South Hutchinson Island Condo Report
“What has happened to prices and what to expect this season.”
“Synopsis” Inventory has declined substantially on the Island since the market turned in 2012 and prices are rising.
December 2012, the Island had a total of 275 waterfront units (Ocean and River) for sale at an average price per sold Sq. Ft. of $191.00. Presently 125 waterfronts units for sale at an average of $282.00 per Sq. Ft., a 48% increase in price per Sq. Ft. since the market turn. The average time on the market is 112 days compared to 175 days on the market in Dec 2012, another positive change. This is very good news for sellers, and we expect this trend to continue with the influx of retiring baby boomers.
91 Oceanfront condos are for sale presently and the lowest priced unit is $180,000 for a ground floor with no view and the highest priced condo is $1,450,000 in Sailfish Point.
131 Oceanfront condos Sold the last 6 months
Average price per Sq. Ft for Direct Oceanfront condos 3rd floor and higher is $282.00. The lowest Sale price for a direct Oceanfront 3rd floor Condo and higher was $155,000 (a one bedroom fixer upper) and the highest price was $900,000.
Indian River/ Intra-Coastal Waterway:
34 Riverfront condos are for sale presently with the lowest price at $223,000 with a marina view, the highest price is currently $395,000.
35 Riverfront condos Sold in the last 6 months with an average price per Sq. Ft. for Riverfront condos at $194.00. The Lowest Sale price for a Riverfront condo was $105,500. and the Highest price was $555,000.
Non-Waterfront Island Condos:
26 condos are currently for sale and the lowest price is $129,000, and the highest price is $498,000.
38 condos sold in the last 6 months
The average price per Sq. Ft. for Non-Waterfront condos is $163.00 and the Lowest Sale price for Non-Waterfront Condo was $67,500, with the highest price at $399,900.
Condo Fact: Did you know that a few years ago more Island condos allowed a pet than allowed pickup trucks? The anti-pickup truck sentiment is slowly starting to change with the average price of a pick up running in the $60,000 range. In most cases, the Suburban, Tahoe style of enclosed trucks are allowed.
Coming next month:
Our South Hutchinson Island Lot and Residential home report.
Joe Melanson has been a broker for 30+ years and specializes in properties on the waterfront and in the waterfront communities of the Treasure Coast, he is Broker Associate for Premier Realty Group on Sewall’s Point. Feel free to call with any property related questions 772-486-7243 www.JRMRealEstate.com
All data is derived from the Realtors Association of Martin County MLS