St John Real Estate Market Update
The Real Estate Market Continues to be hot on St John. As of August 25, 2018, with the final quarter of the year yet to come, 35 homes have sold year to date! This is compared with 38 in all of 2017. When looking back at the low points of the market over the last 15 years we saw just 20 total sales one year (2010) among a 5 year span of 30 or less sales each year from 2007 to 2012.
Even more significant is that the average price of sold homes is back up over $1M at $1.05M from a 15 year low last year of just under $900K. You could attribute some of the low points in 2017 to the storms for sure, but you can also attribute the increase in transactions and volume to the storm as well.
Another key data point is that there are currently 13 homes under contract at an average listing price of $945,500. If these homes close at an average of 10% off of listing price, and no other homes go under contract or close prior to the end of the year, this will result in a total volume of nearly $47.5 Million. That would represent a whopping 40% increase in volume over just one year!
You can see the 35 homes that sold here HOMES SOLD 2018
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