Yacht Sales Report: What Happened With Boat Sales In 2023?

“Yachts are expensive, but the enjoyment and pride of ownership far out way the cost. Not everyone can afford a yacht, but no one should feel guilty about owning one. In fact, yacht owners should feel proud they have the deposable income to live the yachting lifestyle and that they are using their wealth to improve the lives of the many that depend on yachts for their livelihoods. There is no better way to enjoy one’s economic good fortunes than by owning a yacht.” – Peter Schmidt, Founder of United Yacht Sales.

 

While the passion for being out on the water and enjoying the great recreation of boating hasn’t wavered, the number of people buying boats in 2023 certainly declined overall. “With jumps in interest rates and inflation in 2023, we saw more boating consumers being price sensitive and deciding to wait things out before buying their next boat and in the meantime, picking up a personal watercraft to enrich their time spent on the water,” said Frank Hugelmeyer, NMMA president in a recent article. “The nearly 1 million people who purchased a boat for the first time during the height of the pandemic continued to spend record time on the water in 2023, helping drive an economic impact of $230 billion. As we enter 2024, we expect Americans’ desire to be near water to continue as more people seek ways to prioritize health and wellness and enhance their quality of life, which has the industry focused on continued innovation and ensuring greater access to our public waters.”

A recent article in Bloomberg also mentioned how companies like Brunswick have seen double-digit decreases in sales in 2023, even dipping as low to match what was sold back in 2013 as the industry climbed out of the recession. While there are people leaving boating because of the current conditions, more people are choosing to hold on to their current boats and wait for interest rates to come down.

Still, United Yacht Sales saw growth this year in terms of sales volume. In 2023, United Yacht Sales sold 3% more boats than in 2022. While this may seem like a modest increase when you consider the obstacles of inflation, higher interest rates, and boat insurance challenges, it took a lot of effort from our entire team to achieve. Overall, there were fewer yachts for sale on the market in 2023, obviously making it more difficult to achieve the same level of sales.

“Our sales were up slightly in 2023 over 2022, but still not to the same level as we saw in 2020-2021 during the pandemic,” said Captain Jeff Palmer, President of United Yacht Sales. “What’s impressive though is that our gross commission paid out to our team of yacht brokers was up almost 20% over last year. I would put our sales and support team up against anyone in the industry. We are capturing more of the available sales activity, but continuing to recruit top brokers, investing in our support team, and committing to marketing our clients’ listings has been a winning combination for us.”

 

2023 Highlights:

 

LARGEST BOAT SOLD (SIZE)

“SHALIMAR”, a re-fit 1994 Benetti Custom 118′ Raised Pilothouse was the largest yacht sold in 2023 by the United Yacht Sales team. Listed for $3,100,000, SHALIMAR had been listed with several other brokers prior to coming on board with UYS. This Benetti was outfitted for a professional yacht charter program with accommodations for up to 10 guests along with 7 crew.

 

HIGHEST PRICED YACHT SOLD

(Photo above is sistership.)

United Yacht Sales broker Ray Mills is responsible for the highest priced listing sold in 2023 by our brokerage team. This is strictly for pre-owned, brokerage yachts sold in the timeframe. The Ocean Alexander 85 has a top speed of 24 knots, can accommodate up to 8 guests, and was listed at the time of sale for over $5,6 million.

 

TOP UNITED YACHT SALES BROKER – IN DOLLARS SOLD

Congratulations to United Yacht Sales Top Broker of 2023 (Dollar Amount), Greg Graham! Greg had several exceptional sales with more than half of all deals being over $1 million. This helped Greg claim the #1 spot for more dollars sold in the calendar year. Notable boats sold for Greg this year include:

• 2009 Merritt 72 Custom Sportfish
• 2021 Princess 66 Flybridge
• 2018 Jim Smith 48 Sportfish
• 2015 Sunny Briggs 61
• 2018 Viking 48

And many more! Well done, Greg.

 

TOP UNITED YACHT SALES BROKERS (TIE) – NUMBER OF BOATS SOLD

For the most boats sold in a year, both Dennis Demole and Greg Graham tied with 19 boats sold each. Dennis represented both sides of his deals 14 times! Congratulations Dennis and Greg! You both worked very hard this year and deserve the recognition.

 

MOST POPULAR BOAT IN 2023

United Yacht Sales has had its fair share of famous boats. In 2022, “SEAFOOD”, a 60-foot Striker Sportfish that appeared in the movie Caddyshack, was listed and sold. Now in 2023, we have another cult classic boat listed in “NEVER ENOUGH”, a 1999 Cape Fear 47 that was Tony Soprano’s boat in Season 1 of The Sopranos. It has been viewed millions of times on social media and was featured on hundreds of media outlets, even making the mainstream news!

 

United Yacht Sales has the world’s largest network of boat buyers and sellers in the industry, thanks to our team of over 250 yacht brokers in 104 different locations. Whether buying a luxury boat or selling one, we have the right expert on staff to assist you in navigating the brokerage market for your type of yacht. If you’re looking at selling a boat, there is no quicker way to get activity than listing it with United. Our entire team is immediately notified every time a listing agreement is made with United Yacht Sales and many boats are sold before they ever even make it online. Our support team is among the best in the industry at marketing your yacht. 100% of our marketing budget goes towards advertising our clients’ listings, a claim not many other firms can make. To get started listing your yacht, fill out our online form What’s My Yacht Worth?