We are excited to share our 2021 newsletter! Check it out for information on current market conditions, properties for sale, statistics from 2020, exciting news from Holiday Homes, and our island community.

2021 Newsletter

Real Estate Market Update 

What an interesting year 2020 was. As Virgin Islanders, we quickly discovered that precautionary measures against the spread of a pandemic were effective and quickly implemented on St John. With a year-round average temperature of 82 degrees, we already “live and socialize” outdoors, and mask-wearing quickly became normal. Real estate was no different as most of our interactions with customers and clients have always been from a distance. Early on we embraced hosting virtual open houses which quickly led to face time showings and remote closings.

2020 Market Trends 

We welcomed many new island neighbors who discovered remote work is better in paradise. The trend seems bound to continue as sales are at an all-time high in every sector of the market. In 2020 we saw a 15.5% increase in residential sales overall. We saw 24 homes sell in the under a million dollar range, this is a pricing sector we cannot seem to keep enough inventory in. The $2-4M range showed strong activity and a new high record was set for the south shore of the island with a $5.4 M sale in Chocolate Hole. We entered the 2021 market with over $35M in inventory under contract. Conventional lending limits have increased for 2021 with lenders ready to answer inquiries and assist clients. As residential inventory has dwindled in the past 6 months we have seen a strong shift towards a Seller’s market. The Coral Bay area still has a decent inventory throughout various price ranges but that is also changing quickly. With the recent approval of the Coral Bay Marina,  we expect more traffic, interest, and increased property values over time. The St. John market is active and is expected to hold strong. With robust broadband access, record-low mortgage rates couples with a relaxed island lifestyle, new buyers will continue to target St. John. The USVI continues to be recognized as one of the most popular destinations in the Caribbean with the VI National Park remaining the center of this tropical paradise. Thank you to all for helping Holiday Homes rank #1 in sales this past year! Best wishes for a happy and prosperous 2021!

 

2020 Market Facts

51 Homes Sold

11 Condos Sold

29 Land Parcels Sold

Highest Home Sale $5,400,000

Highest Condo Sale $990,000

Highest Land Sale $1,550,000