Today’s Real Estate Report: US Virgin Islands

St. Thomas, US Virgin IslandsAccording to NuWire Investor, the US Virgin Islands’ real estate market is improving:

Since prices crashed in 2008, there has been a slump in the US Virgin Islands’ housing market. Both on St. Thomas and on St. John, the market climbed sharply in 2007, only to fall dramatically the following year. However, it is good to remember that even taking the decline into account, property prices have risen sharply over the decade 2001-2011, with price rises of 89% for homes, and 67.6% for condo units, according to the USVI Bureau of Economic Research. In addition, some parts of the market are now beginning to recover.

NuWire goes island by island:

In St. Thomas, the average sales price for all homes, condominiums and land, has fallen by roughly 25% to 50% since 2008, according to realtor Marsha Maynes. Currently, two to three bedroom single family residences sell for around US$ 350,000 to US$ 650,000. Two-bedroom oceanfront condominiums are priced ranging from US$ 300,000 to US$ 400,000.

St John’s more luxury market is recovering faster – but not without hiccups. The average home sales price plunged by 26% to approximately US$ 1.28 million in 2012, after a rather strong climb by 34% in 2011 to US$ 1.72 million. Land prices were up by 33.8% in 2012. The average price of condominiums was up by 19.2% to US$ 512,500 in 2012, according to Islandia Real Estate.

In St. Croix, average home sales prices fell by 2.45% in 2011, to US$ 379,024 according to the USVI Bureau of Economic Research. In contrast, condominium prices gained by 17.8% in 2011, to about US$ 210,361, although the number of actual units sold remained low, at 63.

Find more articles and gay real estate resources in the US Virgin islands.