Hutchinson Island Real Estate Market Report
Condo Sales on Hutchinson Island
The biggest surprise was the year to year date of median sales prices of condos on Hutchinson Island. The median sales prices were up 44%. Many smaller 1 bedroom condos were selling in the $60,000 to $70,000 range last year and they are now listed at $100,000 plus. The shortage of inventory and demand has caused this. A surprising fact is the median sales prices of St. Lucie County condos is higher than Palm Beach Counties median sales price. On the other side the median home price in Palm Beach County is double St. Lucie Counties home prices. What can we expect for Hutchinson Island condos prices over the next year and why so drastic rise?
Affordable condos Hutchinson Island
What we are seeing is many condo buyers are getting priced out of the Palm Beach County condo market in places like Jupiter and Boca Raton. $ 500,000 is the starting number for a waterfront condo in Jupiter and don’t expect much. You will get a water view but the condo will need updating and be 1,200 to 1,300 sq. ft. Affordable living will push many buyers North as this are second homes and buyers are looking for a more affordable vacation home. $250,000 in St. Lucie County will buy a decent waterfront condo, nearly half the price of Palm Beach. Why are the median sales prices of condos in Palm Beach so low? The sheer number of old condo communities that no one wants to live in is driving the median prices down. Palm Beach County is becoming the rich and the poor.
As you can see affordable homes are still available in St. Lucie County and many buyers are purchasing here and commuting South for work. There is very little industry and good jobs in the area so home prices will be lower and the desirability of living in St. Lucie vs Palm Beach is reflected in the home prices. Look at St . Lucie County property appraiser and see what homes are selling for in specific neighborhoods.
Affordable oceanfront Living in Florida
You need to look at Hutchinson Island and visit communities like Ocean Village and Harbour Isle in Fort Pierce. Search our websites for the best in beach living from Hutchinson Island to Jupiter Florida.
