Edmiston shares insight on its 2020 brokerage activity
As the first half of the year draws to a close and we begin to move away from the uncertainly of the pandemic, Edmiston reflects on the impact Covid-19 has had on its brokerage market in 2020 and looks towards a positive future.
2020 so far, in a nutshell
The start of the year was a good one for the industry: January 2020 began on par with 2019 and sales surpassed the last three years throughout February and March.
Unsurprisingly, at the height of lockdown, sales across the industry plummeted, with a 65% drop in sales. However, since mid-June, yacht sales have risen and are almost parallel with sales figures for this time last year, with 36 yachts sold in June 2020 compared to 38 sold in June 2019.
Reassuringly, even in times of market volatility and in the midst of a pandemic, Edmiston has sold an impressive 10 yachts in 2020 and we have the highest number of deals per broker in the industry, making us twice as efficient as some of the biggest brokerage houses.
In the first quarter of 2020, Edmiston sold seven yachts – an increase of 133% on last year.
While there is no doubt that Covid-19 had an impact on sales across the industry, there was still some activity in the market, with Edmiston forging ahead of many of our competitors and responsible for 20% of the top 10 sales of yachts over 30m.
Our in-house deals are also on the rise and with an average of 40% – a 48.8% increase on 2019 – we are far ahead of the average of 26.88% at the top houses.
Interestingly, price reductions haven’t been as prevalent as predicted with just 12.5% of yachts for sale over 40m dropping their prices during this period.
What does the future of the market hold?
We remain positive for the future and expect to see an increase in demand for ownership. This pandemic has also highlighted the positives of yachting: a super-clean safe environment, exclusivity, and true family time, which we hope will lead to good market recovery.
In terms of future trends in sales, we expect to see a rise in demand for yachts with longer ranges for guests who would like to stay on board for longer.
For more information on purchasing your dream yacht, contact Edmiston today.
9th July 2020 |