For those of you who like pictures more than words, take a look at this.
Marty Beechler, an agent at Islandia Real Estate has summarized 18 years of the island's real estate market, including the number of homes sold and their average price.
- More information is on Islandia's blog
- CruzBayRealty says "15 homes have closed so far this year." Sales history here.
I’d love to see a graph of # on the market at a point in time for each year. I wonder what that looks like.
(Could do average for each year based on # on market each week)
This is a very nice graph – good work Marty!
As the average price of a home on St. John approached $1 million in 2002-2003, the number of sales began to fall. Price lags sales volume by about 4 years. If you smooth out the red line it looks like the classic bell curve or bubble. It appears that sales have reverted back to the mean and prices are leveling off. Marty.
Wouldn’t median price be more appropriate since that would normalize high-end villa sales?
My guessimate is that by 2014 – the average price will settle to around 1 million. Hopefully, we will win the Calif lottery and could afford a STJ villa (and more importantly, WAPA costs). In the meantime – we will just keep enjoying our 2 weeks per year in paradise.
Marty, thanks for the informative graph. The Islandia blog is the best up-to-date real estate information site in the VIs (and I don’t work there or know any of the bloggers personally). And it let’s current owners know what’s happening today in the St. John market.
HavIng fresh information is a homebuyer’s best asset.
I am definitely one of those that likes pictures rather than words. For some reason I just do better when I can see it visually. I’m actually thinking of getting some real estate in St. Johns. Why is there the decline in the recent years? I can’t believe they got so expensive at one point. Thank goodness they aren’t that price anymore.