What A Year 2024 Turned Out To Be!
We welcomed and cared for 2,270 guests, with 3,911 nights of occupancy in our portfolio this year - more guests for more nights than ever before. While we saw our typical slow-down of bookings during the low season, we enjoyed the break to handle some exciting and major upgrades at many of our properties. Based on average spending data from the USVI Bureau of Economic Research, this means - not including the cost of accommodations and hotel taxes collected - our guests enabled our company to bring an estimated $1.24 million into the local economy. We want to thank all of you who stayed with us in 2024 for making a difference to the small business owners here on island.
2025 is already shaping up to be busy, with an astonishing level of occupancy right out of the gate. More people on island means more real estate buyers …
So what about real estate? How did the market hold up in 2024? Well, not to sound like a broken record to those of you who have read this blog for years, but the market remains stable. I review and analyze the data in a couple of ways, but if taking an honest look, the median sold price is the one that really matters to me. The median sales price allows us to consider the true middle of the market without any giant home sales or sales of shacks or “plywood palaces” (as I like to call them) that sway the data. Average price is still interesting and valuable data, but I cannot depend on the average to determine true, long-term appreciation.
In 2024, the median price of a home on St. John rose 15% from the previous year to $1.5 million. This increase is pretty significant, and also put us at the highest median price on record for a home on St. John. Going back to 2002, and including some of the slower or even down years, the total median price increase is still 173% or a 7.5% increase per year. While this outpaces the national average and can not always be expected, This growth backs up my mantra about the stability of the St. John Real Estate Market - it is simply on a steady and healthy incline.
The average home price increased as well last year to $1,969,342, the highest price in St. John’s history. It surely invokes that old cliche that applies to planting trees and buying real estate:
If you bought the median priced home on St. John five years ago, your value would be up 102%! I’m not suggesting this is a realistic expectation for every real estate transaction … but I am suggesting you should expect that if you buy a home on St. John today, that the value is dependably going to grow over time, which makes this on the safer end of the spectrum of investing.
Giving Back
We would like to wrap up this summary of 2024 by thanking some of the non-profits that are making a big difference on island, and are really the backbone of this community. We would also like to thank all of you who donate to our local charities. We can’t do it without you, so THANK YOU!!! Together, let’s continue to support, preserve, and protect this island, its culture, its people, its beauty, and its uniqueness with humility and grace.
