2016 St John Real Estate Market in Review
This stunning home was practically stolen. Sold for $1.65M, this beautifully built 4 bedroom 4.5 Bath has a total of 6500 square feet on over a half acre with 180 degree views, and this amazing pool deck. We had so much fun helping these buyers find this home and get through the closing process.
What a whirlwind of a year!!! 2016 was an exciting and busy year for us. More and more buyers are starting to show interest in purchasing Real Estate on St John and 2016 proved that. We saw some amazing deals go through and last year proved to us that although things are certainly picking up, deals can be had keeping it a Buyer's Market. The number of homes sold in 2016 was up 39% to 53 total sales from the previous year! Sold Volume was way up as well up 35% to a total of over $55 Million.
With 53 home sales in 2016 the market showed a lot of strength. 2016 matched the 3rd best year for Real Estate in the history of St John in number of homes sold.
Total volume of homes sold on St John increased by 35% over 2015 sold volume.
It is still a buyers market with plenty of inventory, and more affordable homes on the market then ever before. The deals to be had and affordable homes available helped keep the average price of homes nearly flat for the last 4 years. It should be considered that some of the big blips in this chart can be attributed to extremely large sales, like the $14M sale of Presidio Del Mar in Peter Bay in 2011, a year that saw only 27 sales, the next closest being a home for $3.5M.
When looking at other segments of the market we also saw some positive trending and significant sales in the Condo, Land and Commercial Markets.
Although the total number of condo sales was down in 2016 from 12 to 10, the total sold volume rose 30% with average sold price rising 56% to $569,300
Similarly, land sales in total number were down 13% in 2016 over 2015, but the total volume rose 28% and the average sales price rose 48%.
Much of the commercial transactions this year were non MLS transactions. One major transaction not on the MLS in 2016 was the sale of Wharfside Village. Many bars and restaurants, including the Beach Bar also changed hands in 2016. Overall the story from MLS data about commercial listings is that the median sales price rose over 113%. People are moving here and buying businesses, and they are paying more for them by nearly double from the previous year.
The substantial multi use waterfront commercial complex known as Wharfside Village on St John sold in 2016. This quiet sale will undoubtedly be the most significant Commercial Real Estate transaction on St John for some time.
Overall, when looking at the 4 main segments of the St John Real Estate Market (Homes, Land, Condos, Commercial) combined, we saw a total increase in transactions up 6%. Total Volume was up 32% to $74.2 Million. Average Sales Price was up 25%.
All data presented is for MLS sales. Deals done outside of the MLS were not included.
This stunning home on the East End closed at $2.35M. Worth Every penny!
One of the best deals this year, at $530,000 the new buyer of this home got not only a charming multi unit rental with a great view, the property also had a significant foundation and cistern in place for the buyer to finish the "Main Home" on the property.
Even at well below the average sold price of a home on St John, one lucky buyer got into to this home for just $800,000 with huge views, a great pool and a masonry built home. Deals are out there!
We look at the market every day on St John and have been in nearly every home currently listed. See a property you are interested in and need more information? Contact us today or call 340-626-8229 to reach Jared directly on his cell to schedule a live Face Time tour.
Information is deemed to be reliable, but is not guaranteed. © 2017 MLS and FBS. Prepared by Jared Warren, Real Estate Broker on Monday, January 09, 2017