2018 Mid Year Market Report_Nancy Marquez

2018 MID-YEAR

Indian River & Huchinson Island

Market Report Call

Nancy Marquez for your Exclusive Preview today!

772-559-7282

Cristelle Cay HUTCHINSON ISLAND

T H E O N LY L U X U R Y N E W C O N D O M I N I U M S O N H U TC H I N S O N I S L A N D

Nancy Marquez, Broker Associate 772-559-7282 NancyMsellsRE@aol.com

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

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

$250,000

2017

7

0

0.0

$183,820

89

65

4.4

$190,328

$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%

2018

9

12

8

$633,000

15

39

15.6

$701,600

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%

$500,001 to $1,000,000

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 Nancy Marquez, Broker Associate at 772-559-7282 or email her at NancyMsellsRE@aol.com. I am your Hutchinson Island Luxury Specialist.

Testmonial “Nancy will always be considered a high recommendation from me based on her knowledge of the local area, her expertise as a Realtor, and her dedication to her job. Nancy has the uncanny ability to anticipate your needs as a client before you realize what you need. She has a calm, positive way of handling very difficult situations, which in our case always led to a very positive outcome” - eavo17

Vero Beach Island Mid-Year Market Report

RECENTLY SOLD

SOLD $3,053,500

420 Coconut Palm Road

SOLD $635,000 376 Eugenia Road

SOLD $461,000

SOLD $1,050,000

1202 Isla Verde Square

SOLD $600,000

2041 Indian Summer Lane

SOLD $469,000

1155 Leeward Lane

5680 Hwy A1A #113

SOLD $380,000

SOLD $365,000

796 Dahlia Lane

556 Dahlia Lane

www.FLColdwellBanker.com

SOLD $800,000

370 Riverway Court

SOLD $470,000

9655 E Maiden Court

SOLD $385,000

224 N Carmel Court

2018 Vero Beach 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

60

39

3.9

$412,285

86

108

7.5

$313,428

$500,000

2017

77

34

2.6

$402,895

74

90

7.3

$297,574

Change

-22.1%

14.7%

50%

+2%

+16.2%

+20%

+3.3%

+5%

$500,001 to

2018

105

141

8.1

$685,347

40

49

7.4

$649,280

$1,000,000

2017

90

137

9.1

$707,154

40

35

5.3

$649,375

Change

+16.7%

+2.9%

-11.8%

-3%

0%

+40%

+40%

0%

Over

2018

82

165

12.1

$2,164,384

8

27

12.8

$1,830,250

$1,000,000

2017

63

185

17.6

$2,059,915

13

27

12.5

$1,664,615

Change

+30.2%

-10.8%

-31.5%

+5%

-38.5%

0%

+2.3%

+10%

2018

247

345

8.4

$1,110,032.48

134

174

7.8

$504.238.87

2017

230

356

9.3

$975,832.26

127

152

7.2

$548,310.80

Change

+7.4%

-3.1%

-9.8%

+14%

+5.5%

+14.5%

+8.5%

-8%

Total

The Vero Beach Island single family market has been the tax law changes were announced last year, we expected extremely strong this year. Prices are up 14% and the an increase in buyers from high tax states. However, many number of sales are up 7.4% . The month’s supply of homes of those areas have experienced decline in home prices and has decreased by almost 10%.

although we think it will be beneficial in the future for our

The condominium market has also experienced a 5.5% area it has not impacted the market at this point. rise in sales, but prices have averaged an 8% decrease.

Now is a good time for sellers to contemplate selling. If you would like to find the right price for your home in today’s changing With the recent interest rate increases and the anticipation market, contact Nancy Marquez, Broker Associate at 772-559-7282 or of further hikes we anticipate some pricing pressure. Selling email her at NancyMsellsRE@aol.com. I am your Vero Beach Island now while inventory’s are low could be beneficial. When Luxury Specialist.

Testmonial “Nancy was great to work with! She listens to what you want and does everything she can to find you your perfect house. Sometimes I think she even knows better than we do. We never thought that we would be able to get a brand new home for the price we did, in an area we love.” - Doreen M.

Vero Beach Mainland Mid-Year Market Report

RECENTLY SOLD

SOLD $615,000

260 Sea Gull Avenue

SOLD $360,000

SOLD $390,000

5728 Riverboat Circle

SOLD $335,000

www.FLColdwellBanker.com

SOLD $375,000

220 32nd Court SW

SOLD $305,000

460 40th Court SW

5441 Barbados Square

2009 Grey Falcon Circle, SW

SOLD $295,000

SOLD $295,000

SOLD $290,000

1358 Lexington Square

SOLD $290,000 5251 4th Place

925 32nd Avenue

SOLD $287,000 3256 59th Avenue

534 53rd Square

Homes are selling fast!

Call to see how much your home is worth!

Nancy Marquez 772-559-7282

2018 Vero Beach 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

566

217

2.3

$172,009

234

89

2.3

$108,648

$250,000

2017

621

202

2.0

$166,155

236

109

2.8

$101,250

Change

-8.9%

7.4%

17.9%

+4%

-0.8%

-18.3%

-17.7%

+7%

$250,001 to

2018

372

290

4.7

$326,281

6

15

15.0

$340,833

$500,000

2017

312

274

5.3

$323,841

15

5

2.0

$311,160

Change

+19.2%

+5.8%

-11.2%

+1%

-60%

+200%

+650%

+10%

Over

2018

42

92

13.1

$706,502

3

3

6.0

$1,061,667

$500,000

2017

52

89

10.3

$641,760

10

4

2.4

$620,200

Change

-19.2%

+3.4%

+28.0%

+10%

-70%

-25%

+150%

+71%

2018

980

599

3.7

$253,476.23

243

107

2.6

$126,146.63

2017

985

565

3.4

$241,210.32

261

118

2.7

$133,196.93

Change

-0.5%

+6%

+6.6%

+5%

-6.9%

-9.3%

-2.6%

-5%

Total

The Vero Beach mainland market had healthy and safe

If the macro-economic market continues to expand, more

growth in the first half of 2018. The number of homes rate increases can be expected. First time buyers and buyers sold was stable. The inventory of homes sold rose slightly. moving into larger family homes should consider buying The average price of homes sold rose by a sustainable 5%. soon to lock in these lower rates.

The statistics indicate a market that is stable and not overheated.

Inventory should keep growing since the increased rates will slow price increases. Now is a good time to get a home

Even though the inventory remains tight, with a 3.7 month on the market. supply, rising interest rates will continue to hold prices down. If you would like to find the right price for your home in today’s changing While the increase in interest rates has lowered buying market, contact Nancy Marquez, Broker Associate at 772-559-7282 or power for those purchasing with loans by 30%, today’s email her at NancyMsellsRE@aol.com. I am your Vero Beach Mainland interest rates are still low in comparison to historical rates. Real Estate Specialist.

Testmonial “I want to share the good experience that I recently had in researching and locating a home in the Vero Beach area. Nancy was highly recommended by my insurance company, USAA and i am glad that they did. I gave Nancy the details of my goal to find a home and she quickly and effectively helped me to find a home that fitted my budget and interest. Thanks Nancy.” - Armando A.

FROM THE

$760’s to $1.2m

Cristelle Cay Cristelle Cay HUTCHINSON ISLAND

RX-10433508

To learn about this exclusive opportunity, call Nancy Marquez 772-559-7282 for your private preview. www.livehutchinsonisland.com