St. John Real Estate Market Update Oct 2015
The St. John real estate market has a lot to offer potential buyers, but as with any place, the market is ever changing and it will take some effort to stay current. This market update covers a range of different property types and it provides information regarding locations all over the island.
For residential properties in St John, there are currently 142 listings that cover prices ranging from under $200,000 to homes that are multi-million-dollar estates. At 6,506 square feet, One Peter Bay is the most expensive property. Built in 2002, this property is a 3-bedroom estate that sits right on the beach. While this one is the highest priced listing, it is just one of many homes looking to go for seven figures or more.
On the lower end of the price range, there are some homes that cost as low as $145,000. However, most of these units are older, smaller and in need of repair. As you move up in price, you could find something like 6-3-145 Carolina, a 3-bedroom home built in 2013. The home is in good condition, it overlooks the bay and it is listed for $725,000.
The condo market is currently listing 23 offerings with prices that range from $200,000 to $1.1 million. Bedroom counts range from one to four and many of them are in great locations that are near the beach. If you are looking for space, the largest property is a five-year-old condo at 11 Enighed in Cruz Bay.
It has 2,264 square feet and it is listed at a price of $990,000.
For land to build on, the current market in St. John covers everything from lots for single homes to vast tracts for development projects. As of this writing, the listings include 233 properties that range in price from about $55,000 on the low end to $7.9 million at the very top. Buyers can build everything from modest homes in already established subdivisions to large estates on beachfront property.
The selection of commercial properties currently listed is somewhat limited, however, it does include some interesting opportunities. At the low end, there are properties to lease for about $1,500 – not including the monthly fees – and at the high end, there is one property that already has an existing income stream going for a little over $2 million.
The current listings in Cruz Bay cover properties that range in price from $145,000 to $14.25 million (the estate at 1 Peter Bay mentioned above). Right now, the current inventory is 69 listings, which is about average in comparison with the last twelve months. The average listing price has held steady for the last year at about $2.5 million, with the current average list price being at just above this mark.
The Coral Bay real estate market is currently comprised of 48 total listings, with prices that range from a $209,500 property that needs repairs to a 4-bedroom home that was built in 2010 with a list price of $5.75 million. The average list price has held at around $1 million dollars for the last year, with the current average being at just above $1.1 million. The current inventory of 48 properties is a low for the last twelve months, so it does appear that properties are going off the market faster than they are being listed in Coral Bay.
In the East End, there is a current inventory of 6 properties listed. This is 2 off from the high of 8 that began in April and lasted until June. The listing with the lowest price is going for about $735,000 dollars and it is one of three properties listed at less than a million in this area. The highest listing is 1-1 Hansen Bay, which is listed at just below $2.7 million.
The average list price has increased by about $200,000 over the course of the last six months with the current mark sitting at $1,530,000.
With only 10 properties, Reef Bay is another market that has a limited number of offerings. The current inventory of 10 is a tie for the low point over the last year and it is down from the high of 15 properties listed back in June. The highest list price is a property at 122 Fish Bay, which is listed at $8 million and the lowest is a $325,000 cottage that was built back in 2010. The average list price has been somewhat erratic over the course of the last year with the current mark of just under $2.2 million being the highest point over the past 12-months.