Some of you may have been wondering what is the state of the St Thomas, US Virgin Islands Real Estate Market? Is it any different than what is happening stateside?
All statistics are showing that are market is improving and on the up swing.
Let's take a look at year over year statistics, 2011 to 2012
2011 Average Sold for residential was $511,014 vs. 2012 Average Sold of $532,543 for a gain of 4.13%.
2011 Median Sold for residential was $440,000 vs. Median Sold of $456,000 for a gain of 3.64%.
Sold listings for 2011 was 53 vs. Sold lisitngs for 2012 was 67 for a gain of 24.3%.
Median days on market is 208 days, meaning it will take about 7 months for a listing to sell on average.
Condominium sales are showing some strength too:
2011 Average Sold for residential was $211,271 vs. 2012 Average Sold of $236,706 for a gain of 12.04%.
2011 Median Sold for residential was $175.000 vs. Median Sold of $177,000 for a gain of 1.14%.
Sold listings for 2011 was 67 vs. Sold listings for 2012 was 64 for a decline of 4.5%.
Median Day on the Market was 222 days for 2011 vs. 163 days for 2012 for a decline of 26.58%
The National Association of Realtors states, "The price of existing homes increased by 5.4% annually from 1968 to 2009, on average."
Although the 3.64% in residential homes is not yet at the 5.4%, it is very encouraging? What do you think of the state of the St Thomas Housing Market?
*Statistics are from the St. Thomas MLS.
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