Hutchinson Island Real Estate Report
What’s happening in real estate?
The Realtor Association of the Palm Beaches released their June 2014 market report for St. Lucie County and Palm Beach County. Both show similar changes in the market. St. Lucie County which includes Hutchinson Island as well as Fort Pierce saw sales climb 16% over last year with an 11% median sales price increase from 2013 for single family homes. The median sales price for 2014 was $134,950 compared to Palm Beach Counties median home sales price of $295,000. Palm Beach single family home prices are nearly 3 times higher than St. Lucie County.
Condo Sales Market
The condo market for St. Lucie County which includes Hutchinson Island saw condo sales up 15% from 2013 but the median condo price was down from $142,000 to $135,000. That seems to be a surprise as all the markets have shown an increase in median sales prices over the past year. There might have been a fewer number of higher end condos sold which reduced the median sales price. The St. Lucie County condo market is the only market that inventory levels are down from a year ago by 7%.
The biggest surprise in both market reports was that active listings are way up over last June. I can believe that because we have had a shortage of inventory and we are just starting to see a lot of new listings hitting the market with one caveat, the asking prices are much higher than previous sales. I myself just listed two condos I own as I have seen limited inventory levels and higher prices so it’s time to dump the properties. I don’t see much more appreciation over the next 12 months or a much smaller amount of appreciation.
The Future Hutchinson Island Real Estate Market
I’m still seeing an increased number of properties being listed but not the prime properties you are looking for. Buyers expectations and wants are very high so they won’t really settle. The other day I showed condos in Ocean Village and what I saw was condos that needed a lot of renovating which most buyers have no interest in tackling. Secondly I saw bad views, units that faced a fenced or wall or maybe a tennis court. People want a view when they buy a Florida condo, that’s why their here. The ones that are fixed up are not fully renovated but pieced meal together to look fresh. Refaced cabinets, a fresh paint job mixed match tile floors and maybe new appliances but they to truly need a full renovation and they are asking 25% more money than the original models. Condo financing is more difficult to obtain than single family home financing and many are cash buyers but most are older and don’t want to tackle a remodel job but aren’t will to pay a huge premium for a fresh looking not really remodeled condo.
Coastal Living Real Estate- Beachfront Condos
Feel free to search our website for beach condos. We service Hutchinson Island, Jupiter condos and Boca Raton. Each site is geared towards that specific area. Call us for assistance in finding the perfect beachfront lifestyle.
