Home sales slow, asking prices steady

The number of St. John residential properties sold in 2009 was the lowest since 1996, according to data kept by the Multiple Listing Service and published online by Cruz Bay Realty.

A total of 22 homes went to contract in 2009 at an average price of $1.283 million.  In 2008, 23 homes were sold for an average price of $1.5 million.

The lack of movement is not due to a lack of inventory, which used to be every real estate salesperson's complaint.  During 2009, the number of MLS Listings hit a record, near 145, before backing off off in October to 130.  There are now 135 homes for sale.

Despite the lack of business, pricing is not showing weakness.  In October, the average asking price was $2.2 million, today it's $2.164 million.  The median house price in the fall was $1.5 million, now it's $1.375 million.

The outlook may be brighter for real estate sales people if not for home owners who want to sell.  The MLS is reporting one home sale so far this year, a two-bedroom property at Chocolate Hole.  Asking price was $1.299 million; selling price was $1.050, a 19% discount.

3 thoughts on “Home sales slow, asking prices steady”

  1. Wow those are some pretty high numbers. I love St. John and would love a place there, but I guess I’ll have to wait a few years to save up. I’m glad the prices are as high as they are – it lets St. John remain what it is.

  2. Houses have always been expensive there, but the land prices seem to be more of a bargain….then just build what you want when you are ready.

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