The number of St. John villas for sale on the Multiple Listing Service has dropped 20% since late July. The MLS now offers 117 residences, priced between $24 million and $275,000.
Do fewer listings mean that the big inventory of the summer is selling, thanks to the lowest mortgage rates in history?
Alas, no. "Obviously not that many have sold," said Merry Nash, President of Islandia Real Estate. " I think some owners are letting their listings expire until the market improves or until winter season starts. "
Cruz Bay Realty's Gretchen Labrenz echboed that, saying "Properties are contracted or they expire, therefore, the MLS fluctuates."
Islandia reports four homes were sold during the third quarter, two of them Islandia's deals. One land lot sold; four condominiums were contracted, and four fractional properties, all at the Westin Vacation Club, were sold.
The market is not dead, but it is lethargic. Islandia's Nash reports there are some interested buyers. "The number of people looking is about average," she explained. "But many are hesitant to make a decision until they have more confidence in the U.S. economy. I hear that every day."
Pricing, in the aggregate, is down. The average listing price on the MLS today is $2.0 million, if you exclude from the calaulation a $25 million Peter Bay property. In July of this year, the comparable asking price was $2.2 million.
- The St. John Multiple Listing Service is here
- Islandia Real Estate's Web site is here
- Cruz Bay Realty's Web site is here