St. Croix Realtors Joe & Julie San Martin

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

1^st Quarter Sales as Predictor for the full year

2021 is the 13^th year of the St Croix real estate market “recovery” from the real estate boom years of 2006 through 2008. The two Category 5 hurricanes in September 2017 and the 2020 pandemic were not helpful. Market is now showing strong signs of recovery.

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

First, a look at inventory trends over the

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 1^st quarter sales. In 2018, 1^st quarter sales underestimated actual number of homes sales by 40%. In 2019, 1^st quarter sales slightly overestimated the total annual sales number. 2020 1^st 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 1^st quarter average sales price was a fairly accurate predictor of the annual home sales price. The 2021 1^st quarter average sales price predicted annual average sales price of $216,000 was about 12% low. The 2022 1^st 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.

1^st 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%. 1^st 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 1^st 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

0.65 buyers for every seller

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

Condominium

Vacant Land

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.

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.

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.  

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.

St Thomas Home Sales Prices

St Croix Home Sales Prices

Median sales price is the midpoint - half of all homes sold for more than this price, half sold for less.

For St Thomas, the median 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

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.

St Thomas Condominium Sales Prices

St Croix Condominium Sales Prices

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

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.

St Thomas Land Sales Prices

St Croix Land Sales Prices

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.

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

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

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

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.

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.  

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.

St Thomas Home Sales Prices

St Croix Home Sales Prices