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Sales Show Real Estate Market Rebounding in the Virgin Islands

 
Alana33
(@alana33)
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Sales Show Real Estate Market Rebounding in the Virgin Islands

BY SOURCE STAFF — FEBRUARY 12, 2015

The Virgin Islands real estate market is rebounding nicely from the recent recession, according to recent territorial Realtor® association market reports.

Condominium sales led the way in 2014 with a 43 percent increase in total units and a 39 percent jump in total sales volume compared to 2013. Meanwhile, 19 percent more single-family home sales were sold in 2014 and reflected a 34 percent increase in total sales volume.
The median price of a single-family home edged up by almost six percent, while the median for condos declined by nine percent. The median is the point at which there were as many sales above as there were below that price.

Association analysts attribute the median price decline in condos to the effects of the Hovensa shutdown on St. Croix’s overall housing market, which resulted in a larger than usual unsold inventory. However, given that real estate is very much a supply-and-demand based market, the surplus inevitably brought prices down, which sparked significantly more sales.

2013-2014 Virgin Islands Real Estate Sales:

--------------------Units --- Sales Volume --- Median Price
Single Family: --- 239 --- $ 132,202,650 -- $390,000 (2013)
Condos: 162 --- $33,257,100 --- $160,000 (2013)
Land: --- 129 --- $18,967,430 --- N/A (2013)
Single Family: --- 284 --- $177,473,808 -- $ 412,000 (2014)
Condos: --- 231 --- $46,208,058 --- $145,000 (2014)
Land: --- 130 --- $23,196,043 --- N/A (2014)
Single Family: Units: +19%/Sales Volume: +34%/Median Price: +5.6% (Change from 2013)
Condos: Units: +43%/Sales Volume: +39%/Median Price: -9.0% (Change from 2013)
Land: Units: 0%/Sales Volume: +22%/Median Price: N/A (Change from 2013)
This data was reported through the St. Croix, St. John and St. Thomas multiple listing services. This information is deemed reliable, but is not guaranteed.
“The good news is that we’re on the upturn,” said 2015 Virgin Islands Territorial Realtor® Association (VITAR) president Tanya Van Blake-Coleman, “Our members are very encouraged at the level of increased interest and activity that’s taking place in the market today.”

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Topic starter Posted : February 13, 2015 5:20 am
caribstx
(@caribstx)
Trusted Member

Real estate agents and their associations always report gleeful news. Its in their best interest.

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Posted : February 13, 2015 11:32 am
speee1dy
(@speee1dy)
Expert

i looked at a local real estate mag, the prices of the condos have dropped drastically from a few years ago. i wonder if the hoa fees have dropped as well.

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Posted : February 13, 2015 11:54 am
OldTart
(@the-oldtart)
Expert

There must be a rule on this forum which mandates that every time someone posts something positive, respondents must immediately post a negative.:D

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Posted : February 13, 2015 11:59 am
ms411
(@ms411)
Expert

I think many of the sales are to non residents for use as a vacation rental. Economy better and credit easier to get for some.

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Posted : February 13, 2015 12:10 pm
Alana33
(@alana33)
Expert

i looked at a local real estate mag, the prices of the condos have dropped drastically from a few years ago. i wonder if the hoa fees have dropped as well.

HOA fees rarely go down as they are for the maintenance and running of the entire property of the associations. I haven't seen either a drop or an increase in fees but it is typical for any condo association to activate a special assessment (fee) in addition to the regular HOA in order to fund major renovations or upgrades to a property. These can run for a couple of years.

I posted the above Source article because it is good news.
The stats aren't made up and are tracked and posted, annually.
It's not in anyone's interest to post fictional numbers.

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Topic starter Posted : February 13, 2015 12:31 pm
speee1dy
(@speee1dy)
Expert

thank you alana

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Posted : February 13, 2015 1:23 pm
Alana33
(@alana33)
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You're welcome.

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Topic starter Posted : February 13, 2015 1:52 pm
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