Boat Inventory Recovers, Demand Remains Strong
Boats Group, the leading global online marketplace for boating, recently conducted an extensive analysis of data from their top sites – Boat Trader, YachtWorld, and boats.com – encompassing the first half of this year through 2019. Their findings reveal that the demand for boats remains strong, with inventory levels making a remarkable recovery from the surge in buying during the pandemic.
Key Discoveries of the Boating Market Report:
Increase of Boat Listings
Despite the challenges of inventory shortages, particularly in the larger yacht segments, the industry has made significant strides in overcoming these obstacles. While the total boats sold has decreased by 9.8% compared to 2019, there is a clear indication of a recovery in progress. All analyzed sites have collectively experienced an impressive 56% growth in listings compared to the first half of 2022.
Less Days on Market Compared to 2019
The report also indicated that even with the increase in the average number of days on the market since the boating boom, boats are still selling at a faster rate in 2023 compared to 2019. In the first half of 2023, the global average number of days on the market was 187, which is a significant decrease from the 261 days in 2019. This decrease highlights sustained consumer demand and reinforces the ongoing recovery of inventory globally.
Stable Boat Prices
Boat prices are 20% higher compared to 2019, although they have subsided from the peak of the Covid era when everyone was trying to secure a spot on the water. The stable boat prices serve as an indication that consumer demand continues to fuel boat values. If you’re curious about the current market value of your boat, don’t hesitate to reach out to one of our certified professional yacht brokers and request a comprehensive market analysis (CMA). Their expertise will equip you with a precise evaluation, allowing you to confidently navigate through your decision-making process.
Predicted Trend in the Boating Market
According to insights provided by Boats Group, brokers and dealers are placing significant emphasis on moving new inventory. A recent survey conducted by Boat Trader has highlighted the enthusiasm of a large number of private sellers who purchased boats within the last one to three years and are now looking to upgrade their vessels. It is interesting to note that millennials make up the majority at 49%, indicating a promising trend that suggests brokers and dealers are likely to sell their replenished inventory to meet the demands of these eager buyers.
View the Detailed Report
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