Yacht World has released its latest Soldboats Report for 2016. According to the report, total sales volume for June was down 3%. In addition, the total price of the boats sold was $398 million, also 3 percent lower than the year before.
The drop was most significant in powerboat sales, which was largely responsible for the overall dip in the market. 2,952 power boats were sold, which was down 4% percent from June 2015. Sailboats on the other hand, saw a slight increase of 1% over the same time last year. And while the total price of powerboats sold dropped close to $20 million, the total price of sailboats sold in the month rose $7 million.
By the Numbers
According to the Report, the drop was magnified because sales were down in what are usually the highest volume sales categories, notably, sales of boats under 26 feet were down 4 percent, with 1,113 boats sold, and sales between 26 and 35 feet were off by 6 percent, with 1,380 sold.
On the plus side, volume in the next two size segments increased, but not by enough to offset those declines. Sales in the 36- to 45-foot range increased by 4 percent, with 739 boats changing hands, and in the 46- to 55- foot range, volume increased by 14 percent, with 190 boats sold.
Election Year Blues
Historically, June does tend to be the peak month of boat sales in a given year. This June a total of 3,523 boats were sold in the US, and as in May, this was a lower number than in the same month of the previous year.
However, the downward trend in boat sales, particularly for large purchases such as upscale motor yachts is not uncommon in an election year. And, with the 2016 election cycle being a bit more unusual than most, it is not surprising to see a drop in sales. As November draws near, people tend to tighten their belts, taking a “wait and see” approach to large scale purchases. Overall, while sales may be down, it should not be taken as anything to panic about.
However, with values dropping, and with yachts staying on the market unsold that much longer, if you are planning on selling a yacht, now more than ever it is imperative that you work with a skilled yacht broker. Experienced yacht brokers, such as those with 26 North Yachts, can help you sell your boat fast, and for the top dollar, regardless of the market conditions.
Deciding on the new or pre-owned luxury yacht that is right for you, can be quite complex. If you would like to benefit from our expertise in these areas, or if you have any questions or comments about this blog post, do not hesitate to contact our Sales Specialists, or call us at (855) 318-6328.