2017 Hutchinson Island 3rd Quarter Real Estate Market Report

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