Real Estate Market Report, St. Thomas, Virgin Islands

By
Real Estate Broker/Owner with Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com 1-16940-1B

It has been a while since I have written about the  real estate market on St. Thomas in the Virgin Islands. If you have read some of my previous bloggs you know the real estate market in St. Thomas lags behind the mainland by at least six month and sometimes more than a year in trends. 

I took a look at the satistics for what has been happening in the real estate market on St. Thomas in the Virgin Islands, from 8/26/11 to 8/26/12 as compared with 8/26/12 to 8/26/13. Here is what is going on:

 

For the Sale of Residence-

# Sold                 Average Sale Price                       Change                    Percent of Asking                 Change

2012       2013        2012                2013                                                   2012       2013

60           68            $531,183        $616,235             +16%                        88          91                     +3%

 

For the Sale of Condominiums-

# Sold                      Average Sale Price                      Change                   Percent of Asking                  Change

2012      2013           2012              2013                                                   2012        2013

63           70            $212,881       $231,563             +9%                          89           90                        +2%

 

For Land Sales-

# Sold                         Average Sale Price                    Change                       Percent of Asking                Change

2012         2013          2012                 2013                                                  2012        2013

29             35             $128,119         $103,543           -19%                           83           87                        +4%

 

For Commercial Sales-

# Sold                           Average Sale Price                   Change                  Percent of Asking                   Change

2012        2013         2012                  2013                                                 2012           2013

3               8             $160,000         $442,250            +176%                       90               80                   -11%

 

Overall, there are very positive trends in the real estate market on St. Thomas in the Virgin Islands in both volume and prices.  It is important to note in the residential market there are record setting sales occuring. Two sales one at $2.85 Million and one at $3.3 Million and there is a pending home in the $6 million dollar range, these in the past two months. 

There are still many good deals available and since the market is rebounding, now would be the time to purchase if you are in the market. Our high season starts in late November, for sellers now would be the time to do those final preparations for selling your property when more buyers  will be in the market. 

 

 

Comments (2)

Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Tanya, great report. I would be interested in seeing the inventory level and related changes. Absorption rate is also a helpful indicator. Thank you!

Aug 26, 2013 10:15 PM
Tanya Van Blake-Coleman
Van Blake-Coleman Realty, St. Thomas/www.talk-to-Tanya.com - St Thomas, VI
Improving the Quality of Your Life

Hey Norm, thanks, I will include the absorption rate in the next report I publish.

Sep 04, 2013 10:45 AM