Hutch island 3rdq 2017 Jeff and Ginny Mitchell

2017 Hutchinson Island 3rd Quarter Real Estate

MARKET REPORT

Jeff and Ginny Mitchell

Jeff: 772.359.9335 Jeff.Mitchell1@coldwellbanker.com Ginny: 772.321.3355 Ginny.Mitchell@coldwellbanker.com

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.

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.

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.

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.

As for condos on Hutchinson Island, a decrease in sales is leading to a more balanced market between buyers and To find out what your home may be worth in this market, sellers. If this continues, the Island condo market is likely to contact Jeff and Ginny Mitchell at 772-359-9355 or 772-321see a stabilization in prices.

3355.

National trends continue to buoy local markets as well. With the US job market on a historic streak of over 80 months

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%

New to the Market

$795,000

4400 N. Highway A1A

$359,900

5167 N. Highway A1A

Our Agents Have the Competitive Edge!

Using proprietary technology, our agents BRING THE BUYERS to each and every transaction. Using targeted software applications, and the latest in lead development and capture, our agents can not only target likely buyers, but have the technology in their hands, to put YOUR home in front of the most likely buyers. We don’t just work locally, but regionally, nationally and internationally to put your home front and center.

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 find out what your home may be worth in this market, contact Jeff and Ginny Mitchell at 772-3599355 or 772-321-3355.

A Selection of Recently Sold Properties

$770,000

118 Queen Eugenia Court

$530,000

2900 Highway A1A

$295,000

14 Harbour Isle Drive W.