Looking back 6 years, there are two different St Croix real estate markets – 2006 through 2008 was a relatively healthy market; 2009 through 2011 was a different story.
From 2006 through 2008, the total number of homes sold declined by 33%, from 188 in 2006 to 125 in 2008. At the same time, the total market declined 28%, from $85.3 Million in 2006 to $61.5 Million in 2008. From 2009 through 2011, the market was relatively flat; total number of homes sold declined 10% over the period, from 114 in 2008 to 102 in 2011, while total market declined just 3%, from $61.5 Million in 2008 to $44.6 Million in 2011. Meanwhile, the average price of a home on St Croix has risen by 7% ($28,904), from $453,728 in 2006 to $482,632 in 2011.
In this market, 2009 was the worst year of the 6 year period for both number of condos sold (44) and total market in dollars ($11 Million). The condo market showed slight improvement in 2010 (56 condos sold for a total $10.8 Million) and 2011 (56 condos sold for a total $12.3 Million). In 2006, 182 condos sold for a total of $30.7 Million. This market declined somewhat in 2007 (88 condos sold for a total $22.2 Million) and 2008 (86 condos sold for a total $18.6 Million).
The land market has nowhere to go but up. The total number of lots sold has decreased 82%, from 434 in 2008 to just 75 in 2011. The total market in dollars has decreased 88%, from $41.3 Million in 2006 to $4.8 Million in 2011. The average sales price of a lot has decreased 32% since 2006, from $95,176 to $64,447. Looks like a buying opportunity!
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
Comparing total number of sales closed this year with 5 years ago,
· Residential: the 2011 market represented 54% of the 2007 number of homes sold (95 in 2011 vs. 177 in 2007)
· Condominium: the 2011 market represented 64% of the 2007 number of condos sold (56 in 2011 vs. 88 in 2007)
· Land: the 2011 market represented 27% of the 2007 number of lots sold (70 in 2011 vs. 264 in 2007)
For both years (2007 and 2011), 79% of all homes sold on St. Croix were sold for $600,000 or less. The only year that this number was lower was 2008 (77%); in 2008 it was slightly higher (83%), also in 2010 (82%).
The number of condos sold has declined less than either the home or land market (36% vs. 46% for homes and 73% for land). Condominiums have shown the biggest increase at the lowest price level ($100,000 or less); this price range accounted for 30% of all sales in 2011 but only 15% of all sales in 2007. In 2007, condominiums sold for $200,000 and less accounted for 47% of the market; in 2011, this price range accounted for 60% of all condominiums sold on St Croix.
Vacant land continues to be the most drastically affected segment of our real estate market, with a 73% drop in the number of lots sold, compared to 5 years ago. The $50,000 or less percentage of sales is nearly identical for 2007 (55%) and 2011(56%). The next price tier ($50,001 to $100,000) shows the largest change; this accounted for 20% of all lot sales in 2007 and 34% of all lot sales in 2011. The over $100,000 price range accounted for 25% of all lot sales in 2007 but only 10% of all lot sales in 2011; not only the number of lots sold has decreased significantly, so has their sales price.
Information is from MLS and deemed to be reliable, but is not guaranteed.
Prepared by:
Julie San Martin
Team Manager
