2018 Hutchinson Island Mid-Year Market Report

Hutchinson Island Mid-Year Market Report

RECENTLY SOLD

SOLD $715,000

4160 N A1A #1306

SOLD $433,000

1562 Island Cove Road

SOLD $375,000

11390 Bayshore Drive

SOLD $335,000

2416 Atlantic Beach Blvd

SOLD $515,000

3024 Windward Drive #1206

SOLD $380,000

1920 Rio Vista Drive

SOLD $360,000

2416 Harbour Cove Drive

SOLD $325,000

30 Harbour Drive West

www.FLColdwellBanker.com

SOLD $475,000

1016 Windward Drive

SOLD $375,000

1390 Bayshore Drive

SOLD $360,000

2400 S Ocean Drive #8153

Homes are selling fast!

Call to see how much your home is worth!

772-464-7007 or 772-461-1324

S. HUTCHINSON ISLAND OFFICE 221 Ocean Drive Fort Pierce, FL 34949 N. HUTCHINSON ISLAND OFFICE 4007 Hwy. A1A Fort Pierce, FL 34949

www.FLColdwellBanker.com

2018 Hutchinson Island Mid-Year

MARKET REPORT

Price Point

Year

Homes Sold

Current Listings

Month’s Supply

Average Price

Condos Sold

Current Listings

Month’s Supply

Average Price

Under

2018

5

4

4.8

$183,820

89

65

4.4

$190,328

$250,000

2017

7

0

0.0

$221,429

100

58

3.5

$187,382

Change

-28.6%

N/A

N/A

-17%

-11%

+12.1%

+25.9%

+2%

$250,001 to

2018

25

13

3.1

$338,920

72

97

8.1

$328,092

$500,000

2017

24

15

3.8

$364,497

65

73

6.7

$318,680

Change

+4.25%

-13.3%

-16.8%

-7%

10.8%

32.9%

20.0%

3%

$500,001 to

2018

9

12

8

$633,000

15

39

15.6

$701,600

$1,000,000

2017

10

25

15

$704,020

6

22

22.0

$606,917

Change

-10%

-52%

-46.7%

-10%

150.0%

77.3%

-29.1%

16%

Over

2018

6

7

7.0

$2,128,667

0

1

N/A

-

$1,000,000

2017

3

11

22.0

$1,876,667

0

3

N/A

-

Change

100.0%

-36.4%

-68.2%

13%

N/A

-66.7%

N/A

N/A

2018

45

36

4.8

$619,135.60

176

202

6.9

$290,260.32

2017

44

51

7.0

$522,003

171

156

5.5

$252,011.12

Change

+2.3%

-29.4%

-31.0%

+19%

+2.9%

+29.5%

+25.8%

+15%

Total

The luxury home market was the big story in real estate in the first half of 2018 in Hutchinson Island. The Hutchinson Island market is dominated by condominiums, and that market remains strong. The average price of condominiums rose by 15%. The key driver of this increase was in luxury units over $500,000, which saw a 150% increase in sales.

Condominiums below $500,000 rose a moderate 3% in average price.

The single family sales below $1 million were also sluggish.

Average prices in each market segment declined by a value driven buyer looking for a good deal. However, increasing

sales in the over $1 million market pushed up the overall average sale price.

This is not a market as driven by interest rates, but is value driven. Price increases will continue, but at a modest pace. With new construction growing the luxury inventory on the island, expect this to continue to be the exciting news on Hutchinsion Island.

If you would like to find the right price for your home in today’s changing market, contact us at 772-464-7007 or 772-461-1324. With eleven offices covering 135 miles of Florida’s East Coast, Coldwell Banker Paradise is the largest full service real estate company in the area.