As of May 21, 2019. YoY Percentage Change
For the first time in years, all segments of the market are strong! Hurricane Maria brought devastation but much like our improving infrastructure, real estate statistics illustrate how well we have rebounded.
With a dearth of inventory in the residential market (new listings have decreased 17% YoY) and more buyers wanting to plant roots on St. Croix, the number of housing units sold jumped an impressive 42%, driving the average sales price up by 17%! Good news for sellers…so if you are thinking about selling, now is a great time. It’s all about timing in the real estate market.
Condos have shared equally impressive numbers. New listings are down 7%, and the number sold skyrocketed 90% over the same period last year. Volume more than doubled and the average sales price grew by 9%.
With housing inventory at historic lows, land has made quite the comeback! While the average sales price remains virtually unchanged (it’s actually down by 1%), some buyers opt to build given the lack of homes for sale. Despite the average sales price remaining unchanged, the number of lots sold grew by 67% YoY and sold volume by 64%.
Given the strong economy and the resultant business opportunities, we see healthy gains in the commercial/industrial sector. New listings rose by 53%, sold volume by a staggering 93% and the average sales price rose by 35%.
Despite the devastation Hurricane Maria unleashed, St. Croix came back stronger and better! Looking ahead, we predict the typical slight slowdown over the summer but a strong end to 2019 as the economy continues to expand and business opportunities emerge and grow.