2023 proved to be another active year for the St. John real estate market. Total island sales topped $257M, with Holiday Homes continuing to rank amongst the top-performing brokerages. Our agency accounted for over $58M in sales at the close of the year, a respective 24% of the market share. Island-wide, there were 138 real estate transactions across a wide range of values and property classifications. Forty-nine residential properties were sold with the highest value at $6,202,625; while 52 land transactions occurred with the highest value at $2,250,000.
Turning the page to 2024, we expect to see an increase in activity in the real estate market with a shift to a more buyer-friendly environment. Economic indicators support that inflation is cooling and that the Fed successfully tamed inflation while avoiding a “hard landing”, setting the stage for the Fed to begin cutting rates. The combination of record-high rates and a lingering supply shortage has hampered the market in recent years. In the first week of the year alone, Mortgage applications surged by 9.9% in the U.S. mainland.
On St. John, inventory is increasing with ample opportunities across real estate asset classes. In 2023, condo sales realized unprecedented value increases, specifically at water-front locations like Gallows Point. We anticipate this to accelerate into 2024, with high inventory at multiple turnkey condo opportunities like The Hills with a variety of sizes and layouts.
St. John Real Estate has historically experienced minimal negative fluctuations in property value, positioning it as a haven for real estate investors. This makes “Love City” a prime destination to diversify investment portfolios with reduced vo
As we enter our 64th year of operation, we look forward to another successful year of helping our clients capture their dream to obtain a slice of the jewel of the Caribbean.
Published February 2024****