The number of St. John homes and land fell for the fourth year in a row in 2008.
Just-released statistics show the average home was sold for $1.5 million, down 24% from 2007's average of $1.98 million (which was greatly affected by one sale at $14 million). The number of homes sold in 2008 was 23, a decline of 21% from 2007's 29.
In 2005, the top of the market, 54 homes changed hands at an average of nearly $1.8 million.
Land sales showed the same pattern. Only 20 lots were sold in 2008, at an average of $440,000, compared to 24 lot sales in 2007 at an average of $726,000. (Again, one sale in '07, for $6.7 million, greatly affected the average.)
Merry Nash, president of Islandia Real Estate found the results to be positive for her firm. "We are pleased that Islandia was the top selling agency on St. John in
2008," she wrote on her blog. "We made the largest single sale and the two top sales people are
both from Islandia."
The condo market was stronger in 2008 than 2007 as units at Sirenusa came on the market. The year-end report shows 13 units sold for an average $634,923, compared to six condos sold in 2007 at an average of $613,000.
You can see the 2008 real estate report at http://www.islandiarealestate.com/statsummary.cfm.
Ah, how nice it would be to own some Caribbean real estate.
Your periodic reporting on the real estate market is always enlightening. Regarding your comments on the one high priced sale skewing the yearly “average” sales numbers. On thought for the real estate person who is keeping track and reporting on the sales for Homes/Land/Condo’s in St. John. Given that it seems that every year brings an outlying high priced sale … they should transition away from “average” and use “median” … as it provides a better representation on the market. To highlight this point … if you and 9 of your friends were sitting in Quiet Mon Pub (a favorite watering hole on mine) and Kenny Chesney walked in … the average salary in the Pub would be dramatically skewed upward and could lead to an “inaccurate” assumption (i think?) that your Blog is making you rich … ha! Cheers Frank!