Land sales on fire, home sales up, too

The number of homes sold on St. John in he first six months of this year shows buyers are jumping on reduced prices.

According to Cruz Bay Realty, 17 villa property deals closed in the first half.  If that pace continues, it would mean 34 houses would sell this year, 26% more than the 27 deals done last year.

This year’s deals are closing at lower prices, for sure.  The average sale is $1.3 million, compared to last year’s $1.8 million.  The statistics for 2011 are somewhat skewed because one villa sold at $14 million.  The most expensive property this year was $8.5 million.

Land sales are not shabby either.  Rather like booming. More lots sold in the first six months of 2012 than in all of last year: 22 vs. 20.  But land is not the bargain that houses are. The average land deal closed at $351,000 this year, compared to $288,000 last year, a rise of 21 percent.

There are 165 homes on the Multiple Listing Service, from $199,000 to $8.6 million. The average asking price is $1.9 million, a substantial increase from previous years when it was about $1.3 million.

2 thoughts on “Land sales on fire, home sales up, too”

Leave a Comment