Time for a long-overdue look at how the market is bearing up in the last quarter of 2009.
Going into the Newport International Boat Show this year, my biggest question was would we see new boat sales return this Fall (the usual season for ordering new boats for Spring delivery). Remember, the Lehman Brothers collapse came on the last day of 2008's Newport show - an unfortunate bit of timing.
This year's Newport show was considerably smaller (for example, Tartan/C&C had just one boat on display, instead of their usual 5+), but the mood of show-goers was much more positive, with some people ready to move forward on new boats. Their were only a handful of truly new boats at the show, and McMichael was proud to be representing most of them: the Summit 35, the J/95 and J/97, and the MJM 40z.
In the weeks after the show, my big question was answered: I was able to finalize sales on a new J/95 (the first to come to WLIS) and a new Alerion Express 28. The rest of the McMichael team secured a Summit 35 sale (also the first in the area), 3 more Alerion 28's and an Alerion 38. Not bad at all!
The brokerage market continues to be extremely competitive (sellers competing for buyers) and getting a deal done takes more effort than ever. Another reason to have a good broker working for you! We now have some hard data for 2009 that compares units sold and value between 2008 and 2009. Did you buy a boat in the first half of 2009? Then congratulations, you timed the bottom of the market correctly. But values are STILL down over 10%, and some outstanding deals remain available. The good new for sellers is that units sold on a per-month basis have finally returned to 2008 levels. The table below provides some interesting data (click for larger size):
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