Q2 2017 MARKET I N D E X
GLOBAL PERSPECTIVE Our reports of European and U.S. yacht brokerage markets in this edition of the YachtWorld Market Index describe slightly lower quarterly volumes than in 2016. This was due primarily to the fact that both sides of the Atlantic reported declines in the sale of small boats, although they were offset by gains in other market segments. We also offer a special study on Florida brokerage sales. While brokers in the Sunshine state reported a similar decline in small-boat sales, overall they made volume gains compared to the second quarter of 2016. They also continued to sell boats for an aggregate price that came close to the total sales value produced by brokerage sales in the rest of the U.S. In addition to our usual quarterly reporting of the top-sold classes and brands on each continent, we provide a special report in this edition comparing the rate at which boats of different ages were being listed with the rate at which boats of different ages were selling. The variation between power and sail markets is thought provoking. We d be happy, as always, to hear what you think of the report, as well as the rest of the Index. JOHN BURNHAM jburnham@yachtworld.com YachtWorld Managing Editor
US & EU BROKERAGE COMBINED SALES All sales data in this edition of YachtWorld Market Index is derived from SoldBoats, the proprietary database of YachtWorld member brokerages. US & EU Q2 2016 $1.78 BILLION 12,119 Q2 2017 $1.82 BILLION 11,798 US Q2 2016 $1.27 BILLION 9,740 Q2 2017 $1.26 BILLION 9,434 EU Q2 2016 $509 MILLION ( 457 MILLION) 2,379 Q2 2017 $562 MILLION ( 494 MILLION) 2,364 3
EUROPE Q2 MARKET REVIEW The European yacht brokerage market paused on its otherwise upward path during the second quarter of 2017 with the sale of 2,364 boats reported, 1 percent fewer than in the second quarter of 2016. Yet the total price paid increased 8 percent during the period, according to YachtWorld member brokerage reporting in SoldBoats, their proprietary database. Powerboat sales declined by 20 boats compared to the second quarter a year earlier, a drop of 1 percent. The superyacht segment at 80 feet and longer enjoyed positive gains, particularly with total price paid increasing from 162 million to 216 million. The result was a gain for the powerboat market from 353 million to 388 million. Other segments experienced lower sales; for example, sales of boats 56 to 79 feet were down 14 boats, with 131 sold, and the total price paid dropped by 8 million. EUROPE OVERALL SALES COMBINED VALUE OF VALUE DAYS Q2 2016 Q2 2017 2,379 2,364 457 MILLION 494 MILLION 192,238 209,026 347 351
EUROPE POWER & SAIL POWER VALUE OF VALUE DAYS SAIL VALUE OF VALUE DAYS Q2 2016 1,338 353 MILLION 263,867 345 Q2 2016 1,041 104 MILLION 100,172 348 Q2 2017 1,318 388 MILLION 294,048 329 Q2 2017 1,046 107 MILLION 101,895 378 The sailboat side of the market finished the quarter virtually even, with 1,046 boats sold compared to 1,041 in the second quarter of 2016. The total price paid and the average sold price were slightly higher. The average days that each boat was listed before selling increased by 30 days to more than a year s time. By market segment, sales volumes of boats under 26 feet and boats 56 to 79 feet were off by 10 percent or more. Boats 36 to 55 feet sold at about the same pace as the previous period, while other than superyachts, the top performing segment was boats 26 to 35 feet, with 831 boats sold, an 8 percent increase over the second quarter of 2016. 5
UNITED STATES Q2 MARKET REVIEW The U.S. brokerage market for boats and yachts shifted in the second quarter of 2017. Fewer smaller boats were sold and overall volume was lower, yet final prices were generally level and often higher. A decline in the volume and total price paid for superyachts over 80 feet prevented total market value from growing, but all other segments reported more dollars exchanged than in the first quarter of 2016. Total volume for the quarter was 9,434 boats, down 306 boats from the previous year, according to broker reports in SoldBoats, the proprietary database of YachtWorld member brokerages. The total value of sales declined slightly, from $1.267 to $1.263 billion. Sailboat sales of 1,573, which were 17 percent of all transactions reported, were level with the previous year. The total value of sailboat sales rose 10 percent, to $137 million, pushing the average price up to $87,000, an 11 percent gain. UNITED STATES OVERALL SALES COMBINED VALUE OF VALUE DAYS Q2 2016 Q2 2017 9,740 9,434 $1.27 BILLION $1.26 BILLION $130,121 $133,864 270 262
UNITED STATES POWER & SAIL POWER VALUE OF VALUE DAYS SAIL VALUE OF VALUE DAYS Q2 2016 8,162 $1.14 BILLION $140,031 260 Q2 2016 1,578 $124 MILLION $78,866 324 Q2 2017 7,861 $1.13 BILLION $143,207 250 Q2 2017 1,573 $137 MILLION $87,175 322 Powerboat sales declined 4 percent, with 7,861 boats sold. Although the average price paid rose 2 percent, to $143,000, total value for the segment was off 2 percent at $1.13 billion. Two market segments increased incrementally in volume boats 36 to 45 feet and 46 to 55 feet, which were up 1 and 2 percent, respectively. Sales of boats 26 to 35 feet declined 6 percent, with 3,598 boats sold, and boats under 26 feet were off 4 percent, with 2,888 boats sold. For the first six months of the year, total volume was 1 percent lower than 2016, with 15,147 boats changing hands. The total value of boats sold was 10 percent higher, at $2.17 billion. 7
FLORIDA Q2 MARKET REVIEW Yacht brokers in Florida continued to report positive results in the second quarter of 2017 in contrast to most other areas of the U.S. While national results were lower, Florida brokers registered 3 percent gains in both volume and total price paid for the boats they sold. According to reports in SoldBoats, the proprietary database of YachtWorld member brokerages, 1,930 boats were sold in Florida, up from 1,866 in the second quarter of 2016. Total value climbed from $562 million to $576 million. Compared to the U.S. as a whole, Florida brokers sold 20 percent of all the 9,434 boats sold. Even more impressive, Florida s share of the total price paid for the boats sold was 46 percent of the national total of $1.26 billion. FLORIDA OVERALL SALES COMBINED VALUE OF VALUE DAYS Q2 2016 Q2 2017 1,866 1,930 $562 MILLION $576 MILLION $300,987 $298,292 209 224
FLORIDA POWER & SAIL POWER VALUE OF VALUE DAYS SAIL VALUE OF VALUE DAYS Q2 2016 1,661 $537 MILLION $323,126 202 Q2 2016 205 $24.9 MILLION $121,605 265 Q2 2017 1,690 $544 MILLION $321,873 214 Q2 2017 240 $31.7 MILLION $132,246 295 Some 88 percent of all sales in Florida are powerboats, and sales of that type rose by 2 percent in the quarter, with 1,690 boats sold. Limiting volume growth was the 9 percent decline in sales of boats under 26 feet. Sailboat sales in the second quarter enjoyed a 17 percent lift, from 205 to 240 boats sold. The boats were more expensive than many on the market elsewhere; the average final price for a sailboat was $132,000, which was $45,000 more than the average reported by brokers of sailboat sales across the country as a whole. Florida sales volume for the first two quarters of 2017 was 3,581 boats, an increase of 5 percent over 2016. Total value of sales was $1.04 billion, an 11 percent gain. 9
TOP BRANDS & CLASSES: UNITED STATES Selling twice as many boats as in the first quarter of 2017, Power Cruisers overtook Center Consoles as the top-sold class in the U.S. with 1,222 boats sold in the second quarter. Center Console sales increased from 712 to 1,010 boats sold. Express Cruisers also experienced a surge in second-quarter sales, moving up to 4th place behind Saltwater Fishing boats. Racing/ High Performance boats also sold better in the quarter, moving into 9th place ahead of Sail Cruiser/Racers and Trawlers. Sea Ray remained the top-selling brand in the U.S. with 1,064 boats reported sold. Compared to the first quarter, Bayliner (#2), Grady-White (#4), Carver (#5), and Chaparral (#8) moved higher in the rankings for most boats sold by a brand. TOP BRANDS OVERALL SEA RAY BAYLINER CATALINA GRADY WHITE CARVER BOSTON WHALER BENETEAU CHAPARRAL FORMULA HUNTER 1,064 231 230 225 222 203 190 170 162 149 $ 86.8M 10.1M 14.5M 17.2M 24.9M 9.29M 33.7M 8.82M 17.4M 9.08M PRICE ($) 81,543 43,876 62,946 76,502 111,963 45,781 177,586 51,907 107,711 60,965 DAYS 262 269 244 129 347 144 286 194 239 351 32 30 27 39 21 38 26 2002 2000 1996 1998 2008 1998 2,846 232M 81,460 250 32 2002
11 SEA RAY FORMULA BAYLINER FOUR WINNS REGAL RINKER CHAPARRAL CRUISERS YACHTS CARVER MAXUM BOSTON WHALER GRADY WHITE ROBALO REGULATOR SEA HUNT EVERGLADES KEY WEST TIDEWATER CONTENDER SAILFISH 418 84 75 50 49 48 44 38 35 28 75 67 42 38 33 30 29 28 24 23 1,222 1,010 95.0M 74.1M 77,711 73,410 257 171 31 25 2008 30.8M 10.2M 2.12M 2.62M 3.26M 2.24M 2.65M 3.23M 3.12M 912K 3.64M 4.38M 1.98M 5.88M 1.40M 2.43M 717K 1.24M 2.56M 1.76M 73,675 121,447 28,330 52,418 66,580 46,587 60,226 84,880 89,075 32,602 48,569 65,343 47,199 154,687 42,567 81,033 24,758 44,359 106,475 76,455 253 253 297 203 260 230 230 269 379 258 147 124 214 153 112 238 204 205 103 153 32 28 29 32 31 29 38 30 21 26 22 28 22 26 21 22 29 26 2001 1996 2001 2009 2011 2011 2011 2011 2015 2013 POWER CRUISER CENTER CONSOLE DAYS DAYS $ $ PRICE ($) PRICE ($) TOP BRANDS & CLASSES: UNITED STATES
GRADY WHITE BOSTON WHALER PURSUIT KEY WEST SCOUT ROBALO CONTENDER WELLCRAFT PARKER HYDRA-SPORTS SEA RAY TIARA CRUISERS YACHTS REGAL RINKER BAYLINER MAXUM CHAPARRAL FORMULA WELLCRAFT 71 57 57 30 26 20 20 19 19 18 258 65 49 40 30 24 24 20 18 16 748 732 50.0M 89.5M 66,902 122,278 167 331 26 2001 5.59M 2.83M 6.31M 528K 1.59M 1.05M 2.38M 1.18M 968K 968K 23.1M 9.52M 9.16M 4.85M 1.30M 621K 914K 979K 1.42M 423K 78,777 49,654 110,749 17,607 60,964 52,358 119,200 61,868 50,927 53,767 89,547 146,482 186,981 121,255 43,307 25,854 38,096 48,940 79,083 26,472 143 117 174 89 155 190 131 214 138 148 304 286 461 368 316 278 476 275 350 310 27 23 29 21 23 24 29 28 23 25 40 30 28 32 29 33 2012 2011 2010 2012 2008 2000 1999 2002 2000 2001 2002 1995 SALTWATER FISHING EXPRESS CRUISER $ $ PRICE ($) PRICE ($) DAYS DAYS TOP BRANDS & CLASSES: UNITED STATES
TOP BRANDS & CLASSES: UNITED STATES MOTOR YACHT CARVER SEA RAY SILVERTON BAYLINER MERIDIAN CRUISERS YACHTS HATTERAS TIARA MAINSHIP CHRIS-CRAFT 99 97 48 45 38 32 18 16 14 14 $ 14.5M 18.8M 4.67M 4.32M 7.43M 5.47M 6.39M 5.43M 740K 675K PRICE ($) 146,969 193,814 97,298 96,084 195,487 171,024 355,250 339,390 52,893 48,243 DAYS 395 304 341 414 258 381 416 181 804 968 41 44 39 40 40 42 58 41 38 43 2000 2002 1999 1994 1985 1994 1982 695 350M 503,190 374 48 1999 SAIL CRUISER CATALINA BENETEAU HUNTER ISLAND PACKET PEARSON JEANNEAU SABRE PACIFIC SEACRAFT CAPE DORY MORGAN 104 91 90 28 20 19 14 13 11 11 $ 7.26M 10.5M 6.53M 3.50M 512K 3.26M 1.35M 1.11M 277K 543K PRICE ($) 69,795 115,359 72,519 124,866 25,620 171,589 96,100 85,269 25,236 49,405 DAYS 264 309 399 322 253 328 265 189 397 259 39 33 41 30 30 42 1997 1999 1995 1982 2008 1992 1991 1982 1985 635 58.6M 92,246 337 1994 13
SEA RAY CHAPARRAL COBALT HURRICANE CROWNLINE BAYLINER FOUR WINNS REGAL MONTEREY STINGRAY VIKING OCEAN YACHTS HATTERAS GRADY WHITE BERTRAM PURSUIT WELLCRAFT BOSTON WHALER TIARA LUHRS 127 60 45 36 28 26 26 22 20 12 25 20 18 18 14 11 10 8 8 8 578 355 24.5M 92.0M 42,386 259,201 174 319 23 2008 2000 4.82M 3.53M 3.02M 898K 1.02M 306K 680K 797K 838K 300K 30.0M 4.14M 9.35M 1.59M 1.54M 1.98M 348K 766K 1.35M 428K 37,954 58,905 67,141 24,952 36,448 11,796 26,162 36,235 41,945 25,058 1.20M 206,838 519,389 88,514 109,857 179,511 34,870 95,874 169,188 53,550 159 160 268 114 175 99 207 383 404 62 413 361 505 124 316 182 424 151 152 305 23 25 25 21 25 19 22 23 25 21 54 48 50 29 37 32 30 26 2011 2010 2010 2008 2009 2010 2011 1995 1991 1985 2008 1995 1992 BOW RIDER SPORT FISHING $ $ PRICE ($) PRICE ($) DAYS DAYS TOP BRANDS & CLASSES: UNITED STATES
TOP BRANDS & CLASSES: UNITED STATES POWER RACING MALIBU AXIS MASTERCRAFT FORMULA SUPRA FOUNTAIN DONZI BAJA COBALT CENTURION 39 27 20 17 11 10 10 9 9 8 $ 3.06M 1.71M 920K 949K 406K 864K 560K 293K 689K 243K PRICE ($) 78,448 63,515 46,044 55,850 36,904 86,390 55,980 32,511 76,598 30,413 DAYS 151 159 189 160 104 232 406 157 398 119 23 22 22 22 39 31 30 24 22 2013 2016 1999 2002 2001 1998 2016 289 19.4M 66,975 174 25 CRUISER / RACER CATALINA BENETEAU C&C J HUNTER TARTAN PEARSON JEANNEAU SABRE O DAY 53 47 18 16 15 13 10 9 8 6 $ 3.98M 4.35M 680K 1.63M 562K 1.16M 267K 1.63M 600K 71K PRICE ($) 75,138 92,473 37,786 102,109 37,487 88,981 26,650 181,056 75,000 11,867 DAYS 240 257 305 310 280 228 322 239 244 439 37 33 42 37 31 1998 2000 1986 1999 1994 1992 1984 1991 1984 276 20.1M 72,988 316 1994 15
TOP BRANDS & CLASSES: EUROPE Beneteau moved ahead of Jeanneau in the second quarter of 2017 as the most sold brand by European yacht brokers reporting in SoldBoats, the proprietary database of YachtWorld members. Jeanneau boats were slightly newer, longer, and sold for a higher average price. Bavaria and Princess remained ranked in third and fourth, but Sealine moved up from eighth in the first quarter to fifth in the second. Bayliner and Hallberg-Rassy also made gains in the rankings. Among Sail Cruisers, generally the top-selling class on the European brokerage market, Beneteau edged ahead of Bavaria while Hallberg-Rassy made strong gains, more than doubling the first-quarter sales of the brand. TOP BRANDS OVERALL BENETEAU JEANNEAU BAVARIA PRINCESS SEALINE FAIRLINE SUNSEEKER BAYLINER HALLBERG-RASSY DUFOUR 194 175 95 79 70 63 62 56 47 40 14.8M 15.2M 7.51M 39.1M 8.60M 13.4M 58.7M 1.55M 6.00M 3.13M PRICE ( ) 76,101 86,771 79,007 495,315 122,895 212,140 946,373 27,660 127,672 78,126 DAYS 323 292 333 309 261 397 384 326 340 436 38 51 41 59 23 37 881 168M 190,580 328 38 2000 1996
17 TOP BRANDS & CLASSES: EUROPE BENETEAU BAVARIA JEANNEAU HALLBERG-RASSY WESTERLY DUFOUR HANSE MOODY HUNTER SOUTHERLY JEANNEAU BENETEAU PRINCESS SEALINE FAIRLINE BAYLINER CRANCHI FOUR WINNS BAVARIA SEA RAY 78 71 64 34 24 23 23 21 19 11 39 25 23 21 20 18 10 8 8 7 586 394 51.1M 50.5M 87,117 128,064 354 296 1998 2002 5.54M 5.01M 5.21M 3.72M 505K 1.68M 2.53M 2.18M 717K 1.55M 3.74M 2.51M 7.83M 2.81M 3.22M 452K 890K 404K 784K 307K 71,069 70,521 81,394 109,476 21,056 72,850 110,025 103,922 37,752 141,053 95,945 100,297 340,457 133,922 160,933 25,147 89,090 50,456 97,986 43,943 373 337 343 323 427 392 313 435 359 375 246 218 316 238 279 233 247 241 365 277 38 39 37 30 37 37 41 31 32 32 46 37 26 40 29 27 2002 2002 1997 1983 2009 1993 1998 2010 2008 1999 1998 2001 SAIL CRUISER POWER CRUISER DAYS DAYS PRICE ( ) PRICE ( )
SUNSEEKER PRINCESS SEALINE FAIRLINE AZIMUT PERSHING BENETEAU CRANCHI ELLING JEANNEAU BENETEAU X-YACHTS DUFOUR HANSE DEHLER JEANNEAU ELAN NAUTOR J BAVARIA 41 29 22 12 8 7 6 5 5 5 24 15 14 10 9 9 6 6 4 4 288 169 224M 17.1M 778,449 101,401 374 419 52 38 1999 45.9M 17.5M 2.61M 3.52M 3.92M 3.91M 1.04M 549K 1.97M 691K 1.20M 2.05M 1.24M 1.13M 953K 531K 470K 4.05M 376K 309K 1.12M 603,210 118,542 293,439 489,375 558,571 173,257 109,830 394,000 138,200 50,126 136,918 88,601 113,397 105,898 59,056 78,375 674,167 94,213 77,284 292 188 253 649 470 368 379 826 170 479 361 519 518 202 132 295 241 703 197 523 62 56 48 61 57 48 38 33 40 38 42 53 55 43 2009 2011 2000 2001 2008 2008 2008 1989 MOTOR YACHT CRUISER/ RACER PRICE ( ) PRICE ( ) DAYS DAYS TOP BRANDS & CLASSES: EUROPE
TOP BRANDS & CLASSES: EUROPE SPORTS CRUISER SEALINE FAIRLINE SUNSEEKER BAYLINER PRINCESS BENETEAU CRANCHI JEANNEAU BAVARIA MONTEREY 19 15 10 9 7 7 7 7 6 4 2.54M 3.08M 1.12M 319K 2.34M 339K 301K 470K 620K 129K PRICE ( ) 133,573 205,447 112,468 35,512 333,681 48,476 43,014 67,200 103,344 32,155 DAYS 337 293 626 256 539 211 387 112 210 273 40 44 27 49 26 27 28 1997 2009 1998 2009 139 16.2M 116,722 383 FLY BRIDGE PRINCESS FAIRLINE SEALINE JEANNEAU AZIMUT NORD WEST GUY COUACH ASTONDOA VAN DER VALK FALCON 18 16 6 6 5 4 4 3 2 2 11.4M 3.54M 604K 1.63M 2.11M 1.17M 941K 570K 3.55M 850K PRICE ( ) 632,445 221,447 100,642 270,905 422,000 291,634 235,125 190,000 1.78M 425,000 DAYS 437 454 122 359 332 281 279 154 338 331 53 44 38 43 60 39 55 56 72 81 1997 2000 2009 1993 2000 2013 1996 92 32.1M 348,995 367 48 2001 19
GLOBAL MARKET AGE OF LISTINGS VS. WHAT S SELLING In a special report for this YachtWorld Market Index, we compared the age of all boats listed for sale on YachtWorld with the age of boats reported sold by YachtWorld brokers in SoldBoats. The report includes all boats on YachtWorld at least a year old in North America, Europe, and the rest of the world. Based on data for the 12-month period ending May, 2017, the graphs compare new listings created, by model year, with the number of boats sold of the same age. Percentages are shown rather than absolute numbers to allow for an easier comparison. We divided the study between powerboats and sailboats, and as the graphics show, there is a big difference in the two markets. Power listings and sales is dominated by boats built in the last 20 years. Sail splits into two markets boats built before the early 90s, when the market was hot, and those built since then. It can almost go without saying that sailboat longevity is also influenced by the fact that sails and small engines can be replaced more cheaply than the engines on most powerboats. Based on the percentages shown, we can see that the greater availability of powerboats of 1 to 20 years old leads to the mostfrequent sales. Perhaps due to lower pricing, the boats 11 years and older show a higher rate of sales given the new inventory listed. In the Sailboats graph, we see a diversified marketplace, age-wise. While the greatest availability of boats is still 6 to 20 years, demand remains behind supply for boats under 10 years old. In addition, close to 50 percent of sales are of boats older than 20 years.
DISTRIBUTION OF POWER BY AGE 30% 25% NEWLY LISTED 20% 15% 10% 5% 0% 1-5 6-10 11-15 16-20 21-25 26-30 31-35 36-40 40+ DISTRIBUTION OF SAIL BY AGE 20% NEWLY LISTED 15% 10% 5% 0% 1-5 6-10 11-15 16-20 21-25 26-30 31-35 36-40 40+ 21
Q2 2017 MARKET I N D E X JOHN BURNHAM, MANAGING EDITOR MICHAEL BANTUG, LAYOUT & DESIGN COVER IMAGE COURTESY PRINCESS YACHTS