Report: Steady recovery for U.S. brokerage market
MIAMI – A new report released last week that is designed to provide a unique and comprehensive view of the marine industry indicates that the U.S. brokerage boat market is making a steady recovery and will lead the way for the global marine market in 2011.
The authors of the inaugural publication of the YachtWorld.com Market Index – Annual Report said in a press release that the report provides key industry analyses from 2010 that show that, despite unit sales of brokerage boats being slowed by a bumpy economic recovery, the market gained confidence in boat values. For the year overall, 29,494 brokerage boats changed hands – an increase of 8 percent on 2009. The total value of those boats was $3.2 billion – a gain of 18 percent on 2009, according to the release.
The report identified two very different sales trends in 2010. The first half of the year saw brokerage boat sales pick up across all sizes and ranges compared to 2009. However, in the second half of 2010, the economic recovery slowed and so did the brokerage market, especially among smaller and mid-sized boats. However, demand for big boats continued to drive an increase in valuations for the sector. The findings show that the high end of the market has been less affected in the aftermath of the recession.
Another factor that came into play in 2010 was the relative weakness of the sailboat market in comparison to the powerboat market. In the powerboat market, brokerage sales increased by over 10 percent to 23,806, while sailboats increased by just 5 percent to 5,688.
“We are in a unique position as the world’s largest brokerage database to provide an insight into the overall marine industry,” said Ian Atkins, vice president and general manager of YachtWorld.com. “The U.S. is of particular significance globally and the trends we see here are very often mirrored later in other markets throughout the world. It is encouraging to see both the sales and valuations uplift in the year, but what the marine industry needs in 2011 is a more consistent market with increased price certainty and fewer sales fluctuations.”
The report is published by YachtWorld.com. With boats for sale offered by over 10,000 individual yacht brokers in 143 countries, YachtWorld.com receives nearly 2.5 million global visits by boating enthusiasts each month. Data on completed boat sales is contributed by broker members to YachtWorld.com’s proprietary website, SoldBoats.com, which currently stores detailed specifications and actual selling prices on over 500,000 used boats, sold since 2002.
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