Increase in amounts paid for boats helps compensate for decline in number of boats sold
YachtWorld.com says the overall values of brokerage boats sold are on the upswing. The values of boats sold in Florida and California both reflect this analysis. The average value of boats sold in New York and Michigan, however, go against the overall U.S. trend and have trended flat.
“Interestingly, we can see that separating out sold boat values by length have shown that boat values have trended slightly upwards, overall, largely as a result of the 70-foot plus market segment,” says YachtWorld.com. Boat values for the other size segments have either been stagnant or trended very slightly upwards.
Although boat values of sold boats have not increased significantly throughout the U.S., the overall number of boats sold has increased from 28,331 boats sold in 2005 to 30,794 boats sold in 2007.
The volume of boats sold has not been steady across all markets, with California in particular seeing a decline in overall volume of sold boats.
This article originally appeared in the July 2008 issue.