St John Real Estate Market Conditions →
The Real Estate Market on St John is ACTIVE. I have been out showing quite often lately. Buyers are from across the spectrum; People looking for retirement homes, people looking for investment vacation rental property who might do a 1031 exchange, locals looking for a homestead, buyers looking to re-locate to the Virgin Islands, land speculators. This among a mini boom in construction meant it was time to get some statistics to quantify the feel of the market.
The Facts
There are 156 homes currently on the market. Average listing price is $2.011 Million
In the last 12 months, 42 homes on St John sold at an average of $1.023 Million.
Compare this with when the market was slowest; the same period May 2, 2010 - May 2, 2011 when 21 homes sold for an average price of $1.4 Million
Average Price, Number of Sales and Percentage of Sales Price for Sold Homes on St John between May 2, 2003 and May 2, 2016
What we are seeing is two main important factors.
- The average sales price is near its low point over the last 12 years
- The number of sales transactions is on the rise, in fact has doubled since the low point on the market if looking at volume.
What does this mean for the market? What I see on the ground is playing out on paper. There are deals to be had, and buyers to take them. Ultimately, there is currently 3 years of inventory of homes for sale on St John. What we can expect is that, if buyers keep taking advantage of deals, as we are seeing with near bottom end average sales prices, inventory will dwindle, which will drive up prices and demand. You can not build the homes people are buying for their sales price! So when people ask me if there are any deals, I affirmatively can say YES. There are deals and they wont last if the market continues this trend.
Now, a lot of buyers are not in the $1 Million range. To be clear, 20 of the 42 homes sold in the last year were under $750K, and 12 of those were under $500K.
Serious buyers should be prepared with financing and allow a licensed realtor such as myself answer all of their questions. Reach out today to let me set you up with a MLS portal so that you can scan St John Real Estate Listings on your own
Jared Warren
Associate Broker
Re/Max Island Paradise Realty, Inc.
PO Box 646
St John, VI 00830-0646
Cell Phone - (340) 626-8229
Office Phone - (340) 775-0949
jwarren@remax.net
Www.stjohnhomesandvillas.com
Treasurer - St John Board of Realtors
Voted "BEST REAL ESTATE AGENCY ON ST. JOHN 2010, 2012, 2013, 2014 and 2015"