Market intelligence for the month of May 2014
It has been another busy month. This May we have seen more than double the sales as were achieved during the same period last year. As prices remain competitive, it is little wonder buyers are cashing in on these increasingly alluring deals.
During the month of May a reported 55 yachts were sold; this represents a 53% increase on last May’s figures, when only 29 yachts were sold. Of the 55 yachts sold during this May, 52 were motor yachts, and three were sailing yachts.
The total length of motor yachts sold this May is 1836m, 903m more than the same time last year, when the total length of superyachts sold during May reached 933m. The total length of sailing yachts sold is also up 8m on last year’s figures, with 103m being sold this May.
The average asking prices of the yachts sold since the beginning of the year generally remains on an even keel. In the 24-30m (79’-98’) motor yacht sector, the average asking price is currently at US$3 million, while in Euros it is €2.1 million. Mid-size yachts of 30-40m (98’-131’) currently have an average asking price of US$5.5 million compared with the Euro asking price of €5 million. For larger yachts in the 50m+ (167’) sector, the average asking price has actually increased to US$25.6 and €32.2 million, respectively.
Inspecting this May’s figures further and looking at the average age of fleet sold, we can see that for motor yachts 6% were three years or under, 21% were four – six years old, 29% were seven – 10 years, and 44% were 10 years and over. For sailing yachts, 5% were three years and under, 16 % were four – six years, 16% seven - 10 years, and 63% 10 years and over. These figures demonstrate that buyers are not over looking well maintained, older yachts and it is still condition, quality and competitive asking prices that ultimately prevail.