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.