House prices still climbing, inventory too

The number of houses for sale on island is the highest it’s been since I’ve been keeping watch, about four years. 

The Multiple Listing Service has 126 residences on the market, priced from $12.25 million (it’s a Peter Bay house, pictured at left) to $365,000 for an "as is" concrete slab with apartment beneath in Coral Bay (pictured at right).

Since last January, the average price of a house listed for sale has increased almost 9%, from $2.05 million to $2.31 million.  The median price of a listed property is $1.7 million.  That is unchanged from last year. 

The fact is, however, that last year the most expensive listing was about $8.5 million.  This year, there are four properties at that price and higher.  That’s gotta be pulling the average higher.  Do the math, and it may account for all the rise in the average price.  Bottom line: prices appear to be steady, while a few more very expensive properties have come on the market. 

But, hey, with US real estate prices softening, "steady" on St. John is good.

2 thoughts on “House prices still climbing, inventory too”

  1. Actually “Cliffhouse” in Peter Bay was in fact listed last year during 2006 (but maybe not in January, 2006 was that what you were comparing or during the whole year?).

  2. I don’t know about which specific properties were in my calculations a year ago, Christie. It was a late-December scrape off the MLS, and perhaps the Cliffhouse wasn’t on it.
    “Steady” is good, though. And inventory is down by a few units in the past two weeks.
    See you soon.
    Frank

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