2017 Hutchinson Island 3rd Quarter Real Estate
MARKET
REPORT
Mariner Bay - being offered at $345,000 (RX-10366945) Nestled between the Indian River and Atlantic Ocean on Hutchinson Island
Mike
Amy
and
Dahan
LEADING AGENTS ON THE ISLAND M: 772.812.9600 • A: 772-475-7561
Hutchinson Island 3rd Quarter Comparison 2017 to 2016
New Construction Driving Prices Up On Hutchinson Island Leading to a Transitioning Market The housing market on Hutchinson Island is undergoing a transition towards a more upscale market reports Coldwell Banker Paradise in their recently released 3rd Quarter Market Report for 2017. Formally a housing market where buyers could purchase more affordable units under $250K, much of the inventory at that price point, for both single family homes and condos, has disappeared. With zero months supply and an 82.1% decline in sales, single family homes for sale under $250k are few and far between. New construction continues to dominate the Hutchinson Island single family home market, with a number of luxury new home builds continuing to drive up price points. At the same time, inventory has increased, especially at the higher end of the market, with a significant increase in homes available over $1m, giving buyers a strong supply to choose from. As for condos on Hutchinson Island, fewer sales and an increasing supply is leading to a more balanced market between buyers and sellers. If this continues, the Island condo market will see a decline in inventory with a stabilization of prices.
National trends continue to buoy local markets as well. With the US job market on a historic streak of over 80 months consecutive job growth, it is a good time to be buying or selling homes. As has been the case in recent years, interest rates are likely to remain low in the near future, with only gradual increases to come down the road. And although the economy is enjoying robust growth, wages have not kept pace. A factor that is likely contributing to the price stabilization we are seeing across markets. That, in combination with buyer resistance and financing are all holding prices stable. With eleven offices covering 135 miles of Florida’s East Coast, Coldwell Banker Paradise recently celebrated 64 years of continued service to its clients and communities. Proud of its history, grounded in tradition, and growing thanks to its values, Coldwell Banker Paradise is the area’s only full service real estate company with six divisions including: residential sales and rentals, commercial sales and leases, property management, and concierge services. To speak with Mike Dahan directly call him at 772-812-9600 and to talk to Amy Dahan you can reach her at 772-475-7561.
Call Mike or Amy today to learn the value of your home in today’s market.
SINGLE FAMILY HOMES Price Point Under $250,000
$250,001 to $500,000
$500,001 to $1,000,000
Over $1,000,000
Total
Year
Homes Sold
Current Listings
Month’s Supply
Average Price
2017
7
0
0.0
$221,429
2016
39
0
0.0
$208,583
Change
-61.1%
N/A
N/A
+6.0%
2017
29
18
5.6
$372,894
2016
41
21
4.6
$350,414
Change
-29.3%
-14.3%
21.2%
6.0%
2017
16
19
10.7
$706,262
2016
15
27
16.2
$691,374
Change
+6.7
-29.6%
-34.0%
+2.0%
2017
4
8
18.0
$1,688,750
2016
7
1
1.3
$2,205,800
Change
-42.9%
+700.0%
1300.0%
-23.0%
2017
26
45
7.2
$543,199
2016
102
49
4.3
$473,656
Change
-21.4%
+2.0%
+29.8%
+15.0%
Price Point Under $250,000
$250,001 to $500,000
$500,001 to $1,000,000
Total
CONDOS
Year
Condos Sold
Current Listings
Month’s Supply
Average Price
2017
136
49
3.2
$183,687
2016
206
65
2.8
$198,000
Change
-34.0%
-24.6%
+14.2%
-7.0%
2017
85
63
6.7
$324,437
2016
158
79
4.5
$303,203
Change
-46.2%
-20.3%
+48.2%
+7.0%
2017
14
22
15.4
$641,607
2016
16
17
9.6
$655,326
Change
-12.5%
+41.2%
61.3%
-2.0%
2017
235
141
5.4
$261,877
2016
381
161
3.8
$260,313
Change
-38.3%
-12.4%
+42.0%
+1.0%
A Sample of Mike & Amy’s Active Listings
$324,900
$289,900
$149,000
$139,000
Seascape 1, Ocean Village
Golf Villa, Ocean Village
1920 Cypress Avenue
1124 Jasmine Avenue
A Selection of Recently Sold Properties
$770,000
118 Queen Eugenia Court
Mike and Amy have lived on S. Hutchinson Island for over 30 years. They specialize in waterfront property and are Ocean Village experts. Mike and Amy are skilled negotiators and proficient at determining property values. Call either Mike or Amy today to discuss how much your Hutchinson Island home has increased in value!
Mike: 772-812-9600 Amy: 772-475-7561
$295,000
14 Harbour Isle Drive W.
$530,000
2900 Highway A1A
Surfside Solds 1911 Surfside Drive 2023 Jacaranda Drive 1906 Coconut Drive 1703 Rio Vista Drive 1707 Sunset Isles Road 1924 Cypress Avenue 1713 Bayshore Drive 1904 Surfside Drive 2003 Cypress Avenue 1901 Cypress Avenue
$955,000 $330,000 $350,000 $600,000 $832,700 $400,000 $620,000 $950,000 $410,000 $360,000
10/25/2017 07/27/2017 07/05/2017 07/03/2017 03/31/2017 03/08/2017 02/15/2017 01/11/2017 12/15/2016 11/21/2016