was 219. The 2022 prediction was only 12% (20 homes) low. The 2023 1st quarter prediction of 120 home sales annually is 37% lower than actual 2022 home sales of 192.
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 and 2022 1st quarter average sales price over-predicted annual average sales price by 12% to 15%. The 2023 1st quarter prediction of $570,767 predicts a 26% decrease in average home sales price for 2023.
Here is the prediction for 2023 overall:
· Total number of homes sold will be as predicted, around 120 homes.
· Average sales price will most likely be in the $600,000 range.
Condominium Sales & 2023 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. 2021 and 2022 were record-breaking years with 162 and 140 condominium sales respectively. First quarter 2023 condominium sales predict only 82 condominium sales during 2023.
1st quarter average sale price has, in most cases, been fairly close, with the exception of 2009.
Here is the prediction for 2023 overall:
· Total number of condominiums sold will be under 100, probably about the same as 2020.
· Average sales price will most likely be in the high $200,000 range.
Land Sales & 2023 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 underestimated actual (192) by 37%. The 2022 prediction was close. The 2023 1st quarter figure predicts only 136 lot sales during 2023.
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 and 2022 predicted average lot sale price were about 17% and 23% low respectively. The 2023 1st quarter prediction is $102,515.
Here is the prediction for 2023 overall:
· Total number of lots sold will be slightly under 200.
· The 2023 average lot sales price will be in the $100,000 range.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
March 2023
Home Sales
St Thomas vs St Croix
A 19 Year Look
Total Number of Properties Sold
· Over the 19 year period, more homes sold every year on St Croix than on St Thomas.
· Over the 19-year period, the highest number of homes sold was in 2021 for St Croix with 219 home sales and 2018 for St Thomas with 133 home sales; 2021 was nearly the same, with 132 home sales on St Thomas.
· During 2022, 102 more homes were sold on St Croix than on St Thomas.
· Over the 19-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.
Average Sales Price
· For the past 19 years, the annual average home sale price on St Thomas has exceeded that of St Croix.
· For 2022, the average St Thomas home sale price was 109% higher, at $1,059,152, than the 2004 average sales price ($507,000).
· The average annual home sale price on St Croix for 2022 was also 109% higher, at $771,242, than the 2004 average home sale price ($368,248).
· For 2022, the average sale price of a home on St Croix ($771,242) was 73% of the average sales price of a home on St Thomas ($1,059,152).
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 19-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 2022, the total St Croix residential market exceeded the total St Thomas residential market by about $52.8 Million.
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin Team Manager
February 2023
The St Croix Real Estate Cycle
An 19 Year Look
2022 Was another Record Setting Year for Home Sales, Land Continues to Rebound
Total Number of Properties Sold
· The number of homes sold on St Croix during 2022 (192) is only 8 homes higher than during 2004, 19 years ago. The 2022 average home sale price ($771,242) was more than double the 2004 average home sale price ($368,248)
· There were 140 condominium sales on St Croix during 2022, exceeded only by 2004 (185 condos sold), 2005 (208 condos sold), 2006 (162 condos sold), and 2021 (162 condos sold).
· There were 203 lot sales in 2022, the highest number of sales since 2008.
Average Sales Price
· At $771,242, the average 2022 home sales price was extraordinary, exceeding last year’s record setting average of $618,943 by $152,299!
· The 2022 average condominium sales price ($284,681) is also the highest of this 19-year period, exceeding the next highest price of $279,013 (2021) by $5,668.
· The average 2022 lot sales price ($134,042) is exceeded only by 2008, with an average lot sales price of $155,357.
Total Market in Millions of Dollars
· The 2022 total residential market ($148.1 million) exceeded last year ($135 million), the next highest, by $13.1 million.
· The 2022 total condominium market ($39.9 million) fell $5.3 million short of 2021’s record setting $45.2 million.
· The 2022 total land market ($27.2 million) is the best performance we have seen since 2008 ($34.8 million).
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
January 2023
10 Year St Croix Home Sales Price Trends
The average sales price of a home on St Croix increased $452,795 over the
10-year period; this is a 142% increase.
Total number of homes sold increased 61% (73 homes) since 2013.
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 228% ($1,029,313 increase).
The number of homes sold in a year increased by 4 homes, compared to 9 years ago.
21 homes sold in 2013, 25 homes sold in 2022.
East End A
Christiansted East to Coakley Bay
Compared to 9 years ago, the average sales price of a home increased 212%
($815,511 increase).
The number of homes sold in a year increased by 10 homes, compared to 9 years ago;
23 homes sold in 2013, 33 homes sold in 2022
Company
Christiansted West to the East Side of Judiths Fancy
Compared to 9 years ago, the average sales price of a home increased 40% ($114,329 increase).
The number of homes sold in a year increased by 2 homes, compared to 9 years ago,
from 17 home sales in 2013 to 19 home sales in 2022.
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Compared to 9 years ago, the average sales price of a home increased 58%
($170,829 increase).
The number of homes sold in a year doubled, from 22 homes sold in 2013 to 44 home sales in 2022.
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 261% ($958,542 increase).
The number of homes sold in a year more than doubled.
7 homes sales closed in 2013, 17 home sales closed in 2022.
King
South Shore from La Reine West to UVI
Compared to 9 years ago, the average sales price of a home increased 42%
($68,355 increase).
More than twice as many homes closed in 2022 (10), compared to 2013
(4 home sales).
Prince
South Shore from UVI West to Williams Delight
Compared to 9 years ago, the average sales price of a home increased 35%
($104,394 increase).
Three times as many homes sold in 2022 (17) compared to
2013 (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 210%
($298,212 increase).
The number of homes sold in a year increased by 6 homes, compared to 9 years ago; from 14 homes sales in 2013 to 20 homes sales in 2022.
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 are consistently much lower than the island wide “average” home sales price:
· King
Center island and west end average home sales prices are about “average”:
· Company
· Queen
· Prince
· West End
More homes sold in all quarters during 2022, when compared to 2013.
Compared to 2021, the island wide average home sale price increased 25%.
All quarters experienced increased average sales prices.
Compared to 2013, all quarters experiences higher average home sale prices during 2022.
December 2022
Ten Year 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 2022, there were 16 active and 3 pending home sales in East End B, with 27 home sales in the previous 12 months, for a 0.7-year supply of homes for sale
[16 + 3] / 27 = 0.7 Years or 8 months
East End B
Far East End
Residential
Compared to 9 years ago, home inventory decreased by 1.2 years;
average sales price has more than tripled; from $461,500 to $1,435,148.
Compared to last year, average time on the market increased slightly, by 1.2 months;
average sales price increased 51% (from $949,238 to $1,435,148)
Condominium
Compared to 9 years ago, condominium inventory decreased by 1.7 years; average sales price increased 78%, from $244,658 to $436,276
Compared to last year, average time on the market is unchanged at about 2 months;
average sales price increased 9% (from $398,645 to $436,276)
Vacant Land
Compared to 9 years ago, land inventory decreased by 4 years,
from 6 years to 2 years;
average sales price increased 97% (from $70,059 to $138,051)
Compared to last year, land inventory decreased by 1.3 years;
average sales price decreased 21% (from $173,668 to $138,051)
East End A
Christiansted East to Coakley Bay
Residential
Compared to 9 years ago, home inventory decreased 1.9 years,
from 2.5 years to 0.6 years;
average home sale price increased 191%; from $417,060 to $1,213,621.
Compared to last year, residential inventory decreased by about 4 months;
average sales price increased 46% (from $831,653 to $1,213,621)
Condominium
Compared to 9 years ago, condominium inventory decreased by 10.6 years
(from 10.7 years to 1 month);
average condominium sales price increased 14% (from $248,000 to $283,556)
Compared to last year, condominium inventory decreased by 2 months;
average sales price decreased 9% (from $310,978 to $283,556)
Vacant Land
Compared to 9 years ago, land inventory decreased by 3.1 years,
from 5.3 years to 2.2 years;
average lot sales price doubled (from $62,562 to $124,992)
Compared to last year, land inventory is unchanged at 2.2 years;
average lot sales price decreased 2% (from $127,931 to $124,992)
Company
Christiansted West to the East Side of Judiths Fancy
Residential
Compared to 9 years ago, residential inventory decreased 2 years;
average home sales price increased 35% (from $298,529 to $402,350)
Compared to last year, residential inventory increased by 2 months;
average home sales price decreased 18% (from $487,337 to $402,350)
Condominium
Compared to 9 years ago, condominium inventory decreased 3.1 years (from 3.5 years to 5 months);
average sales price increased 116% (from $107,579 to $231,848)
Compared to last year, condominium inventory decreased by 5 months;
average sales price increased 8% (from $215,059 to $231,848)
Vacant Land
9 years ago, no lot sales were reported in Company Quarter, inventory is now 1.4 years;
average lot sales price for the past 12 months is $96,620
Compared to last year, land inventory decreased by 11 months,
average sales price increased 3% (from $94,094 to $96,620)
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Residential
Compared to 9 years ago, residential inventory decreased by 1.5 years
(from 2.2 years to 0.7 years);
average sales priced increased 74% (from $288,552 to $500,948)
Compared to last year, residential inventory decreased by 2 months;
average sales price increased 15% (from $435,593 to $500,948)
Condominium
Compared to 9 years ago, condominium inventory decreased by
2.7 years (from 3.1 years to 5 months);
average condominium sales price increased 68% (from $103,429 to $173,769)
Compared to last year, condominium inventory decreased by 2 months;
average sales price increased 4% (from $166,412 to $173,769)
Vacant Land
Compared to 9 years ago, land inventory decreased by
7.5 years (from 9.1 years to 1.6 years);
average lot sales price increased 164% (from $47,400 to $125,100)
Compared to last year, land inventory increased by 6 months;
the average lot sales price increased 75% (from $71,588 to $125,100)
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Residential
Compared to 9 years ago, residential inventory decreased by 7.3 years;
average home sales price increased 259% (from $362,900 to $1,302,389)
Compared to last year, residential inventory decreased by 4 months;
average home sales price increased 51% (from $860,104 to $1,302,389)
Condominium
Compared to 9 years ago, condominium inventory decreased by
7 months (from 1.4 years to 10 months);
average sales price increased 58% (from $227,200 to $358,375)
Compared to last year, condominium inventory increased by 8 months;
average sales price decreased 9%, from $328,489 to $358,375.
Vacant Land
Compared to 9 years ago, land inventory decreased by
16.1 years (from 19.3 years to 3.2 years);
average lot sales price increased 169% (from $51,333 to $137,952)
Compared to last year, land inventory increased by 1 year;
average lot sales price decreased 36% (from $216,458 to $137.952)
King
South Shore from La Reine West to UVI
Residential
Compared to 9 years ago, residential inventory decreased by
10.1 years (from 12 years to 1.9 years);
average home sales price increased 95% (from $103,500 to $201,850)
Compared to last year, residential inventory increased by
1.2 years (from 8 months to 23 months);
average residential sales price decreased 18% (from $246,545 to $201,850)
Condominium
There are no condominium complexes in King Quarter
Vacant Land
Compared to 9 years ago, land inventory decreased by 11 months,
From 2.8 years to 1.9 years;
Average lot sales price increased 310% (from $36,300 to $148,878)
Compared to last year, land inventory decreased by
4 months (from 2.2 years to 1.9 years);
average lot sales price increased 46% (from $101,615 to $148,878)
Prince
South Shore from UVI West to Williams Delight
Residential
Compared to 9 years ago, residential inventory decreased by
2.1 years (from 2.7 years to 7 months);
average residential sales price increased 37% (from $289,167 to $395,221)
Compared to last year, residential inventory decreased by 7 months;
average residential sales price increased 31% (from $300,886 to $395,221)
Condominium
Compared to 9 years ago, condominium inventory decreased by 2.2 years, from 2.4 years to 2 months;
Average condominium sales price increased 131% (from $158,900 to $367,272).
Compared to last year, condominium inventory decreased by 5 months
average condominium sale price increased 27% (from $288,375 to $367,272)
Vacant Land
Compared to 9 years ago, land inventory decreased by
8.4 years (from 10.2 years to 1.8 years);
average lot sales price increased 3% (from $113,583 to $117,040)
Compared to last year, land inventory decreased by 4 months;
average lot sales price increased 45% (from $80,833 to $117,040)
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Residential
Compared to 9 years ago, residential inventory decreased by 1.5 years
(from 2.9 years to 1.4 years);
average home sale price increased 227%, from $142,200 to $464,953)
Compared to last year, residential inventory increased by 11 months;
average home sale price increased 1% (from $462,055 to $464,953)
Condominium
Compared to 9 years ago, condominium inventory decreased by 11 months (from 1.3 years to 5 months)
average condominium sales price decreased 17% (from $145,000 to $120,980)
Last year, there was no condominium inventory in West End Quarter, this year there is a 5 month inventory;
average condominium sales price decreased 51%, from $244,375 to $120,980.
Vacant Land
Compared to 9 years ago, land inventory decreased by 4.1 years,
from 5.6 years to 1.5 years;
average lot sales price increased 182% (from $50,082 to $141,315)
Compared to last year, land inventory decreased by 1.8 years;
average lot sales price increased 74% (from $81,306 to $141,315)
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
November 2022
Which St Croix Price Ranges are Selling?
First 10 months of 2018 through 2022
(units for sale represent a running average )
Residential
2018
166 home sales closed January through October; there were 143 homes for sale
1.16 buyers for every seller
2019
162 home sales closed January through October; there were 218 homes for sale
0.74 buyers for every seller
2020
136 home sales closed January through October; there were 129 homes for sale
1.05 buyers for every seller
2021
183 home sales closed January through October; there were 90 homes for sale
2.03 buyers for every seller
2022
157 home sales closed January through October; there were 96 homes for sale
1.64 buyers for every seller
Condominium
2018
94 condominium sales closed January - October; there were 47 condos for sale
2 buyers for every seller
2019
116 condominium sales closed January - October; there were 73 condos for sale
1.59 buyers for every seller
2020
71 condominium sales closed January - October; there were 78 condos for sale
0.91 buyers for every seller
2021
131 condominium sales closed January - October; there were 26 condos for sale
5.04 buyers for every seller
2022
127 condominium sales closed January - October; there were 30 condos for sale
4.23 buyers for every seller
Vacant Land
2018
90 land sales closed January through October; there were 445 lots for sale
0.20 buyers for every seller
2019
118 land sales closed January through October; there were 511 lots for sale
0.23 buyers for every seller
2020
112 land sales closed Janua5ry through October; there were 391 lots for sale
0.29 buyers for every seller
2021
158 land sales closed January through October; there were 373 lots for sale
0.42 buyers for every seller
2022
175 land sales closed January through October; there were 336 lots for sale
0.52 buyers for every seller
SALES BY PRICE RANGE
Residential
2022 % of Sales |
2022 Sales |
2021 % of Sales |
2021 Sales |
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
Sales Price |
%11 |
18 |
%16 |
30 |
32% |
44 |
36% |
59 |
40% |
66 |
Under $200K |
%25 |
33 |
%25 |
45 |
29% |
39 |
28% |
46 |
28% |
46 |
$200K - $400K |
%21 |
33 |
%17 |
31 |
16% |
22 |
15% |
25 |
19% |
31 |
$400K - $600K |
%10 |
16 |
%19 |
34 |
10% |
14 |
9% |
14 |
8% |
13 |
$600K - $800K |
%8 |
13 |
%11 |
21 |
2% |
3 |
6% |
10 |
3% |
5 |
$800K - $1 Million |
%28 |
44 |
%12 |
22 |
10% |
14 |
5% |
8 |
3% |
5 |
Over $1 Million |
Condominium
2022 % of Sales |
2022 Sales |
2021 % of Sales |
2021 Sales |
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
Sales Price |
%6 |
8 |
%2 |
2 |
7% |
5 |
19% |
22 |
14% |
13 |
Under $100K |
%23 |
29 |
%27 |
36 |
31% |
22 |
37% |
43 |
46% |
43 |
$100K - $200K |
%31 |
40 |
%33 |
43 |
37% |
26 |
22% |
26 |
24% |
23 |
$200K - $300K |
%35 |
45 |
%31 |
41 |
22% |
16 |
18% |
21 |
15% |
14 |
$300K - $500K |
%4 |
5 |
%7 |
9 |
3% |
2 |
3% |
4 |
1% |
1 |
Over $500K |
Vacant Land
2022 % of Sales |
2022 Sales |
2021 % of Sales |
2021 Sales |
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
Sales Price |
%39 |
68 |
%41 |
65 |
74% |
83 |
62% |
73 |
64% |
58 |
Under $50K |
%30 |
53 |
%32 |
50 |
12% |
13 |
20% |
24 |
18% |
16 |
$50K - $100K |
%23 |
41 |
%23 |
36 |
10% |
11 |
17% |
20 |
16% |
14 |
$100K - $300K |
%7 |
13 |
%4 |
7 |
4% |
5 |
1% |
1 |
2% |
2 |
Over $300K |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
October 2022
St Croix Real Estate Inventory Levels
TOTAL INVENTORY
Residential
68% fewer homes (190) than ten years ago.
Highest inventory during this period was 9/15/13 with 288 homes on the market
Lowest inventory during this period was 9/15/21 with only
88 homes for sale.
Condominium
GIGANTIC decrease over the ten-year period!
Ten years ago, there were nine times as many condominiums on the market (198) as were for sale on 9/15/22 (22).
Highest inventory during this period was 9/15/13, with 198 condominiums for sale.
Vacant Land
35% fewer lots (174) than ten years ago.
9/15/2022 is the lowest inventory of the ten-year period with only
328 lots for sale.
INVENTORY BY PRICE RANGE
Residential
Under $200,000 listings (14%) are 52% lower than ten years ago as percentage of total inventory. Compared to last year, this segment increased by 3%.
$200,000 to $400,000 listings (31%) have remained relatively constant over the 10-year period, varying from 24% of inventory (9/15/18) to 34% of inventory (9/15/14).
$400,000 to $600 listings (16%) are the same as 10 years ago and the highest for this period. Lowest was 10% (9/15/14).
$600,000 to $800,000 listings (10%) are 2% higher than ten years ago.
$800,000 to $1,000,000 listings (7%) are 1% higher than ten years ago. The highest percentage of the 10-year period was 11% (9/15/21).
Listings over $1,000,000 (22%) have doubled over the 10-year period. Lowest level was 9/15/13, at just 11% of total inventory, highest was 32% (9/15/21).
Condominium
Under $100,000 listings are currently only 2% of total condo listings, down from a high of 29% (9/15/13).
$100,000 to $200,000 listings (23%) decreased by 20% of total inventory when compared to 10 years ago. On 9/15/16, this price range represented 46% of the total condominium inventory.
$200,000 to $300,000 listings are at 30% of total inventory, 3% less than last year and 13% higher than 10 years ago (17%).
$300,000 to $500,000 listings, at 32% of total inventory, have increased 25% compared to ten years ago. Lowest level was just 7% on 9/15/13.
Listings over $500,000 represent 13% of the total condominium market, an increase of 7% compared to last year.
Vacant Land
Under $50,000 listings (18%) are half of 10 years ago (36%). The highest percentage of total inventory (44%) was 9/15/17.
$50,000 to $100,000 listings (32%) have remained relatively constant over the 10-year period
$100,000 to $300,000 listings (28%) have also remained relatively constant over the ten years. Lowest percentage was 9/15/17, at 22% of total land inventory.
Listings over $300,000 (22%) increased 13% when compared to ten years ago. Lowest levels were 2013, 2016, and 2017 when this segment of the market decreased to 9% of total land listings.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
September 2022
A Tale of Two Islands
St Croix and St Thomas Real Estate Sales
Ten Year Comparison Year to Date
Number of Sales
Residential
Residential sales on St Thomas increased 52% (24 homes) compared to ten years ago. On St Croix, the number of homes sold increased 63% (52 homes) compared to ten 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 |
(-13%) |
134 |
(-40%) |
70 |
Jan – Aug 2022 |
Condominium
Condominium sales increased 48% (25 condos) on St Thomas, compared to ten years ago. On St Croix, the number of condos sold increased 105% (57 condos), compared to ten 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 |
+2% |
111 |
(-49%) |
77 |
Jan – Aug 2022 |
Vacant Land
Vacant land sales on St Thomas increased 171% (36 lots), compared to ten years ago. On St Croix, land sales increased 258% (106 lots) compared to ten 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 |
+58% |
126 |
+77% |
69 |
Jan – Aug 2021 |
+17% |
147 |
(-17%) |
57 |
Jan – Aug 2022 |
Residential
Average Sales Price
The average St Thomas residential sales price increased 62% ($413,349) compared to ten years ago. On St Croix, the average home sales price increased 204% ($586,866) when compared to ten 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% |
$896,493 |
Jan – Aug 2021 |
+47% |
874,628$ |
+20% |
1,078,479$ |
Jan – Aug 2022 |
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 |
Jan – Aug 2022 |
$80,000 |
$3,400,000 |
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 |
Jan – Aug 2022 |
$55,000 |
$9,500,000 |
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 70% higher ($360,000) compared to ten years ago. On St Croix, the median home sales price increased 108% ($292,000) when compared to ten 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 |
+16% |
$562,000 |
+31% |
$875,000 |
Jan – Aug 2022 |
Condominium
Average Sales Price
The average St Thomas condominium sales price increased 70% ($157,079) compared to ten years ago. On St Croix, average sales price increased 67% ($114,031) when compared to ten 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 |
(-1%) |
$283,594 |
+12% |
$380,683 |
Jan – Aug 2022 |
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 |
Jan – Aug 2022 |
$65,000 |
$1,600,000 |
St Croix Condominium Sales Prices
|
Lowest |
Highest |
Jan – Aug 2013 |
$40,000 |
$545,000 |
Jan – Aug 2014 |
$30,000 |
$775,000 |
Jan – Aug 2015 |
$22,500 |
$1,150,000 |
Jan – Aug 2016 |
$22,500 |
$700,000 |
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 |
Jan – Aug 2022 |
$69,000 |
$1,000,000 |
Compared to ten years ago, the median condominium sales price increased 87% ($151,250) on St Thomas and 73% ($105,000) 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 |
(-4%) |
$249,500 |
+12% |
$325,000 |
Jan – Aug 2022 |
Vacant Land
Average Sales Price
The average St Thomas land sales price increased 115% ($124,867) compared to ten years ago. On St Croix, average land sales price increased 195% ($84,824) compared to ten 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 |
+1% |
$128,249 |
+27% |
$233,224 |
Jan – Aug 2022 |
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 |
Jan – Aug 2022 |
$30,000 |
$2,500,000 |
St Croix Land Sales Prices
Median Land Sales Price
On St Thomas, the median lot sales price increased 48% ($40,500) compared to ten years ago. On St Croix, the median lot sales price increased 86% ($29,500) compared to ten 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 |
+25% |
$64,000 |
+5% |
$125,000 |
Jan – Aug 2022 |
Total Market (Millions)
The St Thomas total residential market increased 147% ($44.9 million) compared to ten years ago. On St Croix, total residential market increased 397% ($93.6 million) compared to ten years ago and currently exceeds St Thomas by $41.7 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 |
+130% |
$117.2 |
(-14%) |
$75.5 |
Jan – Aug 2022 |
The St Thomas total condominium market increased 152% ($17.7 million) compared to ten years ago. On St Croix, the total condominium market increased 242% ($22.3 million) compared to ten years ago and currently exceeds St Thomas by $2.2 million for this period.
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 |
+1% |
$31.5 |
(-43%) |
$29.3 |
Jan – Aug 2022 |
The St Thomas total land market increased 478% ($11 million) compared to ten years ago. On St Croix, total land market increased 944% ($17 million) compared to ten years ago and currently exceeds St Thomas total market by $5.5 million for this period.
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 |
(-1%) |
$18.8 |
+5% |
$13.3 |
Jan – Aug 2022 |
August 2022
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 2013), there was a 2.1 year supply of homes and a 1.8 year supply of condominiums on the market.
Both home and condominium inventory has depleted.
There is now a 7 month (0.6 year) supply of homes and a 4 month (0.3 year) supply of condominiums in this quarter.
Average Sales Price
Average home sales price is the highest of this 10 year period.
Condominium average sale price is slightly lower ($27,366) than last year.
Compared to nine years ago, average home sales price increased 157%,
from $537,553 in 2013 to $1,382,492 for the 12 months ending July 2022,
an $844,939 increase.
Average condominium sales price increased 55%, from $245,639 in 2013 to $381,500 for the 12 months ending July 2022, a $135,861 increase.
East End A
Christiansted east to Coakley Bay
Inventory
Nine years ago (July 2013), there was a 3.6 year supply of homes and a 6.4 year supply of condominiums on the market.
Inventory decreased by about 3 years for homes, to a 6 month supply.
Inventory decreased by about 6 years for condominiums, to a 4 month (0.3 year) supply.
Average Sales Price
Average residential sale price ($1,112,112) is 110% higher than nine years ago ($534,803).
Condominium average sale price ($315,359) is 61% higher than nine years ago ($195,700)
Company
Christiansted west to east side of Judiths Fancy
Inventory
Nine years ago (July 2013), there was a 4.8 year supply of homes and a 4 year supply of condominiums on the market.
Residential inventory decreased by more than 4 years, to a 6 month supply of homes.
Condominium inventory decreased by more than 3 years, to a 5 month supply of condominiums for sale.
Average Sales Price
Average home sale price increased 86% ($191,318), from $221,182 in 2013 to $412,500 for the 12 months ending July 2022.
The highest average sales price ($453.731) was for the 12 month period ending
July 2021
Average condominium sale price increased 97% ($111,883), from $114,859 nine years ago to $226,742 for the 12 months ending July 2022.
Queen
Constitution Hill west to La Reine, includes southwest Judiths Fancy
Inventory
Nine years ago (July 2013), there was a 2.1 year supply of homes and a 6.4 year supply of condominiums on the market.
Home inventory decreased by more than a year, to a 10 month (0.8 year) supply, over the ten year period.
Condominium inventory decreased by 6 years over this period, to a 4 month supply for the 12 months ending July 2022.
Average Sales Price
Average residential sale price increased 103% ($259,336) over the ten year period, from $246,180 in 2013 to $505,516 for the 12 months ending July 2022.
Average condo sale price increased 94% ($56,038) over the ten year period, from
$92,000 in 2013 to $178,038 for the 12 months ending July 2022.
Northside A & B
North shore from north Judiths Fancy west to Hamms Bluff
Inventory
Nine years ago (July 2013), there was a 2.6 year supply of homes and a 5 year supply of condominiums on the market.
Residential inventory decreased by nearly 2 years, to an 8 month supply of homes.
Condominium inventory decreased by more than 4 years, to a 4 month supply of condominiums in this quarter.
Average Sales Price
Average home sale price ($1,267,819) increased by $815,704 (180%), compared to nine years ago ($452,115).
Average condominium sales price increased $105,400 (42%) over the ten year period, from $250,000 for the 12 months ending July 2013 to $355,400 for the 12 months ending July 2021.
The highest average condominium sales price in this quarter was for the 12 months ending July 2019 ($384,875).
King
South shore from La Reine west to UVI
Inventory
Nine years ago (July 2013), there was a 25 year supply of homes;
there are no condominiums in King Quarter.
Residential inventory decreased by more than 23 years, compared to nine years ago, to 1.4 years of inventory for the 12 months ending July 2022.
Average Sales Price
Average home sale price increased $249,200 (503%) over the ten year period, from $49,500 for the 12 months ending July 2013 to $298,700 for the 12 months
ending July 2022.
Prince
South shore from UVI west to Williams Delight
Inventory
Nine years ago (July 2012), there was a 4.2 year supply of homes and a 1.4 year supply of condominiums on the market.
Residential inventory decreased by more than 3 years, to a 10 month supply of homes.
Condominium inventory decreased by more than a year, to a 2 month supply of condominiums.
Average Sales Price
Homes saw a sales price increase of $152,671 (58%) when compared to nine years ago, from $264,800 for the 12 months ending July 2013 to $417,471
for the 12 months ending July 2022.
Condominiums experienced a $201,555 (127%) increase in average sale price over the ten year period, from $158,900 for the 12 months ending July 2013 to
$360,455 for the 12 months ending July 2022.
West End
South from Mahogany Road, East to Williams Delight
Inventory
Nine years ago (July 2013), there was a 2.7 year supply of homes and a 1.7 year supply of condominiums on the market.
Over the ten year period, residential inventory decreased by more than a year, to a 1.4 year supply of homes for the 12 months ending July 2022.
Condominium inventory decreased by 6 months, to a 1.2 year supply for the 12 months ending July 2022.
Average Sales Price
Average home sale price increased $192,735 (108%) over the ten year period, from $179,100 for the 12 months ending July 2013 to $371,835 for the
12 months ending July 2022.
This is a $19,771 (4%) decrease from the highest average home sales price ($391,606) of the 10 year period (12 months ending July 2021).
Average condominium sale price increased $127,317 (88%) over the ten year period, from $145,000 for the 12 months ending July 2013 to $272,317
for the 12 months ending July 2022.
Conclusion
Over the ten year period, average home sale prices increased to more than $1,000,000 in these quarters:
· East End B
· Northside A & B
· East End A
In the other five quarters, home sales prices were one half to one third the average of the east end and the north shore home sale prices:
· Queen
· Prince
· Company
· West End
· King
Condominium sales prices were more consistent, with a $203,462 difference between the highest average price (East End B at $381,500) and the lowest
(Queen Qtr. at $178,038)
Both classes of inventory are severely depleted, with the highest home inventories in King and West end Quarters (1.4 years),
the highest condominium inventory in West End quarter (1.2 years).
These are the only quarters with more than a 1 year inventory of real estate.
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
July 2022
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 17 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 (218) for this entire 15 period, exceeded only by the July 2018 to June 2019 number of sales (231 home sales). Currently there are 99 active home listings and 61 pending home sales.
· Condominiums – During the past 12 months, the most condominiums were sold on St Croix (163) for this entire 15 period! This level of sales is likely to decline; current inventory level is only 20 active and 40 pending condominiums.
· Land – Number of lots sold (218) during the past 12 months is the highest level of sales since the July 2007 to June 2008 period (239 lot sales). In this category there is plenty of inventory remaining, with 324 active lot listings and 74 pending lot sales.
Average sales price
· Residential – Average home sales price is the highest of the entire 15 year period ($765,289), exceeding last year’s second highest average price (July 2020 to June 2021) by $190,696!
· Condominiums – Average condominium sales price ($269,659) is exceeded only by last year’s (2020 / 2021) average condominium sales price of $277,481 for this 15 year period.
· Land – Average lot sales price ($122,659) is exceeded only by average sales price of July 2007 to June 2008 ($154, 240) for this 15 year period.
Total Market
Number of properties sold x Average sales price
· Residential – Huge market recovery! Exceeds last years’s next highest total market (July 2020 to June 2021) by $46.7 million dollars. Why? For the first time in the entire 15 year period homes listed for more than $1,000,000 (approximately 38% of inventory) account for approximately 22% of all sales. From 2007 through 2020, homes listed for more than $1,000, 000 accounted, on average, for about 5% of all sales. Last year sales over $1 million accounted for 12% of all home sales.
· Condominiums – The past 12 months sales ($45.9 million) represent the highest total market of the entire 15 year period.
· Land – The total land market ($26.7 million) is exceeded only by total sales of $36.9 million for the period of July 2007 to June 2008 and exceeds the previous 12 month period by $6.9 million.
Conclusion
Compared to 15 years ago, total St Croix real estate sales more than doubled, from $119 million
(July 2007 to June 2008) to $239 million
(July 2021 to June 2022)
Compared to the previous 12 month period, total
St Croix real estate sales increased by $65 million,
from $174 million to $239.
The St Croix real estate market recovery continues!
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
June 2022
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 quarter to one third of the St Croix residential inventory from 2013 through 2018. This segment now represents only 13% of inventory. 17% of home sales on St Croix over the past 12 months were for $200,000 or less; 13% of inventory accounted for 17% of all sales.
· The second tier ($200,000 to $400,000) has declined approximately 5%, from 1/3 of total inventory to 28%. 22% of St Croix home sales over the past 12 months were between $200,000 and $400,000; 28% of inventory accounted for 22% of sales.
· Homes listed for more than $400,000 account for 59% of the inventory, an increase of 16% over the decade. During the past 12 months, this price range accounted for 61% of all homes sold.
· Homes listed for more than $1,000,000 increased to 29% of the inventory (68 homes), from just 10% decade ago. During the past 12 months, this price range accounted for 19% (41 homes) of the total 216 homes sold. A significant change in the St Croix real estate market!
Condominium
· The lowest price range (under $100,000) was 22% of condominium inventory 10 years ago; in May 2022 it was only 8% of total inventory. 5% of condominium sales on St Croix over the past 12 months were for $100,000 or less.
· The second tier ($100,000 to $200,000) consistently included between one-third and one-half the inventory until 2020. In May 2022 this segment was 20% (one fifth) of total condominium inventory. 23% of all sales over the past 12 months were between $100,000 and $200,000.
· Condominiums listed for more than $200,000 increased to 72% of inventory, compared to only 30% of condo inventory 10 years ago. 72% of the 163 condominiums sold over the past 12 months were sold for more than $200,000.
Land
· The lowest price range (under $50,000) decreased by 17%, compared to 10 years ago, from 37% to 20% of total inventory. 38% of all land sales on St Croix over the past 12 months were for $50,000 or less.
· The middle tier ($50,000 to $300,000) accounted for 52% of land inventory 10 years ago. In May 2022, this segment accounted for 60%, very little change. 56% of all land sales on St Croix over the past 12 months were between $50,000 and $300,000.
· Lots listed for more than $300,000 increased 12%, compared to 10 years ago, from 10% to 22% of total listing inventory. 6% of land sales on St Croix over the past 12 months (12 parcels) were sold for more than $300,000.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
May 2022
Inventory Levels and Sales Projections
May Inventory Levels
12 Year Review
Residential
Residential inventory peaked in 2012 with 330 homes for sale and declined through 2022. Current inventory of 90 homes for sale is only 27% of the number of homes for sale in 2012.
Condominium
Condominium inventory also peaked in 2012 with 230 condominiums for sale and declined through 2022. Condominium inventory reduction is even greater; current inventory of 26 condos is just 11% of 2012 condominium inventory.
Land
Land inventory peaked in 2011 with 575 lots for sale and slowly declining through 2022. Current inventory of 332 lots is 58% of the 2011 inventory.
May Pending Sale Levels
12 Year Review
Residential
May 2022 residential pending sales (59) are 63% of the number of pending sales when compared to May 2021 (94 pending sales). The average number of pending residential sales over the 12 year period is 64; the May 2022 number of pending sales (59) is slightly lower than the 12 year average.
Condominium
May 2021 condominium pending sales (42) were the highest of the 12 year period. Current pending condominium sales (32) are slightly higher than the 12 year average of 27 pending condominium sales.
Land
May 2021 pending land sales (88) were also the highest of the 12 year period. Current pending land sales (79) are nearly twice the 12 year average of 40 pending land sales in May.
2022 Sales Predictions
Using the assumption that the first 4 months of 2022 is a valid predictor for the entire year.
Residential
The first four months home sales predict 219 home sales during 2022; pending contracts predict 191 home sales during 2022. Inventory levels of only 90 homes on the market suggest the lower number to be more accurate.
Condominium
The first four months condominium sales predict 171 condominium sales during 2022; pending contracts predict 121 condominium sales during 2022. Inventory levels of only 26 condominiums on the market suggest the lower number to be more accurate.
Land
The first four months land sales predict 216 land sales during 2022; pending contracts predict 230 land sales during 2022. With ample land inventory and dwindling home and condo inventory, it is entirely possible there will be 230 land sales during 2022, a level of sales not seen since 2008.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
April 2022
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 inventory peaked in 2012, with 340 homes for sale, then steadily declined each year to the low point of only 85 homes for sale in 2022 with a slight anomaly of 172 homes for sale during this period in 2020.
· Condominium inventory peaked in 2010, with 265 condominiums for sale, then steadily declined each year to the low point of only 46 condos on the market in 2019, inventory increased slightly in 2020 and 2021. The current level of 14 condominiums for sale is extraordinary!
· Land inventory also peaked in 2010, at 610 lots for sale. Until 2020, land inventory was between 566 lots for sale and 443 lots for sale. This year there was a moderate decline in inventory, with only 351 lots for sale.
Residential Sales & 2022 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 of 172 home sales was 27% low, actual number of sales was 219. The 2022 prediction is exactly the same as 2021 – 172 home sales.
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 predicted annual average sales price of $216,000 was about 12% low. The 2022 1st quarter prediction of $894,558 represents a 45% increase over the 2021 average sale price.
Here is the prediction for 2022 overall:
· Total number of homes sold will be as predicted, around 172 homes.
· Average sales price will most likely be in the $800,000 range.
Condominium Sales & 2022 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. 2021 was a record-breaking year with 162 condominium sales. First quarter 2022 condominium sales predict 152 condominium sales during 2022.
1st quarter average sale price has, in most cases, overestimated the average annual condominium sales price.
Here is the prediction for 2022 overall:
· Total number of condominiums sold will be in the 100-plus range, far exceeding the number of condos currently for sale.
· Average sales price will most likely be in the $300,000 range.
Land Sales & 2022 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 underestimated actual (192) by 37%. 1st quarter figure predicts 196 lot sales during 2022.
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 was about 17% low. The 2022 1st quarter prediction is $109,034.
Here is the prediction for 2022 overall:
· Total number of lots sold will exceed 200.
· The 2022 average lot sales price will be in the $110,000 range.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
March 2022
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.
· Over the 18 year period, the highest number of homes sold was in 2021 for St Croix with 219 homes sales and 2018 for St Thomas with 133 home sales; 2021 was nearly the same, with 132 home sales on St Thomas.
· During 2021, 87 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.
Average Sales Price
· For the past 18 years, the annual average home sale price on St Thomas has exceeded that of St Croix.
· For 2021, the average St Thomas home sale price was 70% higher, at $861,503, than the 2004 average sales price. The average annual home sale price on St Croix for 2021 was 68% higher, at $618,943, than the 2004 average home sale price.
· For 2021, the average sale price of a home on St Croix ($618,943) was 72% of the averages sales price of a home on St Thomas ($861,503).
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 2021, the total St Croix residential market exceeded the total St Thomas residential market by about $21.8 Million.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin Team Manager
February 2022
The St Croix Real Estate Cycle
An 18 Year Look
2021 Was a Record Setting Year for Home and Condominium Sales,
Land is Beginning to Rebound
Total Number of Properties Sold
· The number of homes sold on St Croix during 2021 (219) is the highest of the 18-year period, exceeding even the boom years of 2004 – 2008!
· There were 162 condominium sales on St Croix during 2021, exceeded only by 2004 (185 condos sold) and 2005 (208 condos sold).
· There were 191 lot sales in 2021, the highest number of sales since 2008.
Average Sales Price
· At $618,943, the average 2021 home sales price was extraordinary, exceeding the next highest price of the 18 years period, $492,394 for 2008, by $126,549!
· The 2021 average condominium sales price ($279,013) is also the highest of this 18-year period, exceeding the next highest price of $252,519 by $26,494.
· The average 2021 lot sales price ($126,491) is exceeded only by2008, with an average lot sales price of $155,357.
Total Market in Millions of Dollars
· The 2021 total residential market ($135 million) exceeded the next highest, $85.3 million for 2006, by an astounding $49.7 million!
· The 2021 total condominium market ($45.2 million) was the highest of the 18-year period, the next highest was $34.7 million fir 2005.
· The 2021 total land market ($24.2 million) is the best performance we have seen since 2008 ($34.8 million).
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
January 2022
10 Year St Croix Home Sales Price Trends
The average sales price of a home on St Croix increased by $224,841 over the
10-year period; this is a 57% increase.
Total number of homes sold increased 145% (129 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 42% ($286,006 increase).
The number of homes sold in a year more than tripled, compared to 9 years ago.
12 homes sold in 2012, 42 homes sold in 2021.
East End A
Christiansted East to Coakley Bay
Compared to 9 years ago, the average sales price of a home decreased 3%
($29,352 decrease).
More than three times as many homes sold in 2021 (33) 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 133% ($268,173 increase).
The number of homes sold in a year nearly doubled,
from 15 home sales in 2012 to 25 home sales in 2021.
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Compared to 9 years ago, the average sales price of a home increased 88%
($212,755 increase).
The number of homes sold in a year nearly doubled, from 22 homes sold in 2012 to 43 home sales in 2021.
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 87% ($401,222 increase).
The number of homes sold in a year increased by 4 homes.
13 homes sales closed in 2012, 17 home sales closed in 2021.
King
South Shore from La Reine West to UVI
Compared to 9 years ago, the average sales price of a home increased 178%
($169,050 increase).
Five times as many homes closed in 2021 (10), 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 increased 13%
($33,206 increase).
Three times as many homes sold in 2021 (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 126%
($255,976 increase).
More than twice as many homes sold during 2021 (26 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 two areas of the island are consistently much lower than the island wide “average” home sales price:
· King
· Prince
Center island and west end average home sales prices are about “average”:
· Company
· Queen
· West End
More homes sold in all quarters during 2021, when compared to 2012.
Compared to 2020, the island wide average home sale price increased 30%.
All quarters experienced increased average sales prices except:
· Northside A & B
Compared to 2012, only one quarter had a lower average home sales price:
· East End A
Information is from MLS and deemed to be reliable but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
December 2021
Ten Year 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 2021, there were 14 active and 11 pending home sales in East End B, with 41 home sales in the previous 12 months, for a 0.6 year supply of homes for sale
[14 + 11] / 41 = 0.6 Years or 7 months
East End B
Far East End
Residential
Compared to 9 years ago, home inventory decreased by more than three years;
average sales price is 47% ($304,007) higher; from $645,231 to $949,238.
Compared to last year, average time on the market decreased by 13 months;
average sales price increased 22% (from $778,525 to $949,238)
Condominium
Compared to 9 years ago, condominium inventory decreased by 4.7 years (from 4.9 years to 0.2 years); average sales price increased by 112%
(from $187,857 to $398,645)
Compared to last year, average time on the market decreased by 8 months;
average sales price increased by 16% (from $344,169 to $398,645)
Vacant Land
Compared to 9 years ago, land inventory decreased by 2.5 years,
from 5.8 years to 3.3 years;
average sales price increased 119% (from $79,347 to $173,668)
Compared to last year, land inventory decreased by 3.2 years;
average sales price increased 126% (from $76,438 to $173,668)
East End A
Christiansted East to Coakley Bay
Residential
Compared to 9 years ago, home inventory decreased by 4.7 years,
from 5.6 years to 0.9 years;
average home sale price decreased 3%; from $859,500 to $831,643.
Compared to last year, residential inventory decreased by 1.1 years (13 months);
average sales price increased 25% (from $662,204 to $831,653)
Condominium
Compared to 9 years ago, condominium inventory decreased by 4 years
(from 4.3 years to 0.3 years);
average condominium sales price increased 67% (from $185,833 to $310,978)
Compared to last year, condominium inventory decreased 1.9 years (23 months);
average sales price increased 16% (from $268,083to $310,978)
Vacant Land
Compared to 9 years ago, land inventory decreased by 21.8 years,
from 24 years to 2.2 years;
average lot sales price increased 326% (from $30,000 to $127,931)
Compared to last year, land inventory decreased 1.2 years,
from 3.4 years to 2.2 years;
average lot sales price increased 166% (from $48,104 to $173,668)
Company
Christiansted West to the East Side of Judiths Fancy
Residential
Compared to 9 years ago, residential inventory decreased 2.1 years;
average home sales price increased 141% (from $202,367 to $487,337)
Compared to last year, residential inventory decreased by 5 months;
average home sales price increased 54% (from $315,682 to $487,337)
Condominium
Compared to 9 years ago, condominium inventory decreased by 8.2 years (from 9 years to 0.8 years);
average sales price increased 104% (from $105,150 to $215,059)
Compared to last year, condominium inventory decreased by 7 months;
average sales price increased 15% (from $186,848 to $215,059)
Vacant Land
Compared to 9 years ago, land inventory decreased by 4.9 years
(from 7.2 years to 2.3 years);
average sales price decreased 81% (from $490,000 to $94,094)
Compared to last year, land inventory is unchanged at 2.3 years,
while average sales price increased 114% (from $44,069 to $94,094)
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Residential
Compared to 9 years ago, residential inventory decreased by 2.4 years
(from 3.3 years to 0.9 years);
average sales priced increased 69% (from $257,354 to $435,593)
Compared to last year, residential inventory decreased by 1month;
average sales price increased 3% (from $420,970 to $435,593)
Condominium
Compared to 9 years ago, condominium inventory decreased by
10.7 years (from 11.3 years to 0.6 years);
average condominium sales price increased 121% (from $75,167 to $166,412)
Compared to last year, condominium inventory decreased by 6 months;
average sales price decreased 2% (from $169,500 to $166,412)
Vacant Land
Compared to 9 years ago, land inventory decreased by
6.1 years (from 7.2 years to 1.1 years);
average lot sales price decreased 11% (from $80,625 to $71,588)
Compared to last year, land inventory decreased by 10 months;
the average lot sales price decreased 11% (from $80,100 to $71,588)
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Residential
Compared to 9 years ago, residential inventory decreased by 1.9 years;
average home sales price increased 101% (from $428,892 to $860,104)
Compared to last year, residential inventory decreased by 8 months;
average home sales price increased 9% (from $789,279 to $860,104)
Condominium
Compared to 9 years ago, condominium inventory decreased by
10.9 years (from 11 years to 1 month);
average sales price increased 22% (from $270,000 to $328,489)
Compared to last year, condominium inventory increased by 8 months;
average sales price decreased 12%, from $373,833 to $328,489.
Vacant Land
Compared to 9 years ago, land inventory decreased by
8.9 years (from 11.1 years to 2.2 years);
average lot sales price increased 243% (from $63,143 to $216,458)
Compared to last year, land inventory decreased by 4 years;
average lot sales price increased 109% (from $103,731 to $216,458)
King
South Shore from La Reine West to UVI
Residential
Compared to 9 years ago, residential inventory decreased by
4.3 years (from 5 years to 0.7 years);
average home sales price increased 134% (from $105,375 to $246,545)
Compared to last year, residential inventory decreased by
10 months (from 1.5 to 0.7 years);
average residential sales price increased 18% (from $209,812 to $246,545)
Condominium
There are no condominium complexes in King Quarter
Vacant Land
Compared to 9 years ago, land inventory decreased by 4 months,
From 2.5 years to 2.2 years;
Average lot sales price increased 145% (from $41,500 to $101,615)
Compared to last year, land inventory decreased by
6 months (from 2.7 years to 2.2 years);
average lot sales price increased 144% (from $41,667 to $101,615)
Prince
South Shore from UVI West to Williams Delight
Residential
Compared to 9 years ago, residential inventory decreased by
5.6 years (from 6.8 years to 1.2 years);
average residential sales price increased 18% (from $255,750 to $300,886)
Compared to last year, residential inventory increased by 5 months;
average residential sales price increased 14% (from $264,156 to $300,886)
Condominium
9 years ago, there were no condominiums for sale in Prince Quarter
current inventory is 7 months
9 years ago, there were no condominium sales reported in Price Quarter.
Compared to last year, condominium inventory decreased by 2 months
average condominium sale price increased 3% (from $281,333 to $288,375)
Vacant Land
Compared to 9 years ago, land inventory decreased by
7.5 years (from 9.6 years to 2.1 years);
average lot sales price increased 264% (from $22,214 to $80,833)
Compared to last year, land inventory decreased by 4 months;
average lot sales price increased 7% (from $75,357 to $80,833)
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Residential
Compared to 9 years ago, residential inventory decreased 4.7 years
(from 5.2 years to 6 months);
average home sale price increased 124%, from $206,667 to $462,055)
Compared to last year, residential inventory decreased by 5 months;
average home sale price increased 78% (from $258,912 to $462,055)
Condominium
9 years ago, there were no condominiums for sale in West End Quarter
nor is there currently any inventory
9 years ago, there were no condominium sales reported in Price Quarter
Compared to last year, condominium inventory decreased by 5 years;
average condominium sales price decreased 39%, from $399,900 to $244,375.
Vacant Land
Compared to 9 years ago, land inventory decreased by 6.7 years,
from 10 years to 3.3 years;
average lot sales price decreased 15% (from $95,499 to $81,306)
Compared to last year, land inventory increased by 11 months;
average lot sales price increased 23% (from $66,147 to $81,306)
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
November 2021
Which St Croix Price Ranges are Selling?
First 10 months of 2017 through 2021
Residential
2017
130 home sales closed January through October; there were 200 homes for sale
2018
166 home sales closed January through October; there were 143 homes for sale
1.16 buyers for every seller
2019
162 home sales closed January through October; there were 218 homes for sale
0.74 buyers for every seller
2020
136 home sales closed January through October; there were 129 homes for sale
1.05 buyers for every seller
2021
183 home sales closed January through October; there were 90 homes for sale
2.03 buyers for every seller
Condominium
2017
92 condominium sales closed January - October; there were 81 condos for sale
1.14 buyers for every seller
2018
94 condominium sales closed January - October; there were 47 condos for sale
2 buyers for every seller
2019
116 condominium sales closed January - October; there were 73 condos for sale
1.59 buyers for every seller
2020
71 condominium sales closed January - October; there were 78 condos for sale
0.91 buyers for every seller
2021
131 condominium sales closed January - October; there were 26 condos for sale
5.04 buyers for every seller
Vacant Land
2017
75 land sales closed January through October; there were 486 lots for sale
0.15 buyers for every seller
2018
90 land sales closed January through October; there were 445 lots for sale
0.20 buyers for every seller
2019
118 land sales closed January through October; there were 511 lots for sale
0.23 buyers for every seller
2020
112 land sales closed January through October; there were 391 lots for sale
0.29 buyers for every seller
2021
158 land sales closed January through October; there were 373 lots for sale
0.42 buyers for every seller
SALES BY PRICE RANGE
Residential
2021 % of Sales |
2021 Sales |
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
Sales Price |
%16 |
30 |
32% |
44 |
36% |
59 |
40% |
66 |
41% |
53 |
Under $200K |
%25 |
45 |
29% |
39 |
28% |
46 |
28% |
46 |
25% |
32 |
$200K - $400K |
%17 |
31 |
16% |
22 |
15% |
25 |
19% |
31 |
15% |
18 |
$400K - $600K |
%19 |
34 |
10% |
14 |
9% |
14 |
8% |
13 |
8% |
11 |
$600K - $800K |
%11 |
21 |
2% |
3 |
6% |
10 |
3% |
5 |
5% |
7 |
$800K - $1 Million |
%12 |
22 |
10% |
14 |
5% |
8 |
3% |
5 |
7% |
9 |
Over $1 Million |
Condominium
2021 % of Sales |
2021 Sales |
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
Sales Price |
%2 |
2 |
7% |
5 |
19% |
22 |
14% |
13 |
28% |
26 |
Under $100K |
%27 |
36 |
31% |
22 |
37% |
43 |
46% |
43 |
49% |
45 |
$100K - $200K |
%33 |
43 |
37% |
26 |
22% |
26 |
24% |
23 |
15% |
14 |
$200K - $300K |
%31 |
41 |
22% |
16 |
18% |
21 |
15% |
14 |
6% |
6 |
$300K - $500K |
%7 |
9 |
3% |
2 |
3% |
4 |
1% |
1 |
1% |
1 |
Over $500K |
Vacant Land
2021 % of Sales |
2021 Sales |
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
Sales Price |
%41 |
65 |
74% |
83 |
62% |
73 |
64% |
58 |
62% |
62 |
Under $50K |
%32 |
50 |
12% |
13 |
20% |
24 |
18% |
16 |
10% |
10 |
$50K - $100K |
%23 |
36 |
10% |
11 |
17% |
20 |
16% |
14 |
|
0 |
$100K - $300K |
%4 |
7 |
4% |
5 |
1% |
1 |
2% |
2 |
3% |
3 |
Over $300K |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
October 2021
St Croix Real Estate Inventory Levels
TOTAL INVENTORY
Residential
68% fewer homes (190) than eleven years ago.
Highest inventory during this period was 9/15/12 with 336 homes on the market
Lowest inventory during this period was 9/15/21 with only
88 homes for sale.
Condominium
GIGANTIC decrease over the eleven-year period!
Eleven years ago, there were six times as many condominiums on the market (181) as were for sale on 9/15/21 (30).
Highest inventory during this period was 9/15/12, with 210 condominiums for sale.
Vacant Land
37% fewer lots (212) than eleven years ago.
9/15/2020 is the lowest inventory of the eleven-year period with only
363 lots for sale.
INVENTORY BY PRICE RANGE
Residential
Under $200,000 listings (11%) are 50% lower than eleven years ago as percentage of total inventory. Compared to last year, this segment decreased by 5%.
$200,000 to $400,000 listings (25%) have remained relatively constant over the 11-year period, varying from 24% of inventory (9/15/18) to 34% of inventory (9/15/14).
$400,000 to $600 listings (11%) decreased 8% from eleven years ago. Highest was 19% (9/15/11) and lowest was 10% (9/15/14).
$600,000 to $800,000 listings (11%) are unchanged from eleven years ago.
$800,000 to $1,000,000 listings (11%) are 5% higher than eleven years ago and the highest percentage of the 11-year period.
Listings over $1,000,000 (32%) are at their highest level of the 11-year period. Lowest level was 9/15/13, at just 11% of total inventory.
Condominium
Under $100,000 listings are currently only 6% of total condo listings, down from a high of 29% (9/15/13).
$100,000 to $200,000 listings (27%) decreased by 5% of total inventory since last year. On 9/15/16, this price range represented 46% of the total condominium inventory.
$200,000 to $300,000 listings are at 33% of total inventory, about the same as last year.
$300,000 to $500,000 listings, at 28% of total inventory have increased 9% compared to eleven years ago. Lowest level was just 7% on 9/15/13.
Listings over $500,000 represent 6% of the total condominium market, a decrease of 3% compared to last year.
Vacant Land
Under $50,000 listings (18%) are 5% lower than 11 years ago (23%). The highest percentage of inventory (44%) was 9/15/17.
$50,000 to $100,000 listings (32%) have remained relatively constant over the 11-year period
$100,000 to $300,000 listings (32%) have also remained relatively constant over the eleven years. Lowest percentage was 9/15/17, at 22% of total land inventory.
Listings over $300,000 (18%) increased 5%, compared to eleven years ago. Lowest levels were 2013, 2016, and 2017 when this segment of the market decreased to 9% of total land listings.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
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 Ľ) 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
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
2016 % of Sales |
2016 Sales |
2015 % of Sales |
2015 Sales |
2014 % of Sales |
2014 Sales |
Sales Price |
32% |
44 |
36% |
59 |
40% |
66 |
41% |
53 |
41% |
58 |
41% |
45 |
31% |
42 |
Under $200K |
29% |
39 |
28% |
46 |
28% |
46 |
25% |
32 |
31% |
45 |
31% |
34 |
36% |
48 |
$200K - $400K |
16% |
22 |
15% |
25 |
19% |
31 |
15% |
18 |
14% |
20 |
13% |
14 |
18% |
24 |
$400K - $600K |
10% |
14 |
9% |
14 |
8% |
13 |
8% |
11 |
6% |
8 |
9% |
10 |
10% |
14 |
$600K - $800K |
2% |
3 |
6% |
10 |
3% |
5 |
5% |
7 |
5% |
7 |
3% |
3 |
3% |
4 |
$800K - $1 Million |
10% |
14 |
5% |
8 |
3% |
5 |
7% |
9 |
3% |
5 |
5% |
5 |
1% |
2 |
Over $1 Million |
Condominium
2020 % of Sales |
2020 Sales |
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
2016 % of Sales |
2016 Sales |
2015 % of Sales |
2015 Sales |
2014 % of Sales |
2014 Sales |
Sales Price |
7% |
5 |
19% |
22 |
14% |
13 |
28% |
26 |
26% |
28 |
23% |
20 |
38% |
38 |
Under $100K |
31% |
22 |
37% |
43 |
46% |
43 |
49% |
45 |
40% |
42 |
45% |
39 |
43% |
43 |
$100K - $200K |
37% |
26 |
22% |
26 |
24% |
23 |
15% |
14 |
19% |
20 |
17% |
15 |
13% |
13 |
$200K - $300K |
22% |
16 |
18% |
21 |
15% |
14 |
6% |
6 |
13% |
14 |
13% |
11 |
6% |
6 |
$300K - $500K |
3% |
2 |
3% |
4 |
1% |
1 |
1% |
1 |
2% |
2 |
4% |
3 |
1% |
1 |
Over $500K |
Vacant Land
2019 % of Sales |
2019 Sales |
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
2016 % of Sales |
2016 Sales |
2015 % of Sales |
2015 Sales |
2014 % of Sales |
2014 Sales |
Sales Price |
74% |
83 |
62% |
73 |
64% |
58 |
62% |
62 |
48% |
31 |
52% |
32 |
68% |
25 |
Under $50K |
12% |
13 |
20% |
24 |
18% |
16 |
10% |
10 |
30% |
19 |
23% |
14 |
22% |
8 |
$50K - $100K |
10% |
11 |
17% |
20 |
16% |
14 |
|
0 |
20% |
13 |
21% |
13 |
8% |
3 |
$100K - $300K |
4% |
5 |
1% |
1 |
2% |
2 |
3% |
3 |
2% |
1 |
5% |
3 |
3% |
1 |
Over $300K |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
October 2020
St Croix Real Estate Inventory Levels
TOTAL INVENTORY
Residential
48% fewer homes (128) than eleven years ago.
Highest inventory during this period was 9/15/12 with 336 homes on the market
Lowest inventory during this period was 9/15/18 with only
136 homes for sale.
Condominium
GIGANTIC decrease over the twelve year period!
Eleven years ago, there were three times as many condominiums on the market (236) as were for sale on 9/15/20 (77).
Lowest inventory during this period was 9/15/18, with only
46 condominiums for sale.
Vacant Land
37% fewer lots (212) than eleven years ago.
9/15/2020 is the lowest inventory of the twelve year period with only
363 lots for sale.
INVENTORY BY PRICE RANGE
Residential
Under $200,000 listings (16%) are 3% higher than eleven years ago as percentage of total inventory. Compared to last year, this segment decreased by 2%.
$200,000 to $400,000 listings (26%) have remained relatively constant over the 12 year period, varying from 24% of inventory (9/15/218) to 34% of inventory (9/15/14).
$400,000 to $600 listings (11%) are unchanged from eleven years ago. Highest was 20% (9/15/10) and lowest was 10% (9/15/14).
$600,000 to $800,000 listings are 4% lower than eleven years ago. On 9/15/2009, this price range accounted for 15% of residential inventory.
$800,000 to $1,000,000 listings (9%) remained relatively constant over the twelve year period, varying form a high of 9% (2010 and 2020) to a low of 3% (2015) of total inventory.
Listings over $1,000,000 (22%) are at their highest level of the 12 year period. Lowest level was 9/15/13, at just 11% of total inventory.
Condominium
Under $100,000 listings are currently only 4% of total condo listings, down from a high of 29% (9/15/13).
$100,000 to $200,000 listings (22%) decreased by 4% of total inventory since last year. On 9/15/09, this price range represented 47% of the total condominium inventory.
$200,000 to $300,000 listings are at 32% of total inventory, down 5% from last year.
$300,000 to $500,000 listings, at 33% of total inventory, are the highest level of the 12 year period. Lowest level was just 7% on 9/15/13.
Listings over $500,000 represent 9% of the total condominium market, about the same as 11 years ago.
Vacant Land
Under $50,000 listings are 6% higher than eleven years ago, at 27%. The highest percentage of inventory (44%) was 9/15/17.
$50,000 to $100,000 listings have remained relatively constant, now representing 30% of inventory, as they did eleven years ago. Highest level was 34% in 2011, lowest was 25% (2015, 2017, and 2018).
$100,000 to $300,000 listings are 6% lower than eleven years ago, currently at 27%. Lowest percentage was 9/15/17, at 22% of total land inventory.
Listings over $300,000 are nearly the same as eleven years ago at 17% of total land market. Lowest levels were 2013, 2016, and 2017 when this segment of the market decreased to 9% of total land listings.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
September 2020
A Tale of Two Islands
St Croix and St Thomas Real Estate Sales
Eight Year Comparison Year to Date
Number of Sales
Residential
Residential sales on St Thomas increased 20% (9 homes) over the eight year period. On St Croix, the number of homes sold increased 24%
(21 homes) over the eight year period.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Homes Sold |
|
82 |
|
46 |
Jan – Aug 2013 |
+39% |
114 |
+46% |
67 |
Jan – Aug 2014 |
(-25%) |
85 |
(-19%) |
54 |
Jan – Aug 2015 |
+38% |
117 |
+37% |
74 |
Jan – Aug 2016 |
+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 |
Condominium
Condominium sales increased 23% (12 condos) on St Thomas, no increase on St Croix over the eight year period.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Condos Sold |
|
54 |
|
52 |
Jan – Aug 2013 |
+52% |
82 |
+35% |
70 |
Jan – Aug 2014 |
(-16%) |
69 |
(-6%) |
66 |
Jan – Aug 2015 |
+16% |
80 |
+38% |
91 |
Jan – Aug 2016 |
+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 |
Vacant Land
Vacant land sales on St Thomas increased 86% (18 lots) over the eight year period. On St Croix, land sales increased 95% (39 lots) over the eight year period.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Lots Sold |
|
41 |
|
21 |
Jan – Aug 2013 |
(-27%) |
30 |
+43% |
30 |
Jan – Aug 2014 |
+57% |
47 |
+27% |
38 |
Jan – Aug 2015 |
+15% |
54 |
(-29%) |
27 |
Jan – Aug 2016 |
+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 |
Residential
Average Sales Price
The average St Thomas residential sales price increased 7% ($44,496) over the eight year period. On St Croix, the average home sales price increased 52% ($149,401) over the eight year period.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average Home Sales Price |
|
$287,762 |
|
$665,130 |
Jan – Aug 2013 |
+16% |
$332,572 |
+16% |
$772,334 |
Jan – Aug 2014 |
+28% |
$426,719 |
(-11%) |
$689,658 |
Jan – Aug 2015 |
(-18%) |
$350,076 |
(-14%) |
$594,317 |
Jan – Aug 2016 |
+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 |
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 |
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 |
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 10% higher ($53,060) than eight years ago. On St Croix, the median home sales price increased 20% ($55,000) over the eight year period.
Median Home Sales Price
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Home Sales Price |
|
$270,000 |
|
$515,000 |
Jan – Aug 2013 |
+11% |
$299,000 |
(-5%) |
$490,000 |
Jan – Aug 2014 |
(-15%) |
$255,000 |
No change |
$492,000 |
Jan – Aug 2015 |
(-14%) |
$220,000 |
No change |
$492,500 |
Jan – Aug 2016 |
+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 |
Condominium
Average Sales Price
The average St Thomas condominium sales price increased 18% ($39,855) over the eight year period. On St Croix, average sales price increased 44% ($74,332).
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average condo Sales Price |
|
$169,563 |
|
$223,604 |
Jan – Aug 2013 |
(-8%) |
$155,356 |
(-2%) |
$219,512 |
Jan – Aug 2014 |
+30% |
$202,402 |
+3% |
$227,064 |
Jan – Aug 2015 |
(-17%) |
$168,023 |
+21% |
$274,901 |
Jan – Aug 2016 |
(-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 |
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 |
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 |
Over the eight year period, the median condominium sales price increased 28% ($48,750) on St Thomas and 56% ($80,500) on St Croix.
The St Croix median condominium sales price currently exceeds
St Thomas by 1% ($2,500)
Median Condominium Sales Price
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Condo Sales Price |
|
$144,500 |
|
$173,750 |
Jan – Aug 2013 |
(-18%) |
$119,125 |
(-5%) |
$165,000 |
Jan – Aug 2014 |
+26% |
$150,000 |
+9% |
$180,000 |
Jan – Aug 2015 |
(-10%) |
$135,000 |
+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 |
Vacant Land
Average Sales Price
The average St Thomas land sales price decreased 1% ($947) over the eight year period. On St Croix, average land sales price increased 89% ($38,524) over the eight year period.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average lot Sales Price |
|
$43,425 |
|
$108,357 |
Jan – Aug 2013 |
+85% |
$80,162 |
+16% |
$126,172 |
Jan – Aug 2014 |
(-3%) |
$78,055 |
(-26%) |
$91,737 |
Jan – Aug 2015 |
(-2%) |
$76,518 |
+97% |
$181,144 |
Jan – Aug 2016 |
(-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 |
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 |
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 |
Median Land Sales Price
On St Thomas, the median lot sales price decreased 17% ($14,500) compared to eight years ago. On St Croix, the median lot sales price increased 6% ($2,000) compared to eight years ago.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Lot Sales Price |
|
$34,500 |
|
$84,500 |
Jan – Aug 2013 |
+14% |
$39,500 |
+1% |
$85,000 |
Jan – Aug 2014 |
+1% |
$40,000 |
(-35%) |
$55,000 |
Jan – Aug 2015 |
+64% |
$65,500 |
+78% |
$98,000 |
Jan – Aug 2016 |
(-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 |
Total Market (Millions)
The St Thomas total residential market increased 27% ($8.4 million) over the past eight years. On St Croix, total residential market increased 91% ($21.4 million) and exceeds St Thomas by
$6 million for this period.
Residential
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Homes Sold |
|
$23.6 |
|
$30.6 |
Jan – Aug 2013 |
+61% |
$37.9 |
+69% |
$51.7 |
Jan – Aug 2014 |
(-4%) |
$36.3 |
(-28%) |
$37.2 |
Jan – Aug 2015 |
+13% |
$41.0 |
+18% |
$44.0 |
Jan – Aug 2016 |
+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 |
The St Thomas total condominium market increased 36% ($5.3 million) over the eight year period. On St Croix, the total condominium market increased 46% ($4.2 million) over the eight year period.
Condominium
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Condos Sold |
|
$9.2 |
|
$11.6 |
Jan – Aug 2013 |
+38% |
$12.7 |
+33% |
$15.4 |
Jan – Aug 2014 |
+10% |
$14.0 |
(-3%) |
$15.0 |
Jan – Aug 2015 |
(-4%) |
$13.4 |
+67% |
$25.0 |
Jan – Aug 2016 |
+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 |
The St Thomas total land market increased 83% ($1.9 million) over the eight year period. On St Croix, total land market increased 267%
($4.8 million) and currently exceeds St Thomas total market by
$2.4 million.
Vacant Land
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Lots Sold |
|
$1.8 |
|
$2.3 |
Jan – Aug 2013 |
+33% |
$2.4 |
+65% |
$3.8 |
Jan – Aug 2014 |
+54% |
$3.7 |
(-8%) |
$3.5 |
Jan – Aug 2015 |
+11% |
$4.1 |
+40% |
$4.9 |
Jan – Aug 2016 |
+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 |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
August 2020
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
Eight 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,
Inventory decreased by about a 3 years for both categories.
There is now a 1.8 year supply of homes and a 1.4 year supply of condominiums in this quarter.
Average Sales Price
Compared to eight years ago, average home sales price increased by 32%, from $575,667 in 2012 to $760,459 for 2020.
Average condominium sales price decreased 3%, from $382,500 in 2012 to $371,475 for 2020.
East End A
Christiansted east to Coakley Bay
Inventory
Eight 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 1.8 year supply.
Inventory is essentially unchanged for condominiums, at a 4.5 year supply.
Average Sales Price
Average residential sale price ($626,058) is 30% higher than eight years ago ($481,712)
Condominium average sale price ($192,875) is 6% lower than eight years ago ($204,667)
Company
Christiansted west to east side of Judiths Fancy
Inventory
Eight 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 2.5 years, to a 1.3 year supply of homes.
Condominium inventory sell off was dramatic, from a 5.9 year supply of units eight years ago to a current 1.1 year supply of condominiums for sale.
Average Sales Price
Homes and condominiums both experienced average sales price increases, compared to eight years ago.
Average home sale price increased 52% ($99,958), from $191,269 in 2012 to $291,227 for the 12 months ending July 2020.
Average condo sale price increased 70% ($74,877), from $106,250 eight years ago to $181,127 for the 12 months ending July 2020.
Queen
Constitution Hill west to La Reine, includes southwest Judiths Fancy
Inventory
Eight 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 nearly 2 years, to a 1.3 year supply, over the eight year period.
Condominium inventory decreased by more than 7 years over this period, to a 10 month supply for the 12 months ending July 2020.
Average Sales Price
Average residential sale price increased 16% ($47,336) over the eight year period, from $291,289 in 2012 to $338,625 for the 12 months ending July 2020.
Average condo sale price increased 87% ($65,425) over the eight year period, from
$75,125 in 2012 to $140,850 from the 12 months ending July 2020.
Northside A & B
North shore from north Judiths Fancy west to Hamms Bluff
Inventory
Eight 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 1.6 year supply of homes.
The condominium supply decreased by more than 6 years, to a 10 month supply of condominiums in this quarter.
Average Sales Price
Average home sale price ($673,325) increased by $214,215 (47%), compared to eight years ago ($459,110).
Average condominium sale price increased by $28,000 (8%) over the eight year period, from $345,000 for the 12 months ending July 2012 to $373,000 for the 12 months ending July 2020.
King
South shore from La Reine west to UVI
Inventory
Eight years ago (July 2012), there was a 3.8 year supply of homes;
there are no condominiums in King Quarter.
Residential inventory decreased by 18 months, compared to eight years ago, to 2.3 years of inventory for the 12 months ending July 2020.
Average Sales Price
Average home sale price decreased $18,833 (9%) over the eight year period, from $207,400 for the 12 months ending July 2012 to $188,567 for the 12 months ending July 2020.
Prince
South shore from UVI west to Williams Delight
Inventory
Eight 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 5 years, to a 6 month supply of homes.
Condominium inventory decreased by more than 10 years, to a 4 month supply of condominiums.
Average Sales Price
Homes saw a sales price increase of $16,770 (8%) when compared to eight years ago, from $208,430 for the 12 months ending July 2012 to $225,200 for the 12 months ending July 2020.
Condominiums experienced a $125,227 (30%) decrease in average sale price over the eight year period, from $415,000 for the 12 months ending July 2012 to $289,773 for the 12 months ending July 2020.
West End
South from Mahogany Road, East to Williams Delight
Inventory
Eight 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 eight year period, residential inventory decreased by over 2 years, to a 2.3 year supply of homes for the 12 months ending July 2020.
Condominium inventory decreased by 7 years; there were no West End condominiums on the market at the end of July 2020.
Average Sales Price
Average home sale price increased $168,677 (103%) over the eight year period, from $164,300 for the 12 months ending July 2012 to $332,977 for the 12 months ending July 2020.
Average condominium sale price increased $183,700 (294%) over the eight year period, from $62,500 for the 12 months ending July 2012 to $246,200 for the 12 months ending July 2020.
Conclusion
Over the nine year period, average home sale prices were highest, usually more than double those of other quarters, in these quarters:
· East End B
· Northside A & B
· East End A
Over the nine year period, the average St Croix condominium sales price increased by about $45,960.
These quarters did not experienced an increase in average condo sales price:
· East End B
· East End A
· Prince
Residential and condominium inventories decreased to between 1 and 2 years island wide over the past nine years, with these exceptions:
· East End A now has 4.5 years of condominium inventory
· Prince Quarter has only a 6 month supply of residential inventory
· West End Quarter had no actively listed condominiums as of July 2020
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
July 2020
15 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 15 years ago –
The 2005 / 2006 period
Total number of properties sold
· Residential – A significant drop (32%) in number of homes sold, but better than 9 of the previous 14 years, in terms of number of homes sold.
· Condominiums – Similar to the home market, a 36% drop in the number of condominiums sold, compared to the previous 12 month period. Exceeds 7 of the previous 14 years in number of condos sold.
· Land – Performed better than homes and condos with only a 23% drop in the number of lots sold, compared to the previous 12 month period. Similar to home sales; number of lots sold exceeds 9 of the previous 14 years.
Average sales price
· Residential – Average home sales price increased 13% over the previous 12 month period, from $359,384 to $406,753. This exceeds the average homes sale price of 11 of the previous 14 years.
· Condominiums – Average condominium sales price increased 20% compared to the previous 12 month period, from $205,401 to $247,160. This is the highest average condominium sales price of the entire 15 year period!
· Land – Average lot sales price also increase 13% over the previous 12 month period, from $64,651 to $73,290. This average lot sales price exceeded only 6 of the previous 14 years.
Total Market
Number of properties sold x Average sales price
· Residential – The total residential market ($63.9 million) was a 23% decrease from the previous 12 month period with $83 million in residential sales. Compared to the 15 year period, total resident al sales exceed all but 4 of the previous periods.
· Condominiums – The total condominium market ($22.0 million) was also a 23% decrease from the previous 12 month period of $28.5 million. As with the residential market, only 4 of the previous 14 years exceeded this period’s total sales.
· Land – The total land market ($8.5 million) was a 13% decrease from the previous 12 month period with $9.8 million in land sales. This level of sales was exceed by 6 of the previous 14 years total land market.
Conclusion
Compared to 14 years ago, total St Croix real estate sales decreased 47% ($84.9 Million Dollars)
Compared to the previous 12 month period, total
St Croix real estate sales decreased $26.9 million (22%) for the period of July 2019 through June 2020
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
June 2020
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. For the past two years, this segment reduced to slightly under 1/5 of the inventory. 30% of home sales on St Croix over the past 12 months were for $200,000 or less; 19% of inventory accounted for 30% of 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. 30% of St Croix home sales over the past 12 months were between $200,000 and $400,000; 20% of inventory accounted for 30% of sales.
· Homes listed for more than $400,000 account for 60% of the inventory, as they did 10 years ago. During the past 12 months, this price range accounted for 39% of all homes sold.
· Homes listed for more than $1,000,000 increased to 23% of the inventory for the past 2 years; during this same period home sales of $1,000,000 or more accounted for 4% (17 sales) of the total 399 homes sold.
Condominium
· The lowest price range (under $100,000) is now just 4% of condominium inventory; this segment averaged 19% of inventory over the past 10 years. Big change!
· The second tier ($100,000 to $200,000) has consistently included between one-third and one-half the inventory over the previous 10 year period. It now represents only 16% of total condominium inventory
· Condominiums listed for more than $200,000 are now 80% of the inventory, a 20% increase over the previous 10 year period. 53% of condominiums sales during the past 12 months exceeded $200,000.
Land
· The lowest price range (under $50,000) increased 9%, compared to 11 years ago, to 29%. In May 2017, this price range accounted for 45% of the inventory.
· The middle tier ($50,000 to $300,000) decreased 10% over the 10 year period, from 65% in 2010 to the current 55%.
· Lots listed for more than $300,000 are at their highest level in 11 years, at 15% of inventory. This segment of the inventory averaged 11% over the previous 10 year period.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
May 2020
Inventory Levels and Sales Projections
May Inventory Levels
10 Year Review
Residential
Residential inventory peaked in 2012 with 330 homes for sale and steadily declined through 2019. Current inventory of 163 homes for sale is 51% lower (167 homes)
than May 2012 residential inventory.
Condominium
Condominium inventory also peaked in 2012 with 230 condominiums for sale and steadily declined through 2019. Current inventory of 77 condos is 1/3 of the May 2012 condominium inventory.
Land
Land inventory peaked in 2011 with 575 lots for sale and steadily declining until 2014, then began to again increase. Current inventory of 433 lots is 75% of the 2011 inventory.
May Pending Sale Levels
10 Year Review
Residential
Residential pending sales peaked in May 2016, at 85 pending residential sales, and have been robust since. Current pending residential sales (68) are 166%
of 10 years ago (41).
Condominium
Condominium pending sales peaked in May 2019 with 38 pending condo sales. The current level of 19 pending sales is exceeded by the previous 7 years, only 2011 and 2012 saw a lower level of pending sales.
Land
Pending land sales remained relatively constant over the first 8 years. The 2020 figure of 49 pending land sales is the highest for the entire 10 year period.
2020 Sales Predictions
Using the assumption that the first 4 months of 2020 is a valid predictor for the entire year.
Residential
The first four months predict only 123 home sales during 2020, the lowest annual number since 2013.
Condominium
The first four months predict there will be 87 condominium sales during 2020, the lowest annual number since 2012
Land
Using the first 4 months sales as a predictor, only 84 land sales are forecast for 2020. Appears to be a return to the 2011 through 2016 lot sales levels, disappointing.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
April
1st Quarter Sales as Predictor for the full year
2020 is the 12th 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 are not helpful.
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
12 year period:
· Residential inventory peaked in 2012, with 340 homes for sale, then steadily declined each year to the low point of only 121 homes for sale in 2019. Inventory levels have now returned to the 2018 level of 172 homes for sale.
· Condominium inventory peaked in 2010, with 265 condominiums for sale, then steadily declined each year to the low point of only 46 condos on the market in 2019. The current level of 70 condominiums for sale has not quite returned to the 2018 level.
· Land inventory also peaked in 2010, at 610 lots for sale. Since then, land inventory has been between 566 lots for sale and 443 lots for sale (2020).
Residential Sales & 2020 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 predict only 104 home sales for the year, a 47% decrease from 2019.
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 2020 1st quarter average sales price predicts an annual average sales price of nearly $200,000 more than the 2018 average home sales price, but also a significant (47%) decrease in the total number of homes sold.
Here is the prediction for 2020 overall:
· Total number of homes sold will be as predicted, around 104 homes.
· Average sales price will most likely be in the low $400,000 range.
Condominium Sales & 2020 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.
Beginning in 2014, there have been more than 100 condominium sales annually on St Croix. The prediction for 2020 (76 condominium sales) is a decrease to about 60% of the 2019 number of sales (126).
1st quarter average sale price has, in most cases, overestimated the average annual condominium sales price.
Here is the prediction for 2020 overall:
· Total number of condominiums sold will be in the 70 condo range, approximately the number of condos for sale.
· Average sales price will most likely be in the $250,000 range.
Land Sales & 2020 Predictions
Both predicted and actual number of lots sold have been trending in the right direction since 2014. However, the prediction for 2020 is only 80 annual lot sales, a 45% decrease from 2019.
From 2014 through 2017, the average lot sales price was in the $70,000 range. Since 2018, average sales price dropped about $5,000, to the mid-$60,000 range.
Here is the prediction for 2020 overall:
· Total number of lots sold will be in the 100 range, about 15% lower than 2019.
· The 2020 average lot sales price will be in the $65,000 range, similar to the previous 2 years.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
March 2020
Home Sales
St Thomas vs St Croix
A 17 Year Look
Total Number of Properties Sold
· Over the 17 year period, more homes sold every year on St Croix than on St Thomas.
· During 2019, more homes sold on both St Thomas (115) and St Croix (197) than had sold during any of the previous 16 years, with the exception of 2018.
· Over the 17 year period, the fewest number of homes sold on St Croix (88) was during 2012, the fewest number of home sold on St Thomas (53) was during 2011.
· During 2019, 82 more homes were sold on St Croix, when compared to St Thomas.
· Compared to 2018, 18 fewer homes were sold on St Thomas during 2019 and 10 fewer homes were sold on St Croix during 2019.
Average Sales Price
· At the beginning of this 17 year period (2003), average sales prices for St Thomas and St Croix were nearly identical, at an average of $415,823.
· For the past 16 years (since 2004), the annual average home sales price on St Thomas has exceeded that of St Croix.
· For 2019, the average St Thomas homes price was 48% higher, at $617,848, than the 2003 average sales price. The average annual home sales price on St Croix for 2019 was 3% lower, at $403,914, than the 2003 average sales price.
· For 2019, the average sale price of a home on St Croix ($403,914) was 65% of the averages sales price of a home on St Thomas ($617,848).
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 17 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 2019, the total St Croix residential market exceeded the total St Thomas residential market by about $8.6 Million.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin Team Manager
February 2020
The St Croix Real Estate Cycle
A 17 Year Look
Total Number of Properties Sold
· Number of home sales on St Croix remains at a historic high level (197), only in 2018 were more homes sold (206). The next highest number of homes sold was 188 during 2006, the height of the real estate boom.
· During 2019, 126 condominiums sold on St Croix, very similar numbers to the previous 5 years. Nearly twice as many condos sold during 2005 (208 condos). The fewest condos sold in 2012, when only 34 condominiums sold.
· There were 145 lots sales in 2019, the highest number of lots sold on St Croix since 2009.
Average Sales Price
· The average 2019 home sales price ($403,914) was $9,525 lower than the 2003 average home sales price of $413,439. Since 2012, the average home sale price has varied between the low $300,000 range to $400,000.
· The 2019 average condominium sales price ($220,498) is $75,675 higher than the average condo price in 2003 ($144,823). Since 2015, the average condominium sales price has remained in the $180,000 to $220,000 range.
· The average 2019 lot sales price ($64,821) is $26,494 lower than the average lot sale price for 2003 ($91,315). Over the 17 year period, only 2013 saw a lower average lot sales price ($50,290).
Total Market in Millions of Dollars
· The 2019 total residential market ($79.6 million) was just $6 million lower than the height of the St Croix real estate market in 2006 ($85.3 million)! While the average sales price has not increased, the number of homes sold on St Croix continues on its upward trend.
· The 2019 total condominium market ($27.8 million) was exceeded only by the total market in 2005 ($34.7 million) and 2006 ($30.7 million). Since 2014, total condos sold has been in the 108 to 126 condo range. Average sales price increased by $25,000 since last year and is exceeded only by 2007 ($252,000) and 2009 ($249,000).
· The 2019 total land market ($9.4 million) is the best performance we have seen since 2009 ($13.3 million). More lots were sold in 2019 (145) than in any year since 2008 (224 lot sales). 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 2020
8 Year St Croix Home Sales Price Trends
The average sales price of a home on St Croix decreased by $63,061 over the 7 year period; this is a 16% decrease.
Total number of homes sold increased 130% (116 homes) since 2012.
All areas of the island did not perform the same.
East End B
Far East End
Compared to 8 years ago, the average sales price of a home increased 25% ($170,384 increase).
The number of homes sold in a year increased by 1 home compared to 8 years ago;
12 homes sold in 2012, 13 homes sold in 2019.
East End A
Christiansted East to Coakley Bay
Compared to 8 years ago, the average sales price of a home decreased 29% ($246,337 decrease).
Four times as many homes sold in 2019 (40) compared to 8 years ago, when 10 homes sold.
Company
Christiansted West to the East Side of Judiths Fancy
Compared to 8 years ago, the average sales price of a home increased 50% ($101,260) increase.
The number of homes sold in a year nearly doubled,
from 15 home sales in 2012 to 26 home sales in 2019.
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Compared to 8 years ago, the average sales price of a home increased 24%
($58,515 increase).
The number of homes sold in a year has doubled since 2012, from 22 homes sold in 2012 to 44 home sales in 2019.
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Compared to 8 years ago, the average sales price of a home increased 44% ($199,853 increase).
The number of homes sold in a year increased by one home;
13 homes sales closed in 2012, 14 homes sales closed in 2019.
King
South Shore from La Reine West to UVI
Compared to 8 years ago, the average sales price of a home increased 64%
($70,850 increase).
Seven times as many homes closed in 2019 (14), compared to 2012 (2 home sales).
Prince
South Shore from UVI West to Williams Delight
Compared to 8 years ago, the average sales price of a home decreased 17%
($43,321 decrease).
Nearly 4 times as many homes sold in 2019 (19) compared to
2012 (5 home sales).
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Compared to 8 years ago, the average sales price of a home increased 42%
($84,672 increase).
Twice as many homes sold during 2019 (22 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 two areas of the island are consistently much lower than the island wide “average” home sales price:
· King
· Prince
Center island and west end average home sales prices are about “average”:
· Company
· Queen
· West End
More homes sold in all quarters during 2019, when compared to 2012.
Compared to 2018, the island wide average home sale price increased 23%.
These quarters experienced increased average home sales prices:
· East End B
· East End A
· Queen
· Northside A & B
· King
· West End
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 2019
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 2019, there were 32 active and 4 pending home sales in East End B, with 13 home sales in the previous 12 months, for a 2.8 year supply of homes for sale
[32 + 4] / 13 = 2.8 Years or 34 months
East End B
Far East End
Residential
Compared to 8 years ago, home inventory is identical;
average sales price is 16% ($141,492) lower; from $888,908 to $747,416.
Compared to last year, average time on the market increased by 1 year;
average sales price increased 56% (from $478,385 to $747,416)
Condominium
Compared to 8 years ago, condominium inventory decreased by 22 months (from 2.6 years to 0.8 years); average sales price decreased by 3%
(from $370,846 to $360,038)
Compared to last year, average time on the market increased by about 1 month;
average sales price increased by 49% (from $241,246 to $360,038)
Vacant Land
Compared to 8 years ago, land inventory decreased by 5 years,
from 8.2 years to 3.2 years;
average sales price decreased 12% (from $79,929 to $70,163)
Compared to last year, land inventory decreased by 5 years;
average sales price decreased 3% (from $72,308 to $70,163)
East End A
Christiansted East to Coakley Bay
Residential
Compared to 8 years ago, home inventory decreased by nearly 2 years,
from 2.8 years to under 1 year;
average home sale price has doubled; from $307,597 to $615,527.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
November 2019
Which St Croix Price Ranges are Selling?
First 10 months of 2014 through 2019
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
2019
162 home sales closed January through October; there were 218 homes for sale
1.3 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
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
SALES BY PRICE RANGE
Residential
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
2016 % of Sales |
2016 Sales |
2015 % of Sales |
2015 Sales |
2014 % of Sales |
2014 Sales |
Sales Price |
36% |
59 |
40% |
66 |
41% |
53 |
41% |
58 |
41% |
45 |
31% |
42 |
Under $200K |
28% |
46 |
28% |
46 |
25% |
32 |
31% |
45 |
31% |
34 |
36% |
48 |
$200K - $400K |
15% |
25 |
19% |
31 |
15% |
18 |
14% |
20 |
13% |
14 |
18% |
24 |
$400K - $600K |
9% |
14 |
8% |
13 |
8% |
11 |
6% |
8 |
9% |
10 |
10% |
14 |
$600K - $800K |
6% |
10 |
3% |
5 |
5% |
7 |
5% |
7 |
3% |
3 |
3% |
4 |
$800K - $1 Million |
5% |
8 |
3% |
5 |
7% |
9 |
3% |
5 |
5% |
5 |
1% |
2 |
Over $1 Million |
Condominium
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
2016 % of Sales |
2016 Sales |
2015 % of Sales |
2015 Sales |
2014 % of Sales |
2014 Sales |
Sales Price |
19% |
22 |
14% |
13 |
28% |
26 |
26% |
28 |
23% |
20 |
38% |
38 |
Under $100K |
37% |
43 |
46% |
43 |
49% |
45 |
40% |
42 |
45% |
39 |
43% |
43 |
$100K - $200K |
22% |
26 |
24% |
23 |
15% |
14 |
19% |
20 |
17% |
15 |
13% |
13 |
$200K - $300K |
18% |
21 |
15% |
14 |
6% |
6 |
13% |
14 |
13% |
11 |
6% |
6 |
$300K - $500K |
3% |
4 |
1% |
1 |
1% |
1 |
2% |
2 |
4% |
3 |
1% |
1 |
Over $500K |
Vacant Land
2019 % of Sales |
2019 Sales |
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
2016 % of Sales |
2016 Sales |
2015 % of Sales |
2015 Sales |
2014 % of Sales |
2014 Sales |
Sales Price |
62% |
73 |
64% |
58 |
62% |
62 |
48% |
31 |
52% |
32 |
68% |
25 |
Under $50K |
20% |
24 |
18% |
16 |
10% |
10 |
30% |
19 |
23% |
14 |
22% |
8 |
$50K - $100K |
17% |
20 |
16% |
14 |
|
0 |
20% |
13 |
21% |
13 |
8% |
3 |
$100K - $300K |
1% |
1 |
2% |
2 |
3% |
3 |
2% |
1 |
5% |
3 |
3% |
1 |
Over $300K |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
October 2019
Eleven Year Comparison
St Croix Real Estate Inventory Levels
TOTAL INVENTORY
Residential
44% lower (117 homes) than eleven years ago.
Highest inventory during this period was 9/15/12 with 336 homes on the market
Lowest inventory during this period was last year (9/15/18) with only
136 homes for sale.
Condominium
GIGANTIC decrease over the eleven year period!
Eleven years ago, there were four times as many condominiums on the market (236) as were for sale on 9/15/18 (53).
Vacant Land
18% lower (104 lots) than eleven years ago.
Land inventory slowly declined over the ten year period and is now beginning to increase.
INVENTORY BY PRICE RANGE
Residential
Under $200,000 listings (18%) increased 5% as percentage of total inventory, compared to eleven years ago. Compared to last year, this segment decreased by 13%; a significant adjustment.
$200,000 to $400,000 listings (27%) have remained relatively constant over the 11 year period, varying from 24% of inventory (9/15/218) to 34% of inventory (9/15/14).
$400,000 to $600 listings (15%) have remained constant at about 15% of total inventory over the eleven year period. Highest was 20% (9/15/10) and lowest was 10% (9/15/14).
$600,000 to $800,000 listings more than doubled since last year, from 6% of total inventory (9/15/218) to 13% of total inventory for the current period.
$800,000 to $1,000,000 listings (6%) remain relatively constant over the ten year period, varying form a high of 9% (2010) to a low of 3% (2012) of total inventory.
Listings over $1,000,000 (21%) are at their highest level of the 11 year period. Lowest level was 9/15/13 at just 11% of total inventory.
Condominium
Under $100,000 listings are currently only 4% of total condo listings, down from a high of 29% (9/15/13).
$100,000 to $200,000 listings (26%) decreased by 13% of total inventory since last year. On 9/15/16, this price range represented 46% of the total condominium inventory.
$200,000 to $300,000 listings are at 37% of total inventory, the highest percentage of the 11 year period.
$300,000 to $500,000 listings, at 23% of inventory, are approaching the highest level (24%) of 9/15/10. Lowest level was just 7% on 9/15/13.
Listings over $500,000 represent about 10% of the total condominium market, the highest level of the 11 year period. Lowest level was 9/15/16 at just 3% of total inventory.
Vacant Land
Under $50,000 listings are 10% higher than 11 years ago, at 31%. The highest percentage of inventory (44%) was in 9/15/17.
$50,000 to $100,000 listings have remained relatively constant, now representing 28% of inventory. Highest level was 34% in 2011, lowest was 25% (2015, 2017, and 2018).
$100,000 to $300,000 listings are 5% lower than 11 years ago, currently at 28%. Lowest percentage was 9/15/17, at 22% of total land inventory.
Listings over $300,000 are 3% lower than 11 years ago at 13% of total land market. Lowest levels were 2013, 2016, and 2017; this segment of the market decreased to 9% of total land listings.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
September 2019
A Tale of Two Islands
St Croix and St Thomas Real Estate Sales
Seven Year Comparison Year to Date
Number of Sales
Residential
Residential sales on St Thomas increased 85% (39 homes) over the seven year period. On St Croix, the number of homes sold increased 63% (52 homes) over the seven year period.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Homes Sold |
|
82 |
|
46 |
Jan – Aug 2013 |
+39% |
114 |
+46% |
67 |
Jan – Aug 2014 |
(-25%) |
85 |
(-19%) |
54 |
Jan – Aug 2015 |
+38% |
117 |
+37% |
74 |
Jan – Aug 2016 |
+5% |
123 |
+4% |
77 |
Jan – Aug 2017 |
+3% |
127 |
+9% |
84 |
Jan – Aug 2018 |
+6% |
134 |
+1% |
85 |
Jan – Aug 2019 |
Condominium
Condominium sales increased 81% on both islands over the seven year period.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Condos Sold |
|
54 |
|
52 |
Jan – Aug 2013 |
+52% |
82 |
+35% |
70 |
Jan – Aug 2014 |
(-16%) |
69 |
(-6%) |
66 |
Jan – Aug 2015 |
+16% |
80 |
+38% |
91 |
Jan – Aug 2016 |
+11% |
89 |
+7% |
98 |
Jan – Aug 2017 |
(-19%) |
72 |
(-28%) |
71 |
Jan – Aug 2018 |
+36% |
98 |
+32% |
94 |
Jan – Aug 2019 |
Vacant Land
Vacant land sales on St Thomas increased 76% (15 lots) over the seven year period. On St Croix, land sales increased 134% (55 lots) over the seven year period.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Lots Sold |
|
41 |
|
21 |
Jan – Aug 2013 |
(-27%) |
30 |
+43% |
30 |
Jan – Aug 2014 |
+57% |
47 |
+27% |
38 |
Jan – Aug 2015 |
+15% |
54 |
(-29%) |
27 |
Jan – Aug 2016 |
+30% |
70 |
+59% |
43 |
Jan – Aug 2017 |
(-12%) |
62 |
(-33%) |
27 |
Jan – Aug 2018 |
+55% |
96 |
+37% |
37 |
Jan – Aug 2019 |
Residential
Average Sales Price
The average St Thomas residential sales price is nearly identical to the average home sale price of seven years ago. On St Croix, the average home sales price increased 40% ($115,341) over the seven year period
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average Home Sales Price |
|
$287,762 |
|
$665,130 |
Jan – Aug 2013 |
+16% |
$332,572 |
+16% |
$772,334 |
Jan – Aug 2014 |
+28% |
$426,719 |
(-11%) |
$689,658 |
Jan – Aug 2015 |
(-18%) |
$350,076 |
(-14%) |
$594,317 |
Jan – Aug 2016 |
+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 |
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 |
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 |
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 $110,000 lower than seven years ago. On St Croix, the median home sales price increased $10,500 over the seven year period; it is essentially unchanged and $124,500 lower than St Thomas.
Median Home Sales Price
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Home Sales Price |
|
$270,000 |
|
$515,000 |
Jan – Aug 2013 |
+11% |
$299,000 |
(-5%) |
$490,000 |
Jan – Aug 2014 |
(-15%) |
$255,000 |
No change |
$492,000 |
Jan – Aug 2015 |
(-14%) |
$220,000 |
No change |
$492,500 |
Jan – Aug 2016 |
+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 |
Condominium
Average Sales Price
The average condominium sales price is little changed from last year on both islands. Over the 7 year period, average condo sales price increased by 12% on St Thomas and 22% on St Croix.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average condo Sales Price |
|
$169,563 |
|
$223,604 |
Jan – Aug 2013 |
(-8%) |
$155,356 |
(-2%) |
$219,512 |
Jan – Aug 2014 |
+30% |
$202,402 |
+3% |
$227,064 |
Jan – Aug 2015 |
(-17%) |
$168,023 |
+21% |
$274,901 |
Jan – Aug 2016 |
(-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 |
St Thomas Condominium Sales Prices lowest vs highest
|
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 |
St Croix Condominium Sales Prices lowest vs highest
|
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 |
Over the seven year period, the median condominium sales price increased $51,250 on St Thomas and $40,500 on St Croix.
Median Condominium Sales Price
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Condo Sales Price |
|
$144,500 |
|
$173,750 |
Jan – Aug 2013 |
(-18%) |
$119,125 |
(-5%) |
$165,000 |
Jan – Aug 2014 |
+26% |
$150,000 |
+9% |
$180,000 |
Jan – Aug 2015 |
(-10%) |
$135,000 |
+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 |
Vacant Land
Average Sales Price
The average St Thomas land sales price increased by nearly 60% over the seven year period.
On St Croix, average land sale price increased by about 23% over the 7 year period
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average lot Sales Price |
|
$43,425 |
|
$108,357 |
Jan – Aug 2013 |
+85% |
$80,162 |
+16% |
$126,172 |
Jan – Aug 2014 |
(-3%) |
$78,055 |
(-26%) |
$91,737 |
Jan – Aug 2015 |
(-2%) |
$76,518 |
+97% |
$181,144 |
Jan – Aug 2016 |
(-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 |
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 |
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 |
Median Land Sales Price
On both islands, the median lot sales price is nearly the same as 7 years ago.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Lot Sales Price |
|
$34,500 |
|
$84,500 |
Jan – Aug 2013 |
+14% |
$39,500 |
+1% |
$85,000 |
Jan – Aug 2014 |
+1% |
$40,000 |
(-35%) |
$55,000 |
Jan – Aug 2015 |
+64% |
$65,500 |
+78% |
$98,000 |
Jan – Aug 2016 |
(-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 |
Total Market (Millions)
The 2019 St Thomas and St Croix total residential markets were nearly the same, as they have been for the past 5 years.
Residential
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Homes Sold |
|
$23.6 |
|
$30.6 |
Jan – Aug 2013 |
+61% |
$37.9 |
+69% |
$51.7 |
Jan – Aug 2014 |
(-4%) |
$36.3 |
(-28%) |
$37.2 |
Jan – Aug 2015 |
+13% |
$41.0 |
+18% |
$44.0 |
Jan – Aug 2016 |
+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 |
The St Thomas total condominium market recovered to the 2016 / 2017 levels. On St Croix, 2019 was by far the highest level of condominium sales in 7 years.
Condominium
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Condos Sold |
|
$9.2 |
|
$11.6 |
Jan – Aug 2013 |
+38% |
$12.7 |
+33% |
$15.4 |
Jan – Aug 2014 |
+10% |
$14.0 |
(-3%) |
$15.0 |
Jan – Aug 2015 |
(-4%) |
$13.4 |
+67% |
$25.0 |
Jan – Aug 2016 |
+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 |
The St Thomas and St Croix total land market were nearly identical for this period; the St Thomas total land market more than doubled since last year, the St Croix total land market was the highest in 7 years.
Vacant Land
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Lots Sold |
|
$1.8 |
|
$2.3 |
Jan – Aug 2013 |
+33% |
$2.4 |
+65% |
$3.8 |
Jan – Aug 2014 |
+54% |
$3.7 |
(-8%) |
$3.5 |
Jan – Aug 2015 |
+11% |
$4.1 |
+40% |
$4.9 |
Jan – Aug 2016 |
+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 |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
August 2019
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
Seven 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 2.8 year supply of homes and an 8 month supply of condominiums in this quarter.
Average Sales Price
Compared to seven years ago, average home sales price increased by 15%, from $575,667 in 2012 to $662,850 for 2019, while average condominium sales price decreased 24%, from $382,500 in 2012 to $290,625 for 2019.
East End A
Christiansted east to Coakley Bay
Inventory
Seven 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 11 month supply of homes and a 5 month supply of condominiums in this quarter.
Average Sales Price
Average residential sale price ($517,241) is 7% higher than seven years ago ($481,712)
Condominium average sale price ($197,346) is 3% lower than seven years ago ($204,667)
Company
Christiansted west to east side of Judiths Fancy
Inventory
Seven 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 nearly 3 years, to a 10 month supply of homes.
Condominium inventory sell off was dramatic, from a 5.9 year supply of units seven years ago to a current 6 month supply of condominiums for sale.
Average Sales Price
Homes and condominiums both experienced average sales price increases, compared to seven years ago.
Average home sale price increased the most ($154,275), from $191,269 in 2012 to $345,544 for the 12 months ending July 2019.
Average condo sale price increased $48,885, from $106,250 seven years ago to $155,136 for the 12 months ending July 2019.
Queen
Constitution Hill west to La Reine, includes southwest Judiths Fancy
Inventory
Seven 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 more than 2 years, to a 1 year supply, over the seven year period.
Condominium inventory decreased by more than 7 years over this period, to an 11 month supply for the 12 months ending July 2019.
Average Sales Price
Average residential sale price decreased slightly ($6,496) over the seven year period, from $291,289 in 2012 to $284,793 for the 12 months ending July 2019.
Average condo sale price increased by $61,657 over the seven year period, from
$75,125 in 2012 to $136,782 from the 12 months ending July 2019.
Northside A & B
North shore from north Judiths Fancy west to Hamms Bluff
Inventory
Seven 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 more than 3 years, to a 1 year supply of homes.
The condominium supply decreased by more than 6 years, to a 5 month supply of condominiums in this quarter.
Average Sales Price
Average home sale price ($681,863) increased by $222,753, compared to seven years ago ($459,110
Average condominium sale price increased by about $39,875 over the seven year period, from $345,000 for the 12 months ending July 2012 to $384,875 for the 12 months ending July 2019.
King
South shore from La Reine west to UVI
Inventory
Seven years ago (July 2012), there was a 3.8 year supply of homes;
there are no condominiums in King Quarter.
Residential inventory decreased by more than 3 years, compared to seven years ago, to 6 months of inventory for the 12 months ending July 2019.
Average Sales Price
Average home sale price decreased $45,882 over the seven year period, from $207,400 for the 12 months ending July 2012 to $161,118 for the 12 months ending July 2019.
Prince
South shore from UVI west to Williams Delight
Inventory
Seven 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 5 years, to a 10 month supply of homes.
Condominium inventory decreased by more than 11 years, to an 8 month supply of condominiums.
Average Sales Price
Homes saw a sales price increase of $22,685 when compared to seven years ago, from $208,430 for the 12 months ending July 2012 to $231,115 for the 12 months ending July 2019.
Condominiums experienced a $193,733 decrease in average sale price over the seven year period, from $415,000 for the 12 months ending July 2012 to $231,115 for the 12 months ending July 2019.
West End
South from Mahogany Road, East to Williams Delight
Inventory
Seven 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 seven year period, residential inventory decreased by nearly 3 years, to a 10 month supply of homes for the 12 months ending July 2019.
Condominium inventory decreased by nearly 7 years, to a 2 month supply of condominiums.
Average Sales Price
Average home sale price increased $77,161 over the seven year period, from $164,300 for the 12 months ending July 2012 to $241,461 for the 12 months ending July 2019.
Average condominium sale price increased $134,806 (!) over the seven year period, from $62,500 for the 12 months ending July 2012 to $197,306 for the 12 months ending July 2019.
Conclusion
Over the eight 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 eight year period, the average condominium sale price increased by about $33,000.
These quarters did not experienced an increase in average condo sales price:
· East End B
· East End A
· Prince
Residential and condominium inventories decreased to a year or less island wide over the past eight years, with the exception of East End B, which has a residential inventory of nearly 3 years.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
July 2019
14 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 14 years ago –
The 2005 / 2006 period
Total number of properties sold
· Residential – More homes sold during this period than any other period during the 14 year look back! At 231 home sales, the past 12 months exceed the height of the market (2005/2006) by 30 homes!
· Condominiums – Excellent sales activity (139 condos sold), exceeded only by 2016/2017 (142 condo sales) and 2005/2006 (220 condo sales).
· Land – Land sales are increasing. At 152 land sales, this is the highest number of lots sold since 2008/2009.
Average sales price
· Residential – Average home sale price has decreased. At $359,384 for the current period, only the three year period of 2012/2015 produced lower average home sale prices. The lowest was 2013/2014 with a $336,195 average home sale price.
· Condominiums – Average condominium sales price for this 12 month period ($205,401) exceeded 8 of the previous 14 years. Highest average condominium sales price was $238,359 for the period 2007/2008.
· Land – Average lot sales price ($64,651) was lower than any of the previous 14 years except for the 2017/2018 period with a $63,069 average sales price.
Total Market
Number of properties sold x Average sales price
· Residential – The total residential market ($83 million) was the highest since the boom of 2005/2006 ($93.6 million)!
· Condominiums – The total condominium market ($28.5 million) was the highest since the boom of 2005/2006 ($40.1 million)!
· Land – This total land market ($9.8 million) was the highest since the 2008/2009 period ($18.0 million) but still way below the height of this market in 2005/2006 ($45.6 million).
Conclusion
Compared to 14 years ago, total St Croix real estate sales have decreased by about 1/3 ($58 Million Dollars)
Compared to the previous 12 month period, total
St Croix real estate sales increased $47 million (39%) for the period of July 2018 through June 2019
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
June 2019
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) has accounted for about one third of the St Croix residential inventory for the past 5 years. Last year saw a big decrease, from 33% of the inventory to just 17% of total, and much smaller, inventory. Homes sold for $200,000 or less accounted for 37% of St Croix residential sales over the past 12 months.
· The second tier ($200,000 to $400,000) has consistently comprised nearly one third of all homes for sale on St Croix over the previous 9 year period. This segment is now about one quarter of the inventory. 31% of St Croix home sales over the past 12 months were between $200,000 and $400,000.
· Homes listed for more than $400,000 account for 56% of the inventory, as they did 10 years ago. Homes listed for more than $1,000,000 increased to 23% of the inventory over the past 12 months; during this same period homes sales of $1,000,000 or more accounted for 3% (6 sales) of the total 235 homes sold.
Condominium
· The lowest price range (under $100,000) is now 11% 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 10 year period.
· Condominiums listed for more than $200,000 are nearly 60% of the inventory, almost a 20% increase over the 10 year period.
Land
· The lowest price range (under $50,000) nearly doubled over the 10 year period, from 20% of total inventory in 2010 to 35% of all lots for sale in 2019.
· The middle tier ($50,000 to $300,000) decreased by 15% over the 10 year period, as lot prices were reduced to reflect market conditions.
· Lots listed for more than $300,000 have remained constant at about 12% of the inventory over the 10 year period.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
May 2019
Inventory Levels and Sales Projections
May Inventory Levels
9 Year Review
Residential
Residential inventory peaked in 2012 at 330 homes for sale and has steadily declined since then. Current inventory of 144 homes for sale is 56% lower (186 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 44 condos is less than one fifth of the May 2012 condominium inventory.
Land
Land inventory peaked in 2011 at 575 lots, steadily declining until 2014, then began to again increase. Current inventory of 492 lots is 86% of the 2011 inventory.
May Pending Sale Levels
9 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 86% of the inventory!
Land
Pending land sales remained relatively constant over the first 8 years. The 2019 figure of 48 pending land sales is the highest for the 9 year period.
2019 Sales Predictions
Using the assumption that the first 4 months of 2019 is a valid predictor for the entire year.
Residential
The first four months predict there will be exactly the same number of homes sold during 2019 (207) as were sold during 2018. This number represents a 25% increase in the number of home sales, compared to the 2014 through 2017 periods.
Condominium
The first four months predict there will be 141 condominium sales during 2019. With a current inventory of only 35 condominiums for sale, this is unlikely.
Land
Using the first 4 months sales as a predictor, 117 land sales are forecast for 2019. During 2018, 120 land sales closed, the highest number of land sales since 2009. The land market is definitely improving!
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
April 2019
1st Quarter Sales as Predictor for the full year
2019 is the 11th 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 1st quarter statistics predict about market prospects for the rest of the year?
First, a look at inventory trends over the
11 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 36% (121 homes) of the 2012 level, a significant decline.
· Condominium inventory peaked in 2010, with 265 condominiums on the market. The current level of 46 condominiums for sale is only 17% of the 2010 inventory.
· Land inventory also peaked in 2010, at 610 lots for sale. First quarter 2019 inventory is the only segment of the real estate market with increasing inventories, currently at 82% (501 lots) of the 2010 inventory levels.
Residential Sales & 2019 Predictions
With the exception of 2017 (Irma Maria Hurricanes), the actual number of homes sold annually has exceeded the prediction based on 1st quarter sales. However, it will be difficult to sell 204 homes when there are only 121 homes listed for sale and average days on the market of 10 months.
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 2019, 1st quarter average sales price predicts a $100,000 increase in average homes sale price, from $329,272 for 2018 to $429,671 for 2019.
Here is the prediction for 2019 overall:
· Total number of homes sold will be fewer than predicted, around 120, representing about a 40% decreased from total number of homes sold during 2018.
· Average sales price will most likely be in the $400,000 range.
Condominium Sales & 2019 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.
Beginning in 2014, there have been more than 100 condominium sales annually on St Croix. This level of sales will be difficult to sustain, with only 46 condominiums for sale and an average days on the market of 7 months.
1st quarter average sale price has, in most cases, overestimated the average annual condominium sales price.
Here is the prediction for 2019 overall:
· Total number of condominiums sold will be in the 80 condo range. Put another way, approximately twice as many condos as are currently listed for sale (46) should sell in 2019.
· Average sales price will most likely be in the $180,000 range.
Land Sales & 2019 Predictions
Both predicted and actual number of lots sold are trending in the right direction, at last! A sign of market recovery!
Since 2014, the average lot sales price has consistently been in the $70,000 range. With the exception of 2017 (Irma Maria), predications based on 1st quarter land sales prices for this period have been accurate.
Here is the prediction for 2019 overall:
· Total number of lots sold will be about 120, similar to 2018.
· The 2019 average lot sales price will be in the $70,000 range, similar to the previous 5 years.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
March 2019
Home Sales
St Thomas vs St Croix
A 16 Year Look
Total Number of Properties Sold
· Over the 16 year period, more homes sold every year on St Croix than on St Thomas.
· During 2018, more homes sold on both St Thomas (133) and St Croix (207) than had sold during any of the previous 15 years.
· Over the 16 year period, the fewest number of homes sold on St Croix (88) was during 2012, the fewest number of home sold on St Thomas (53) was during 2011.
· During 2018, 74 more homes were sold on St Croix, compared to St Thomas.
· Compared to 2017, 45 more homes were sold on St Thomas during 2018 and 51 more homes were sold on St Croix during 2018.
Average Sales Price
· At the beginning of this 16 year period (2003), average sales prices for St Thomas and St Croix were nearly identical, at an average of $415,823.
· For the past 15 years (since 2004), the annual average home sales price on St Thomas has exceeded that of St Croix.
· For 2018, the average St Thomas homes price was 28% higher, at $533,800, than the 2003 average sales price. The average annual home sales price on St Croix for 2018 was 21% lower, at $329,272, than the 2003 average sales price.
· For 2018, the average sale price of a home on St Croix ($329,272) was 62% of the averages sales price of a home on St Thomas ($533,800).
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 16 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 2018, the total St Thomas residential market exceeded the total St Croix residential market by about $3 Million.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San MartinTeam Manager
February 2019
The St Croix Real Estate Cycle
A 16 Year Look
Total Number of Properties Sold
· More homes sold on St Croix during 2018 than were sold during any of the previous 15 years! The next highest number of homes sold was 188 during 2006, the height of the real estate boom.
· During 2018, 111 condominiums sold on St Croix, very similar numbers to the previous 4 years. Nearly twice as many condos sold during 2005 (208 condos). The fewest condos sold in 2012, when only 34 condominiums sold.
· There were 119 lots sales in 2018, the highest number of lots sold on St Croix since 2009.
Average Sales Price
· The average 2018 home sales price ($329,559) was $83,880 lower than the 2003 average home sales price of $413,439. The only lower average home sales price during the 16 year period was in 2013 ($319,459).
· The 2018 average condominium sales price ($196,971) is $52,148 higher than the average condo price in 2003 ($144,823). The 2018 average condo sale price is similar to the average condominium sales price for the previous three years.
· The average 2018 lot sales price ($68,045) is $23,270 lower than the average lot sale price for 2003 ($91,315). Over the 16 year period, only 2013 saw a lower average lot sales price ($50,290).
Total Market in Millions of Dollars
· The 2018 total residential market ($67.9 million) was about $5 million higher than the 2017 total residential market ($62.8 million) and about $4 million lower than the total 2003 residential market ($71.9 million).
· The 2018 total condominium market ($21.9 million) was $4.2 million higher than the total 2017 condominium market ($17.7 million) and $1.6 million higher than the total 2003 condo market of $20.3 million.
· The 2018 total land market ($8.1 million) exceed the previous year by $1.6 million. But the total land market is still $9 million below our total land market of 16 years ago ($17.1 million) and $33.2 million below the height of the market during this 16 year period (2006 with a total land market of $41.3 million).
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
January 2019
7 Year St Croix Home Sales Price Trends
The average sales price of a home on St Croix decreased by $63,061 over the 7 year period; this is a 16% decrease.
Total number of homes sold increased 130% (116 homes) since 2012.
All areas of the island did not perform the same.
East End B
Far East End
Compared to 7 years ago, the average sales price of a home decreased 31% ($210,979).
The number of homes sold in a year increased by 4 homes compared to 7 years ago;
12 homes sold in 2012, 16 homes sold in 2018.
East End A
Christiansted East to Coakley Bay
Compared to 7 years ago, the average sales price of a home decreased 50% ($432,185) from $859,500 for 2012 to $427,315 for 2018.
Nearly 5 times as many homes sold in 2018 (48) compared to 7 years ago, when 10 homes sold.
Company
Christiansted West to the East Side of Judiths Fancy
Compared to 7 years ago, the average sales price of a home increased 59% ($119,518), from $202,367 for 2012 to $321,885 for 2018.
The number of homes sold in a year increased by 9 homes,
from 15 home sales in 2012 to 24 home sales in 2018.
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Compared to 7 years ago, the average sales price of a home increased 13% ($31,995) from $242,003 for 2012 to $273,998 for 2018.
The number of homes sold in a year has doubled since 2012, from 22 homes sold in 2012 to 45 home sales in 2018.
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Compared to 7 years ago, the average sales price of a home increased 22% ($101,794), from $458,576 for 2012 to $560,370 for 2018.
The number of homes sold in a year is unchanged from 2012; 13 homes sales closed in both 2012 and 2018.
King
South Shore from La Reine West to UVI
Compared to 7 years ago, the average sales price of a home increased 44% ($41,506), from $94,750 for 2012 to $136,256 for 2018.
More than 4 times as many homes closed in 2018 (9 home sales), compared to 2012 (2 home sales).
Prince
South Shore from UVI West to Williams Delight
Compared to 7 years ago, the average sales price of a home decreased 13% ($33,100), from $256,000 for 2012 to $223,500 for 2018.
More than twice as many homes sold during 2018 (13 home sales) as compared to
2012 (5 home sales).
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Compared to 7 years ago, the average sales price of a home increased 15% ($30,563), from $203,500 for 2012 to $234,063 for 2018.
Three times as many homes sold during 2018 (30 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 20187, when compared to 2012, except for Northside A & B, where the same number of homes sold as did 7 years ago (13).
Compared to 2017, the island wide average home sale price decreased 16%.
These quarters experienced decreased average home sales prices:
· East End B
· Queen
· Northside A & B
· King
Compared to 2012, these quarters had higher average home sales prices:
· Company
· Queen
· Northside A & B
· King
· West End
Compared to 2012, these quarters had lower average home sales prices:
· East End B
· East End A
· Prince
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
December 2108
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 2018, there were 23 active and 4 pending home sales in East End B, with 16 home sales in the previous 12 months, for a 1.7 year supply of homes for sale
[23 + 4] / 16 = 1.7 Years or 20 months
East End B
Far East End
Residential
Compared to 7 years ago, home inventory decreased by 1 year and average sales price is 46% ($410,533) lower
(from $888,908 to $478,385)
Compared to last year, average time on the market increased by 9.6 months; average sales price decreased 28% (from $668,759 to $478,385)
Condominium
Compared to 7 years ago, condominium inventory decreased by 23 months (from 2.6 years to 0.7 years); average sales price decreased by 35%
(from $370,846 to $241,246)
Compared to last year, average time on the market decreased by about 5 months;
average sales price decreased by 5% (from $253,785 to $241,246)
Vacant Land
Compared to 7 years ago, land inventory levels are unchanged at 8.2 years;
average sales price decreased 10% (from $79,929 to $72,308)
Compared to last year, land inventory increased by 3.5 years;
average sales price decreased 6% (from $77,138 to $72,308)
East End A
Christiansted East to Coakley Bay
Residential
Compared to 7 years ago, home inventory decreased by nearly 2 years;
average home sale price increased by 41% (from $307,597 to $434,085)
Compared to last year, residential inventory decreased by about 10 months;
average sales price increased 21% (from $357,604 to $434,085)
Condominium
Compared to 7 years ago, condominium inventory has decreased 2.7 years (from 3 years to 0.3 years);
average condominium sales price decreased 1% (from $242,556 to $240,244)
Compared to last year, condominium inventory increased by 2 years,
to less than a 4 month supply;
average sales price increased 58% (from $152,129 to $240,244)
Vacant Land
Compared to 7 years ago, land inventory is about the same at 5.1 years;
average lot sales price increased by 61% (from $54,421 to $87,433)
Compared to last year, land inventory decreased by 8 months;
average lot sales price decreased 14% (from $101,464 to $87,433)
Company
Christiansted West to the East Side of Judiths Fancy
Residential
Compared to 7 years ago, residential inventory decreased by 6 years;
average home sales price increased 14% (from $275,571 to $314,009)
Compared to last year, residential inventory decreased by 2 months;
average home sales price increased 14% (from $275,274 to $314,009)
Condominium
Compared to 7 years ago, condominium inventory decreased by 18 months (from 2.3 years to 0.8 years);
average sales price increased 22% (from $124,992 to $153,172)
Compared to last year, condominium inventory is unchanged at about 10 months; average sales price has increased 8% (from $142,067 to $153,172)
Vacant Land
Compared to 7 years ago, land inventory increased by 2 years
(from 3.8 years to 5.8 years);
average sales price increased 170% (from $66,433 to $179,580)
Compared to last year, land inventory increased by 11 months,
while average sales price increased 74% (from $103,000 to $179,580)
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Residential
Compared to 7 years ago, residential inventory decreased by 22 months
(from 2.9 years to 1.1 years);
average sales priced decreased 38% (from $427,342 to $265,994)
Compared to last year, residential inventory decreased by 1.5 years (17 months);
average sales price decreased 32% (from $390,012 to $265,994)
Condominium
Compared to 7 years ago, condominium inventory decreased by more than 6 years (from 6.8 years to 7 months);
average condominium sales price increased 14% (from $102,250 to $116,673)
Compared to last year, condominium inventory increased by 2 months;
average sales price increased 8% (from $108,263 to $116,673)
Vacant Land
Compared to 7 years ago, land inventory decreased by 12.5 years
(from 16.2 years to 3.6 years);
average lot sales price decreased 3% (from $61,000 to $59,357)
Compared to last year, land inventory decreased by nearly 3 years;
the average lot sales price decreased 12% (from $67,314 to $59,357)
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Residential
Compared to 7 years ago, residential inventory decreased by 2 years;
average home sales price decreased 3% (from $592,312 to $575,818)
Compared to last year, residential inventory increased by 6 months;
average home sales price decreased 9% (from $632,294 to $575,818)
Condominium
Compared to 7 years ago, condominium inventory decreased by 3.7 years (from 4.7 years to 1 year);
average sales price decreased 52% (from $440,000 to $212,400)
Compared to last year, condominium inventory decreased by 1 year;
average sales price decreased 42% (from $369,167 to $212,400)
Vacant Land
Compared to 7 years ago, land inventory decreased by 11 years
(from 14 years to 3 years);
average lot sales price increased 32% (from $59,333 to $78,542)
Compared to last year, land inventory decreased by 3 years;
average lot sales price increased 13% (from $69,333 to $78,542)
King
South Shore from La Reine West to UVI
Residential
Compared to 7 years ago, residential inventory decreased by 2 years
(from 4 years to 1.9 years);
average home sales price decreased 45% (from $247,800 to $135,644)
Compared to last year, residential inventory decreased by 5 years
(from 7 years to 1.9 years);
average residential sales price decreased 31% (from $196,667 to $135,644)
Condominium
There are no condominium complexes in King Quarter
Vacant Land
7 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 4 years
(from 7.5 years to 3.6 years);
average lot sales price increased 36% (from $20,500 to $27,940)
Prince
South Shore from UVI West to Williams Delight
Residential
Compared to 7 years ago, residential inventory by 1 year
(from 2.6 years to 1.7 years);
average residential sales price decreased 9% (from $239,519 to $217,227)
Compared to last year, residential inventory is unchanged at 1.7 years;
average residential sales price increased 4% (from $208,115 to $217,227)
Condominium
Compared to 7 years ago, condominium inventory decreased by 2.8 years (from 3.7 years to 0.9 years);
average condominium sales price decreased 28% (from $288,333 to $208,129)
Compared to last year, condominium inventory decreased by 4 years
(from 5 years to 0.9 years);
average condominium sale price increased 30% (from $160,000 to $208,129)
Vacant Land
Compared to 7 years ago, land inventory decreased by 6 years
(from 9.3 years to 3.4 years);
average lot sales price decreased 34% (from $50,714 to $33,375)
Compared to last year, land inventory is unchanged at 3.4 years;
average lot sales price increased 30% (from $25,690 to $33,375)
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Residential
Compared to 7 years ago, residential inventory decreased by more than 2 years
(from 2.9 years to 0.7 years);
average home sale price increased 53% (from $157,512 to $241,535)
Compared to last year, residential inventory decreased by 17 months
(from 2.1 years to 0.7 years);
average home sale price increased 36% (from $177,647 to $241,535)
Condominium
Compared to 7 years ago, condominium inventory decreased by 1.5 years (from 2.3 years to 0.8 years);
average condominium sale price increased 5% (from $146,250 to $153,375)
Compared to last year, condominium inventory increased by 2 months;
average condominium sales price is unchanged at $153,375.
Vacant Land
Compared to 7 years ago, land inventory decreased 2 years
(from 10.9 years to 8.8years);
average lot sales price increased 119% (from $32,222 to $70,727)
Compared to last year, land inventory increased by 3.3 years
(from 12.1 years to 8.8 years);
average lot sales price increased 118% (from $22,214 to $70,727)
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
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
2017 % of Sales |
2017 Sales |
2017 % of Sales |
2017 Sales |
2016 % of Sales |
2016 Sales |
2015 % of Sales |
2015 Sales |
2014 % of Sales |
2014 Sales |
Sales Price |
40% |
66 |
41% |
53 |
41% |
58 |
41% |
45 |
31% |
42 |
Under $200K |
28% |
46 |
25% |
32 |
31% |
45 |
31% |
34 |
36% |
48 |
$200K - $400K |
19% |
31 |
15% |
18 |
14% |
20 |
13% |
14 |
18% |
24 |
$400K - $600K |
8% |
13 |
8% |
11 |
6% |
8 |
9% |
10 |
10% |
14 |
$600K - $800K |
3% |
5 |
5% |
7 |
5% |
7 |
3% |
3 |
3% |
4 |
$800K - $1 Million |
3% |
5 |
7% |
9 |
3% |
5 |
5% |
5 |
1% |
2 |
Over $1 Million |
Condominium
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
2016 % of Sales |
2016 Sales |
2015 % of Sales |
2015 Sales |
2014 % of Sales |
2014 Sales |
Sales Price |
14% |
13 |
28% |
26 |
26% |
28 |
23% |
20 |
38% |
38 |
Under $100K |
46% |
43 |
49% |
45 |
40% |
42 |
45% |
39 |
43% |
43 |
$100K - $200K |
24% |
23 |
15% |
14 |
19% |
20 |
17% |
15 |
13% |
13 |
$200K - $300K |
15% |
14 |
6% |
6 |
13% |
14 |
13% |
11 |
6% |
6 |
$300K - $500K |
1% |
1 |
1% |
1 |
2% |
2 |
4% |
3 |
1% |
1 |
Over $500K |
Vacant Land
2018 % of Sales |
2018 Sales |
2017 % of Sales |
2017 Sales |
2016 % of Sales |
2016 Sales |
2015 % of Sales |
2015 Sales |
2014 % of Sales |
2014 Sales |
Sales Price |
64% |
58 |
62% |
62 |
48% |
31 |
52% |
32 |
68% |
25 |
Under $50K |
18% |
16 |
10% |
10 |
30% |
19 |
23% |
14 |
22% |
8 |
$50K - $100K |
16% |
14 |
|
0 |
20% |
13 |
21% |
13 |
8% |
3 |
$100K - $300K |
2% |
2 |
3% |
3 |
2% |
1 |
5% |
3 |
3% |
1 |
Over $300K |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team 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.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Homes Sold |
|
82 |
|
46 |
Jan – Aug 2013 |
+39% |
114 |
+46% |
67 |
Jan – Aug 2014 |
(-25%) |
85 |
(-19%) |
54 |
Jan – Aug 2015 |
+38% |
117 |
+37% |
74 |
Jan – Aug 2016 |
+5% |
123 |
+4% |
77 |
Jan – Aug 2017 |
+3% |
127 |
+9% |
84 |
Jan – Aug 2018 |
Condominium
Condominium sales were more affected by Irma Maria than residential sales. Compared to six years ago, condominium sales on both islands increased significantly.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Condos Sold |
|
54 |
|
52 |
Jan – Aug 2013 |
+52% |
82 |
+35% |
70 |
Jan – Aug 2014 |
(-16%) |
69 |
(-6%) |
66 |
Jan – Aug 2015 |
+16% |
80 |
+38% |
91 |
Jan – Aug 2016 |
+11% |
89 |
+7% |
98 |
Jan – Aug 2017 |
(-19%) |
72 |
(-28%) |
71 |
Jan – Aug 2018 |
Vacant Land
Vacant land sales declined significantly on St Thomas after the storms, St Croix land sales fared better.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Lots Sold |
|
41 |
|
21 |
Jan – Aug 2013 |
(-27%) |
30 |
+43% |
30 |
Jan – Aug 2014 |
+57% |
47 |
+27% |
38 |
Jan – Aug 2015 |
+15% |
54 |
(-29%) |
27 |
Jan – Aug 2016 |
+30% |
70 |
+59% |
43 |
Jan – Aug 2017 |
(-12%) |
62 |
(-33%) |
27 |
Jan – Aug 2018 |
Residential
Average Sales Price
Both islands experienced a decline in average sales price after the storms. Not unexpected, given the damage sustained.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average Home Sales Price |
|
$287,762 |
|
$665,130 |
Jan – Aug 2013 |
+16% |
$332,572 |
+16% |
$772,334 |
Jan – Aug 2014 |
+28% |
$426,719 |
(-11%) |
$689,658 |
Jan – Aug 2015 |
(-18%) |
$350,076 |
(-14%) |
$594,317 |
Jan – Aug 2016 |
+12% |
$393,754 |
(-2%) |
$583,676 |
Jan – Aug 2017 |
(-32%) |
$342,041 |
(-10%) |
$524,735 |
Jan – Aug 2018 |
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 |
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 |
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
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Home Sales Price |
|
$270,000 |
|
$515,000 |
Jan – Aug 2013 |
+11% |
$299,000 |
(-5%) |
$490,000 |
Jan – Aug 2014 |
(-15%) |
$255,000 |
No change |
$492,000 |
Jan – Aug 2015 |
(-14%) |
$220,000 |
No change |
$492,500 |
Jan – Aug 2016 |
+27% |
$280,000 |
(-18%) |
$405,000 |
Jan – Aug 2017 |
No change |
$279,000 |
(-6%) |
$380,000 |
Jan – Aug 2018 |
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,
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average condo Sales Price |
|
$169,563 |
|
$223,604 |
Jan – Aug 2013 |
(-8%) |
$155,356 |
(-2%) |
$219,512 |
Jan – Aug 2014 |
+30% |
$202,402 |
+3% |
$227,064 |
Jan – Aug 2015 |
(-17%) |
$168,023 |
+21% |
$274,901 |
Jan – Aug 2016 |
(-2%) |
$164,630 |
(-7%) |
$254,416 |
Jan – Aug 2017 |
+23% |
$203,095 |
(-1%) |
$252,387 |
Jan – Aug 2018 |
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 |
$320 |
$780,000 |
St Croix Condominium Sales Prices
|
Lowest |
Highest |
Jan – Aug 2013 |
$40,000 |
$545,000 |
Jan – Aug 2014 |
$30,000 |
$775,000 |
Jan – Aug 2015 |
$22,500 |
$1,150,000 |
Jan – Aug 2016 |
$22,500 |
$700,000 |
Jan – Aug 2017 |
$33,000 |
$570,000 |
Jan – Aug 2018 |
$34,000 |
$570,000 |
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
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Condo Sales Price |
|
$144,500 |
|
$173,750 |
Jan – Aug 2013 |
(-18%) |
$119,125 |
(-5%) |
$165,000 |
Jan – Aug 2014 |
+26% |
$150,000 |
+9% |
$180,000 |
Jan – Aug 2015 |
(-10%) |
$135,000 |
+19% |
$215,000 |
Jan – Aug 2016 |
+7% |
$145,000 |
+2% |
$220,000 |
Jan – Aug 2017 |
+17% |
$170,000 |
(-10%) |
$198,562 |
Jan – Aug 2018 |
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.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average lot Sales Price |
|
$43,425 |
|
$108,357 |
Jan – Aug 2013 |
+85% |
$80,162 |
+16% |
$126,172 |
Jan – Aug 2014 |
(-3%) |
$78,055 |
(-26%) |
$91,737 |
Jan – Aug 2015 |
(-2%) |
$76,518 |
+97% |
$181,144 |
Jan – Aug 2016 |
(-7%) |
$71,529 |
+24% |
$225,455 |
Jan – Aug 2017 |
(-6%) |
$67,655 |
(-51%) |
$110,830 |
Jan – Aug 2018 |
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 2017 |
$30,000 |
$600,000 |
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 2017 |
$1,200 |
$350,000 |
Median Land Sales Price
On both islands, the median lot sales price is nearly the same as 6 years ago.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Lot Sales Price |
|
$34,500 |
|
$84,500 |
Jan – Aug 2013 |
+14% |
$39,500 |
+1% |
$85,000 |
Jan – Aug 2014 |
+1% |
$40,000 |
(-35%) |
$55,000 |
Jan – Aug 2015 |
+64% |
$65,500 |
+78% |
$98,000 |
Jan – Aug 2016 |
(-43%) |
$37,250 |
(-13%) |
$85,000 |
Jan – Aug 2017 |
+7% |
$40,000 |
(-6%) |
$80,000 |
Jan – Aug 2018 |
Total Market (Millions)
The 2018 St Thomas and St Croix total residential markets were nearly the same.
Residential
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Homes Sold |
|
$23.6 |
|
$30.6 |
Jan – Aug 2013 |
+61% |
$37.9 |
+69% |
$51.7 |
Jan – Aug 2014 |
(-4%) |
$36.3 |
(-28%) |
$37.2 |
Jan – Aug 2015 |
+13% |
$41.0 |
+18% |
$44.0 |
Jan – Aug 2016 |
+18% |
$48.4 |
+2% |
$44.9 |
Jan – Aug 2017 |
(-10%) |
$43.4 |
(-2%) |
$44.1 |
Jan – Aug 2018 |
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
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Condos Sold |
|
$9.2 |
|
$11.6 |
Jan – Aug 2013 |
+38% |
$12.7 |
+33% |
$15.4 |
Jan – Aug 2014 |
+10% |
$14.0 |
(-3%) |
$15.0 |
Jan – Aug 2015 |
(-4%) |
$13.4 |
+67% |
$25.0 |
Jan – Aug 2016 |
+9% |
$14.6 |
No change |
$24.9 |
Jan – Aug 2017 |
No change |
$14.6 |
(-38%) |
$17.9 |
Jan – Aug 2018 |
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
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Lots Sold |
|
$1.8 |
|
$2.3 |
Jan – Aug 2013 |
+33% |
$2.4 |
+65% |
$3.8 |
Jan – Aug 2014 |
+54% |
$3.7 |
(-8%) |
$3.5 |
Jan – Aug 2015 |
+11% |
$4.1 |
+40% |
$4.9 |
Jan – Aug 2016 |
+24% |
$5.1 |
+102% |
$9.9 |
Jan – Aug 2017 |
(-18%) |
$4.2 |
(-70%) |
$3.0 |
Jan – Aug 2018 |
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
1st Quarter Sales as Predictor for the full year
2018 is the 10th 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 1st 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 1st quarter homes sold was 5% higher than the actual number of home sold.
For the period 2012 through 2016, the average 1st quarter sales price was within 12% of the actual annual average sales price. The 2017 prediction, based on 1st 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 1st 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).
1st 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 1st 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 1st 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 1st 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
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Homes Sold |
|
82 |
|
46 |
Jan – Aug 2013 |
+39% |
114 |
+46% |
67 |
Jan – Aug 2014 |
(-25%) |
85 |
(-19%) |
54 |
Jan – Aug 2015 |
+38% |
117 |
+37% |
74 |
Jan – Aug 2016 |
+5% |
123 |
+4% |
77 |
Jan – Aug 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.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Condos Sold |
|
54 |
|
52 |
Jan – Aug 2013 |
+52% |
82 |
+35% |
70 |
Jan – Aug 2014 |
(-16%) |
69 |
(-6%) |
66 |
Jan – Aug 2015 |
+16% |
80 |
+38% |
91 |
Jan – Aug 2016 |
+11% |
89 |
+7% |
98 |
Jan – Aug 2017 |
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.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Lots Sold |
|
41 |
|
21 |
Jan – Aug 2013 |
(-27%) |
30 |
+43% |
30 |
Jan – Aug 2014 |
+57% |
47 |
+27% |
38 |
Jan – Aug 2015 |
+15% |
54 |
(-29%) |
27 |
Jan – Aug 2016 |
+30% |
70 |
+59% |
43 |
Jan – Aug 2017 |
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.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average Home Sales Price |
|
$287,762 |
|
$665,130 |
Jan – Aug 2013 |
+16% |
$332,572 |
+16% |
$772,334 |
Jan – Aug 2014 |
+28% |
$426,719 |
(-11%) |
$689,658 |
Jan – Aug 2015 |
(-18%) |
$350,076 |
(-14%) |
$594,317 |
Jan – Aug 2016 |
+12% |
$393,754 |
(-2%) |
$583,676 |
Jan – Aug 2017 |
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 |
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 |
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
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Home Sales Price |
|
$270,000 |
|
$515,000 |
Jan – Aug 2013 |
+11% |
$299,000 |
(-5%) |
$490,000 |
Jan – Aug 2014 |
(-15%) |
$255,000 |
No change |
$492,000 |
Jan – Aug 2015 |
(-14%) |
$220,000 |
No change |
$492,500 |
Jan – Aug 2016 |
+27% |
$280,000 |
(-18%) |
$405,000 |
Jan – Aug 2017 |
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.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average condo Sales Price |
|
$169,563 |
|
$223,604 |
Jan – Aug 2013 |
(-8%) |
$155,356 |
(-2%) |
$219,512 |
Jan – Aug 2014 |
+30% |
$202,402 |
+3% |
$227,064 |
Jan – Aug 2015 |
(-17%) |
$168,023 |
+21% |
$274,901 |
Jan – Aug 2016 |
(-2%) |
$164,630 |
(-7%) |
$254,416 |
Jan – Aug 2017 |
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 |
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 |
The median condominium sales price on St Thomas increased 24% over the 5 year period. St Croix showed no change, compared to 5 years ago. The median St Thomas sales price is $70,000 higher than St Croix.
Median Condominium Sales Price
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Condo Sales Price |
|
$144,500 |
|
$173,750 |
Jan – Aug 2013 |
(-18%) |
$119,125 |
(-5%) |
$165,000 |
Jan – Aug 2014 |
+26% |
$150,000 |
+9% |
$180,000 |
Jan – Aug 2015 |
(-10%) |
$135,000 |
+21% |
$218,000 |
Jan – Aug 2016 |
+7% |
$145,000 |
(-1%) |
$215,000 |
Jan – Aug 2017 |
Average Sales Price
Vacant Land
The worst performing segment of our real estate market has mirrored the home market with the exception that the average sale price is now nearly twice that of 5 years ago, for both islands.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Average lot Sales Price |
|
$43,425 |
|
$108,357 |
Jan – Aug 2013 |
+85% |
$80,162 |
+16% |
$126,172 |
Jan – Aug 2014 |
(-3%) |
$78,055 |
(-26%) |
$91,737 |
Jan – Aug 2015 |
(-2%) |
$76,518 |
+97% |
$181,144 |
Jan – Aug 2016 |
(-5%) |
$72,574 |
+27% |
$229,535 |
Jan – Aug 2017 |
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 |
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 |
Median Land Sales Price
On both islands, the median lot sales price is almost exactly the same as 5 years ago.
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Median Lot Sales Price |
|
$34,500 |
|
$84,500 |
Jan – Aug 2013 |
+14% |
$39,500 |
+1% |
$85,000 |
Jan – Aug 2014 |
+1% |
$40,000 |
(-35%) |
$55,000 |
Jan – Aug 2015 |
+64% |
$65,500 |
+78% |
$98,000 |
Jan – Aug 2016 |
(-43%) |
$37,250 |
(-13%) |
$85,000 |
Jan – Aug 2017 |
Total Market (Millions)
For the first time in this 5 year period, the St Croix total residential market exceeded that of St Thomas, by 1%.
Residential
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Homes Sold |
|
$23.6 |
|
$30.6 |
Jan – Aug 2013 |
+61% |
$37.9 |
+69% |
$51.7 |
Jan – Aug 2014 |
(-4%) |
$36.3 |
(-28%) |
$37.2 |
Jan – Aug 2015 |
+13% |
$41.0 |
+18% |
$44.0 |
Jan – Aug 2016 |
+18% |
$48.4 |
+2% |
$44.9 |
Jan – Aug 2017 |
The St Thomas total condominium market was 2 ˝ times that of 5 years ago, for this period. The St Croix figure was 1 ˝ times that of 5 years ago, and only about 60% of the St Thomas total market
Condominium
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Condos Sold |
|
$9.2 |
|
$11.6 |
Jan – Aug 2013 |
+38% |
$12.7 |
+33% |
$15.4 |
Jan – Aug 2014 |
+10% |
$14.0 |
(-3%) |
$15.0 |
Jan – Aug 2015 |
(-4%) |
$13.4 |
+67% |
$25.0 |
Jan – Aug 2016 |
+9% |
$14.6 |
No change |
$24.9 |
Jan – Aug 2017 |
The St Thomas total land market quadrupled over the 5 year period and their total market is twice that of St Croix. On St Croix the total market is about 2 ˝ times that of 5 years ago for this period.
Vacant Land
% increase (decrease) |
St Croix |
% increase (decrease) |
St Thomas |
Number of Lots Sold |
|
$1.8 |
|
$2.3 |
Jan – Aug 2013 |
+33% |
$2.4 |
+65% |
$3.8 |
Jan – Aug 2014 |
+54% |
$3.7 |
(-8%) |
$3.5 |
Jan – Aug 2015 |
+11% |
$4.1 |
+40% |
$4.9 |
Jan – Aug 2016 |
+24% |
$5.1 |
+102% |
$9.9 |
Jan – Aug 2017 |
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
August 2017
Sales Price and Marketing Time on St Croix
“Annual Supply” represents the number of years it will take at the current annual rate of sales to sell all the properties for sale
in a specific area.
East End B
Far East End
Inventory
Five years ago (July 2012), there was a 4.7 year supply of homes and a 4.3 year supply of condominiums on the market.
For both homes and condominiums, the inventory has decreased by more than 3 years, to an 11 month supply of homes and a 1 year supply of condominiums.
Average Sales Price
For homes, the average sales price has increased, compared to five years ago.
Average home sale price increased by 5% over the five year period, from $575,667 for the 12 months ending July 2012 to $602,086 for the 12 months ending July 2017.
Condominiums saw a significant average sale price decrease of 22% ($83,895), from $382,500 for the 12 months ending July 2012 to $298,605 for the 12 months ending July 2017.
East End A
Christiansted east to Coakley Bay
Inventory
Five years ago (July 2012), there was a 4.2 year supply of homes and a 4.8 year supply of condominiums on the market.
For both homes and condominiums, the inventory has decreased by about 3 years, to a 1.6 year supply of homes and a 1.8 year supply of condominiums.
Average Sales Price
For homes, the average sales price decreased, compared to five years ago. For condominiums, the average sale price increased by about $4,000.
Average home sale price decreased by 7% ($82,209) over the five year period, from $481,712 for the 12 months ending July 2012 to $399,503 for the 12 months ending July 2017.
Condominiums saw a 2% increase in average sales price, from $204,667 for the 12 months ending July 2012 to $208,333 for the 12 months ending July 2017.
Company
Christiansted west to east side of Judiths Fancy
Inventory
Five years ago (July 2012), there was a 3.7 year supply of homes and a 5.9 year supply of condominiums on the market.
For homes, the inventory decreased by nearly 3 years, to just a 1 year supply of homes.
For condominiums, the inventory sell off was even more dramatic, from a 5.9 year supply of units to just 8 months! There were 52 condominium sales in Company Quarter in the past 12 months; extraordinary when you consider there are currently only 79 condominiums for sale on St Croix!
Average Sales Price
For both homes and condominiums, the average sales price increased, compared to five years ago.
Average home sale price increased 86% over the five year period, from $191,269 for the 12 months ending July 2012 to $356,306 for the 12 months ending July 2017.
Condominiums saw a 43% increase in average sales price, from $106,250 for the 12 months ending July 2012 to $152,223 for the 12 months ending July 2017.
Queen
Constitution Hill west to La Reine, includes southwest Judiths Fancy
Inventory
Five years ago (July 2012), there was a 3.1 year supply of homes and an 8.3 year supply of condominiums on the market.
For homes, the inventory decreased only slightly, to a 2.6 year supply of homes.
For condominiums, the supply decreased by nearly 8 years to a six month supply of condominiums.
Average Sales Price
For homes, the average sales price decreased 16% ($38,118), compared to four years ago, from $291,289 to $253,171 for the 12 months ending July 2017.
Condominiums not only saw a big decrease in inventory, the average sales price increased 48% ($36,140), from $75,125 for the 12 months ending July 2012 to $111,265 for the 12 months ending July 2017.
Northside A & B
North shore from north Judiths Fancy west to Hamms Bluff
Inventory
Five years ago (July 2012), there was a 4.6 year supply of homes and a 6.5 year supply of condominiums on the market.
For homes, the inventory decreased by more than 3 years, to a 1.4 year supply of homes. For condominiums, the supply decreased by nearly 6 years to an eleven month supply of condominiums.
Average Sales Price
For homes, the average sales price increased, compared to five years ago. For condominiums, the average sales price decreased.
Average home sale price increased 38% ($176,596) over the five year period, from $459,110 for the 12 months ending July 2012 to $635,706 for the 12 months ending July 2017.
Condominiums saw a 29% decrease ($100,143) in average sales price, from $345,000 for the 12 months ending July 2012 to $244,857 for the 12 months ending July 2017.
King
South shore from La Reine west to UVI
Located near the closed refinery, this is the worst performing segment of our market.
Inventory
Five years ago (July 2012), there was a 3.8 year supply of homes;
there are no condominiums in King Quarter.
Home inventory increased to a 5 year supply of homes, compared to five years ago. For the 12 months ending July 2013, only one home sold in King Quarter.
Average Sales Price
Average home sale price decreased 24% ($50,800) over the five year period, from $207,400 for the 12 months ending July 2012 to $156,600 for the 12 months ending July 2017.
Prince
South shore from UVI west to Williams Delight
Inventory
Five years ago (July 2012), there was a 5.8 year supply of homes and an 11.0 year supply of condominiums on the market.
For homes, the inventory decreased by nearly 4 years, to a 2 year supply of homes. For condominiums, the supply decreased by 9 years, to a 2 year supply of condominiums.
Average Sales Price
Homes saw a modest price increase, condominiums experienced a dramatic average price decrease, compared to five years ago.
Average home sale price increased 9% ($19,528) over the five year period, from $208,430 for the 12 months ending July 2012 to $227,958 for the 12 months ending July 2017.
Condominiums saw a 62% ($257,667) decrease in average sales price, from $415,000 for the 12 months ending July 2012 to $157,333 for the 12 months ending July 2017.
West End
South from Mahogany Road, East to Williams Delight
Inventory
Five years ago (July 2012), there was a 4.6 year supply of homes and a 7.0 year supply of condominiums on the market.
For homes, the inventory decreased by 2.4 years, to a 2.2 year supply of homes.
For condominiums, the supply decreased by 4.5 years, to a 2.5 year supply of condominiums.
Average Sales Price
For both homes and condominiums, the average sales price increased, compared to five years ago.
Average home sale price increased 15% ($24,315) over the five year period, from $164,300 for the 12 months ending July 2012 to $188,615 for the 12 months ending July 2017.
Condominiums saw a 177% increase in average sales price, from $62,500 for the 12 months ending July 2012 to $173,125 for the 12 months ending July 2017.
Over the six year period, average home sale prices were highest, usually more than double those of other quarters, in these quarters:
· Northside A & B
· East End B
· East End A
· Company
Over the six year period, average condominium sale prices decreased or remained little changed except for these quarters:
· West End
· Company
· Queen
Both home and condominium inventory decreased island wide over the past six years, with the exception of King Quarter, where residential inventory increased by 1.2 years.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
July 2017
12 year look at the St Croix Real Estate Market for the 12 month period ending 30 June
The last real estate boom on St Croix was 12 years ago –
The 2005 / 2006 period
Total number of properties sold
· Residential – Good news! At 175 home sales, total homes sold during the past 12 months is the highest since 2006/2007. The lowest number of sales was 2011/2012, with only 90 home sales.
· Condominiums – More good news! At 142 condo sales, this is the highest number of condominiums sold in a 12 month period since 2005/2006! The lowest number of condo sales was again 2011/2012, with just 42 condo sales.
· Land – Land sales have not changed significantly for the past seven years. At 89 lots sold, this is a slight improvement and the highest number since 2009/2010. But this is only 29 lots more than the lowest number (2012/2013) and just 20% of the market high of 442 lot sales for 2005/2006.
Average sales price
· Residential – Not such good news. The average sales price declined by more than $20,000, compared to the previous 12 month period. For the past six years, the average St Croix home sales price has been between a low of $336,000 (2013/2014) and a high of $392,000 (2015/2016)
· Condominiums – The $189,246 average condo sales price was $30,000 more than the previous 12 month period. This is the highest average condominium sales price since 2011/2012.
· Land – Average lot sales price is unchanged from the previous 12 month period, at $75,822. The average land sales price has changed very little over the past five years, from a low of $66,800 for 2012/2013 to a high of $76,590 for 2015/2016.
Total Market
Number of properties sold x Average sales price
· Residential – The total residential market is unchanged from the previous 12 month period; more homes sold, but at a slightly lower price. The total residential market, at $64.8 million, is about 2/3 of the market high of $93.6 million in 2005/2006.
· Condominiums – Excellent news! At $26.9 million, this is the highest total market since 2005/2006 ($40.1 million) and $8 million more than the previous 12 month period. The market low was $8.8 million for 2011/2012.
· Land – The total market improve by $2 million over the previous 12 month period, but is only 15% of the height of the market in 2005/2006.
Conclusion
Compared to 12 years ago, total St Croix real estate sales have decreased by 45% ($80.9 million)
Compared to the previous 12 month period, total
St Croix real estate sales have increased by $12 million for the period of July 2016 through June 2017
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
June 2017
Inventory levels by price range reflect the seller’s expectations.
The attached graphs compare changes in asking prices over the past seven years, using 15 May inventory levels.
Residential
· The lowest price range (under $200,000) increased each year through 2016 and more than doubled (from 14% to 32%) over the 7 year period. This price range now represents one third of the St Croix home market.
· The second tier (($200,000 to $400,000) has consistently represented nearly 1/3 of all homes for sale on St Croix over the 7 year period. Nearly 2/3 of all homes for sale on St Croix are currently listed for $400,000 or less.
· Over the 7 year period, homes listed from more than $400,000 have decreased by 20%, from 56% of the market to 36% of all homes for sale on St. Croix in May 2017.
Condominium
· The lowest price range (under $100,000) has more than doubled over the 7 year period, from 9% of total market in 2010 to 23% of the total St Croix condominium market in 2017.
· The second tier ($100,000 to $200,000) has decreased by 12%, when compared to May 2010, when this price range represented 50% of all St Croix condominiums for sale.
· Condominiums listed for more than $200,000 now comprise approximately 40% of the total market, as they did seven years ago. In 2013, 2014, and 2016, this segment of the market represented only 30% of all St Croix condominiums for sale.
Land
· The lowest price range (under $50,000) has more than doubled over the 7 year period, from 20% of total market in 2010 to 45% of all lots for sale in 2017.
· The second tier ($50,000 to $100,000) has decreased by 11% over the 7 year period, from 35% of total market in 2010 to 24% of all lots for sale in 2017.
· Lots listed for more than $100,000 have decreased by 13% over the 7 year period, from 45% of the St Croix land market in 2010 to 32% in May 2017.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
May 2017
Inventory Levels and Sales Projections
May Inventory Levels
7 Year Review
Residential
Residential inventory peaked in 2012 and has been steadily declining since then. Current inventory is slightly lower (20 homes) compared to May 2011.
Condominium
Condominium inventory also peaked in 2012 and has been steadily declining since then. Current inventory (81 condos) is less than half of the May 2011 condominium inventory of 194 condominiums.
Land
Land inventory peaked in 2011, steadily declining until 2014 and has continually increased since then. Current inventory is slightly lower (31 lots) compared to
May 2011.
May Pending Sale Levels
7 Year Review
Residential
Residential pending sales peaked in May 2015 (85 pending residential sales), at more than twice the May 2011 figure of 41 pending homes sales. The May 2017 pending sales figures were slightly lower, at 75 pending home sales, but still significantly higher than the 2011 trough 2015 May pending home sales.
Condominium
For the past 5 years, May pending condominium sales have been in the mid-20 rage, with the exception of May 2016, when there were 34 pending condominium sales in mid-May.
Land
Pending land sales (34 for May 2017) have almost returned to the May 2011 level of 35 pending land sales.
2017 Sales Predictions
Using the assumption that the first 4 months of 2017 is a valid predictor for the entire year.
Residential
The first four months predict there will be approximately 30 more homes sold than 2016 BUT pending sales tell a different story, so no prediction.
Condominium
The first four months predict there will be nearly as the same number of condominiums sold as in 2016 BUT pending sales tell a somewhat different story, so no prediction.
Land
Land sales have nearly returned to the 2011 levels! This is the segment of the St Croix real estate market showing the most improvement, but there is a lot of inventory to sell; the current rate of sales predicts about 20% of the inventory should sell during 2017.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
April 2017
1st Quarter Sales as Predictor for the full year
2017 is the 9th year of the St Croix real estate market “recovery” from the real estate boom years of 2006 through 2008.
The obvious question is – what do the 1st quarter statistics predict about market prospects for the rest of the year?
First, a look at inventory trends over the
9 year period:
· Residential inventory peaked in 2012, at 340 homes for sale, and has continually declined each year since. Current residential inventory levels are now lower, at 239 homes on the market, than at the beginning of the recovery in 2009, when there were 266 homes on the market.
· Condominium inventory peaked in 2010, with 265 condominiums on the market. The current level of 97 condominiums for sale is the lowest inventory level of the 9 year period.
· Land inventory also peaked in 2010, at 610 lots for sale. There was a slight decline during the 2013 to 2015 period. Inventory is slightly lower than last year, with 528 lots for sale in March 2017.
Residential Sales & 2017 Predictions
The number of units sold during the first quarter has consistently under predicted the total number of sales for the year. The average of the under prediction over the 8 year period is 20%.
The average 1st quarter sales price has, since 2012, been within 12% of the annual average sales price.
Here is the prediction for 2017 overall:
· Total number of homes sold will be slightly over 200; this would most homes sold in any year since 2002, a 15 year high!
· Average sales price will most likely be in the $350,000 range, about the same as 2016.
Condominium Sales & 2017 Predictions
This is a much smaller market, with just a few units built since the 1980s. It is more difficult to identify trends, because the sample is significantly smaller.
Since 2012, the 1st quarter units sold have underestimated the annual total number of units sold by about 13%.
1st quarter average sale price has, in most cases, overestimated the average annual condominium sales price.
Here is the prediction for 2017 overall:
· Total number of condominiums sold will be in the mid-160 unit range, based on the past 8 years. But there are fewer than 100 condominiums in the inventory – interesting!
· Average sales price will most likely be in the $190,000 range, very similar to the 1st quarter average condominium sales price.
Land Sales & 2017 Predictions
The average under prediction of total lot sales for the 9 year period is 21%. However, the predicted annual number of sales, based on 1st quarter sales, is the highest on 9 years. A sign of market recovery!
On average, over the 8 year period, 1st quarter sales prices have underestimated the annual average sales price by 6%.
Here is the prediction for 2017 overall:
· Total number of lots sold will be more than 100, for the first time in 9 years, and possibly as high as 130!
· The 2017 average lot sales price may just top $100,000, which means that “big view” lots and acreage are finally selling!
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
March 2017©
Home Sales
St Thomas vs St Croix
A 14 Year Look
Total Number of Properties Sold
· Over the 14 year period, more homes sold every year on St Croix than on St Thomas.
· Number of homes sold on St Thomas has been the same for the past three years (95 homes). Over the 14 year period, St Croix has seen a high of 188 homes sold (2006) and a low of 88 homes sold (2012). During 2016, 169 homes sold on St Croix; this is a 21% increase over 2015 (140 home sales) and a 2% decrease from 2003 (173 home sales).
· The most homes sold annually for both islands during this 14 year period was 2004 for St Thomas (118 homes sales) and 2006 for St Croix (188 home sales). For St Thomas, 2016 homes sales were 80% of the market high and 90% of the market high for St Croix.
Average Sales Price
· At the beginning of this 14 year period (2003), average sales prices for St Thomas and St Croix were nearly identical, at an average of $415,823.
· From 2004 until the present, the annual average home sales price on St Thomas has exceeded that of St Croix.
· For 2016, the average St Thomas homes price was 36% higher ($566,513) than the 2003 average sales price. The average annual home sales price on St Croix for 2016 was 15% lower ($352,232) than the 2003 average sales price.
· The average sale price of a home on St Croix for 2016 ($352,232) was 62% of the averages sales price of a home on St Thomas ($566,513).
Total Market in Millions of Dollars
· This measurement is a combination of total homes sold multiplied by average sales price; it gives the best overview of annual market performance.
· During this 14 year period, the total St Thomas residential market exceeded the total St Croix market during four years: 2008, 2012, 2013, 2014, and 2015. For the first time in five years, since 2012, the total St Croix residential market ($59.5 Million) exceed the total St Thomas market ($53.8 Million), by $5.7 Million.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
February 2017
The St Croix Real Estate Cycle
A 14 Year Look
Total Number of Properties Sold
· More homes, condominiums, and lots sold in 2016 than were sold during 2015
· Number of homes sold during 2016 (169) exceeds all years since 2007 (177 home sales).
· Number of condominiums sold during 2016 (124) exceeds all years since 2006 (162 condo sales).
· Number of lots sold during 2017 (76) exceeds all years since 2011 (79 lots sold).
Average Sales Price
· The 2016 average home sales price ($352,232) was 13% lower ($51,322) than the average home sale price for 2015 ($403,554). It was, however, an improvement over 2013 ($319,450) and 2014 ($332,950) and is very similar to the average home sale price of 2005 ($355,100).
· The 2016 average condominium sales price ($188,071) was 2% lower ($4,372) than the average condo sales price for 2015 ($192,443). It was an improvement over the 2012 – 2014 period, with an average condominium sales price of $154,000.
· Only 2011 and 2013 saw lower average lot sales prices than the average 2016 lot sales price of $72,303, which was also 8% lower ($6,732) than the average lot sales price for 2015 ($79,035).
Total Market in Millions of Dollars
· The total residential market increased by 5%, from $56.5 million for 2015 to $59.5 million for 2016. This is the largest total residential market since 2008 ($61.6 Million).
· The total condominium market increased 12%, from $20.8 million for 2015 to $23.3 million for 2016. For the previous 13 years, only 2005 ($34.7 million) and 2006 ($30.7 million) exceeded the 2016 total condominium market.
· The total land market increased 10%, from $5.0 million for 2015 to $5.5 million for 2016. This is the largest total land market since 2012 ($5.9 Million).
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
January 2017
5 Year Home Sales Price Trends ©
The average sales price of a home on St Croix has decreased by approximately $41,000 (10%) since 2012 and nearly $51,000 (13%) when comparing 2016 to 2015.
Total number of homes sold has increased by 90% (80 homes) since 2012 and by 21% (29 homes) when comparing 2016 to 2015.
All areas of the island did not perform the same.
East End B
Far East End
Compared to 5 years ago, the average sales price of a home decreased 14% ($97,217). When comparing 2016 sales figures to 2015, the average home sales price decreased 13% ($88,000).
The number of homes sold in a year has increased by 67% (8 homes) since 2012; when comparing 2016 to 2015, 5 fewer homes sold in 2016.
East End A
Christiansted East to Coakley Bay
Compared to 5 years ago, the average sales price of a home decreased 141% ($506,153); when comparing 2016 sales figures to 2015, the average home sales price decreased 39% ($225,473).
The number of homes sold in a year has tripled since 2012 (from 10 to 30); when comparing 2016 to 2015, 5 more homes sold in 2016.
Company
Christiansted West to the East Side of Judiths Fancy
Compared to 5 years ago, the average sales price of a home increased 58% ($117,862); when comparing 2016 sales figures to 2015, the average home sales price decreased 4% ($12,729).
The number of homes sold in a year has increased 60% (9 homes) since 2012; when comparing 2016 to 2015, twice as many homes sold as the previous year.
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Compared to 5 years ago, the average sales price of a home increased 6% ($15,351); when comparing 2016 sales figures to 2015, the average home sales price decreased 12% ($35,621).
The number of homes sold in a year has increased by 2 homes since 2012; when comparing 2016 to 2015, total number of homes sold increased by 4 homes.
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Compared to 5 years ago, the average sales price of a home increased 36% ($167,015); when comparing 2016 sales figures to 2015, the average home sales price decreased 4% ($25,909).
The number of homes sold in a year has increased 69% (9 homes) since 2012; when comparing 2016 to 2015, total number of homes sold more than doubled (from 10 homes to 22 homes).
King
South Shore from La Reine West to UVI
Compared to 5 years ago, the average sales price of a home increased 68% ($64,500); when comparing 2016 sales figures to 2015, the average home sales price increased 13% ($18,688).
Four times as many homes sold during 2016 (8 homes) as compared to 2012 (2 homes); when comparing 2016 to 2015, the same number of homes sold both years.
Prince
South Shore from UVI West to Williams Delight
Compared to 5 years ago, the average sales price of a home decreased 18% ($46,562); when comparing 2016 sales figures to 2015, the average home sales price increased 21% ($36,816).
More than twice as many homes sold during 2016 (13 homes) as compared to 2012 (5 homes); when comparing 2016 to 2015, 4 more homes sold in 2016 (13 homes) as did in 2015 (13 homes).
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Compared to 5 years ago, the average sales price of a home decreased 1% ($2,625); when comparing 2016 sales figures to 2015, the average home sales price decreased 6% ($13,525).
More than twice as many homes sold during 2016 (22 homes) as compared to 2012 (10 homes); when comparing 2016 to 2015, one less home sold in 2016.
Observations
Average home sales prices in two areas of the island consistently exceed the island wide “average” home sales price:
· East End B
· Northside A & B
Average home sales prices in three areas of the island are consistently much lower than the island wide “average” home sales price:
· King
· Prince
· West End
Center island average home sales prices are about “average”:
· East End A
· Company
· Queen
More homes sold in all quarters during 2016, when compared to 2015, with the exception of:
· East End B
· West End
Compared to 2015, the island wide average home sale price decreased 13%. All quarters saw decreased average home sale price with the exception of:
· King
· Prince
Compared to 2012, these quarters saw higher average home sales prices:
· Company
· Queen
· Northside A & B
· King
Compared to 2012, these quarters saw lower average home sales prices:
· East End B
· East End A
· Prince
· West End
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
December 2016
Inventory Level Trends
Current Annual supply represents the number of years it will take at the current rate of sales to sell all the properties listed in a specific area (Quarter) of St Croix.
[Active Listings + Pending Listings] /
Number of Listings Sold During the Previous 12 Months
For example:
In November 2016, there were 27 active and 6 pending home sales in East End B, with 20 home sales in the previous 12 months, for a 1.7 year supply of homes for sale
[27 + 6] / 20 = 1.7 Years
East End B
Far East End
Residential
Compared to 5 years ago, home inventory has decreased by one year and average sales price is about 46% ($278,958) lower
($888,908 vs $609,950)
Compared to last year, average time on the market has increased by 6 months; average sales price has decreased by about 4% ($637,077 vs $609,950)
Condominium
Compared to 5 years ago, condominium inventory has decreased by about 19 months (2.6 years vs 1 year); average sales price has decreased by about 25% ($370,846 vs $279,538)
Compared to last year, condominium inventory is unchanged at 1 year;
average sales price has decreased by less than 1% ($281,714 vs $279,538)
Vacant Land
Compared to 5 years ago, land inventory has decreased by 1.5 years
(8.2 years vs 6.7 years); average sales price increased about 36%
($79,929 vs $108,800)
Compared to last year, land inventory decreased by about 7 months
(7.3 years vs 6.7 years); average sales price increased by about 35%
($80,787 vs $108,800)
East End A
Christiansted East to Coakley Bay
Residential
Compared to 5 years ago, home inventory has decreased by almost a year (11 months); average home sale price increased by about 18%
($307,597 vs $361,979)
Compared to last year, residential inventory has decreased by one year; average sales price decreased by about 43% ($631,295 vs $361,979)
Condominium
Compared to 5 years ago, condominium inventory has decreased by about 19 months (3 years vs 1.4 years); the average condominium sales price decreased about 8% ($242,556 vs $222,786)
Compared to last year, condominium inventory increased by about 2 months
(1.2 years vs 1.4 years); average sales price has decreased by about 8%
($242,965 vs $222,786)
Vacant Land
Compared to 5 years ago, land inventory is unchanged at 5.3 years; average lot sales price has increased by about 25% ($54,421 vs $67,900)
Compared to last year, land inventory has decreased by 7 years
(12.3 years vs 5.3 years); average lot sales price has decreased by about 28% ($93,571 vs $67,900)
Company
Christiansted West to the East Side of Judiths Fancy
Residential
Compared to 5 years ago, residential inventory has decreased by more than 5 years (7.0 years vs 1.8 years); average home sales price has increased about 21% ($275,571 vs $333,239)
Compared to last year, residential inventory has decreased by nearly 2 years (3.7 years vs 1.8 years); average home sales price has decreased about 3%
($342,409 vs $333,239)
Condominium
Compared to 5 years ago, condominium inventory has decreased by 18 months (2.3 years vs 0.8 years); average sales price increased by about 8%
($124,992 vs $135,559)
Compared to last year, condominium inventory decreased by about 10 months
(1.6 years vs 0.8 years); average sales price has increased by about 11%
($122,610 vs $135,559)
Vacant Land
Compared to 5 years ago, land inventory has increased by more than 5 years
(3.8 years vs 9.2 years); average sales price has increased to about 60%
($66,433 vs $106,500)
Compared to last year, land inventory has decreased by 7.5 years
(16.7 years vs 9.2 years) while average sales price has increased about 473% ($22,500 vs $106,500)
Queen
Constitution Hill West to La Reine, includes southwest
Judiths Fancy
Residential
Compared to 5 years ago, residential inventory has decreased by about 2 months (2.9 years vs 2.7 years) while average sales priced decreased by about 30%
($427,342 vs $296,020)
Compared to last year, residential inventory has decreased by about 2 months (2.9 years vs 2.7 years); average sales price increased by about 17%
($253,171 vs $296,020)
Condominium
Compared to 5 years ago, condominium inventory has decreased by nearly 6 years (6.8 years vs 1 year); average condominium sales price decreased by about 4% ($102,250 vs $98,462)
Compared to last year, condominium inventory has increased by about 4.7 years (5.7 years vs 1 year); average sales price has increased about 11%
($88,333 vs $98,462)
Vacant Land
Compared to 5 years ago, land inventory has increased by 4 years
(16.2 years vs 20.3 years); average lot sales price has increased by about 19% ($61,000 vs $72,625)
Compared to last year, land inventory has increased by 12.5 years
(7.8 years vs 20.3 years); the average lot sales price increased about 92%
($37,889 vs $72,625)
Northside A & B
North Shore from North Judiths Fancy to Hamms Bluff
Residential
Compared to 5 years ago, residential inventory has decreased by more than 2 years
(3.3 years vs 1.29 years); average home sales price increased by about 14%
($592,312 vs $677,762)
Compared to last year, residential inventory decreased by about 1.5 years
(2.9 years vs 1.2 years); average home sales price has increased about 28%
($529,444 vs $677,762)
Condominium
Compared to 5 years ago, condominium inventory decreased by nearly 4.5 years (4.7 years vs 0.3 years); average sales price has decreased by about 37% ($440,000 vs $276,125)
Compared to last year, condominium inventory decreased by 6 months
(0.8 years vs 0.3 years); average sales price increased by about 15%
($239,670 vs $276,125)
Vacant Land
Compared to 5 years ago, land inventory has decreased by almost 7 years
(14 years vs 7.2 years); average lot sales price increased by about 12%
($59,333 vs $66,667)
Compared to last year, land inventory has increased by 3.3 years
(3.9 years vs 7.2 years); average lot sales price has decreased by about 32%
($98,671 vs $66,667)
King
South Shore from La Reine West to UVI
Residential
Compared to 5 years ago, residential inventory has decreased by about 20 months
(4 years vs 2.3 years); average home sales price also decreased by about 36%
($247,800 vs $159,250)
Compared to last year, residential inventory has increased by about 4 months
(2 years vs 2.3 years); average residential sales price increased by about 24% ($128,833 vs $159,250)
Condominium
There are no condominium complexes in King Quarter
Vacant Land
5 years ago, no land sales were reported in King Quarter during the 12 month period ending November 2011.
Compared to last year, land inventory increased by 3 years (4 years vs 7 years);
average lot sales price has decreased about 45% ($76,667 vs $42,500)
Prince
South Shore from UVI West to Williams Delight
Residential
Compared to 5 years ago, there is about 2 months more residential inventory
(2.6 years vs 2.4 years); the average residential sales price decreased about 12% ($239,519 vs $210,846)
Compared to last year, residential inventory decreased by nearly a year
(3.3 years vs 2.4 years); average residential sales price increased by about 20%
($176,056 vs $210,846)
Condominium
Compared to 5 years ago, condominium inventory has decreased by 2 years (3.7 years vs 1.8 years); average condominium sales price decreased by about 41% ($288,333 vs $170,625)
Compared to last year, condominium inventory has increased by 6 months
(1.3 years vs 1.8 years); average condominium sale price decreased by about 16% ($202,000 vs $170,625)
Vacant Land
Compared to 5 years ago, land inventory has increased by 6 months
(9.3 years vs 9.8 years); average lot sales price has decreased by about 48%
($50,714 vs $26,249)
Compared to last year, land inventory has decreased by more than 5 years
(4.5 years vs 9.8 years); average lot sales price has decreased by about 63%
($70,985 vs $26,249)
West End
South Shore, South from Mahogany Road,
East to Williams Delight
Residential
Compared to 5 years ago, residential inventory has decreased by about 16 months (2.9 years vs 1.6 years); average home sale price has increased by about 28% ($157,512 vs $200,875)
Compared to last year, residential inventory has decreased by about 5 months
(2 years vs 1.6 years); average home sale price decreased by about 10%
($223,800 vs $200,875)
Condominium
Compared to 5 years ago, condominium inventory has increased by 20 months (2.3 years vs 4 years); average condominium sale price increased by about 18% ($146,250 vs $172,500)
Compared to last year, condominium inventory increased by about 3.6 year
(5 months vs 4 years); average condominium sales price increased by about 60% ($107,714 vs $172,500)
Vacant Land
Compared to 5 years ago, land inventory has decreased by 1.4 years
(10.9 years vs 9.5 years); average lot sales price has increased by about 92% ($32,222 vs $61,750)
Compared to last year, land inventory decreased by about 6 years
(15.6 years vs 9.5 years); average lot sales price decreased by about 34%
($93,279 vs $61,750)
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager