The latest quarter continued to show a stronger market for St. John real estate.
Gretchen Labrenz at Cruz Bay Realty said one sign of new energy in the market was selling two land parcels one weekend … sight unseen by the buyer. Shows the value of good photographs on the MLS, she said.
In fact, land is the strongest part of the market, with 28 lots sold year to date, compared to 20 during the same period last year. The average price is up, too, driven primarily by one parcel which went for $2.2 million. The average land sale this year has been $385,000, versus $287,000 last year.
On the villa side, things are better. There have been 21 homes sold (vs. 24 last year) at an average price of $1.279 million. In a sure sign that bargain hunters are active, that average is 25% less than last year’s average of $1.7 million.
Labrenz said, "Many properties are listed for less than what the sellers have invested in them. It is a buyers' market."
Islandia Real Estate’s Mary Nash said, "Land and condo sales are ahead of last years numbers, which is encouraging.” Interest rates are still low, she added.