Hutchinson Island Real Estate Market

FORT PIERCE, Fla. - July 15, 2022 - PRLog -- Per Sergei Goukasov Broker/Owner of Real Estate Expo Inc.
Serving the Treasure Coast Of Florida, from North Vero Beach thru Jensen Beach to the south.

Therefore, it's one of the most desirable places to live in the Sunshine State. However, this doesn't mean buyers are totally out of luck. So, read on to learn more about the real estate market in Hutchinson Island and what you need to know about it.

The Hutchinson Island residential real estate market is currently in a seller's market, with a median listing price of $525,000 or $334 per square foot, and a median selling price of $450,000. This represents an increase of 46% in a year-over-year comparison. In June of 2019, the median selling price in Hutchinson Island stood just below $400,000, and now, the sale-to-list price ratio has jumped to 97.31%, meaning homes are selling for 2.69% under their asking prices.

However, homes are not necessarily selling quickly in the area. At this time, the median days on the market stretch to about two and a half months, at 74 days. This is very close to the length of time homes stayed on the market two years ago in June 2019, but a far cry from about a year later in May of 2020, when homes were on the market for well over 200 days.

This trend is not expected to continue for much longer, although it may stretch through the summer and possibly even into the winter months. The market will likely return to a more balanced one, with even parody between buyers and sellers as the year comes to a close. This is due to rising interest rates, fewer buyers coming into the state, and the pace of construction picking up as labor and materials become more readily available.

Another unknown element is the reintroduction of distressed properties, which are comprised of foreclosures and short sales. Since the onset of the pandemic and the subsequent shutdowns, these distressed properties have all but disappeared from the market and have not had any influence over home values. However, if a wave of foreclosures and short sales flood the market at once, that will have a negative impact. But, if they are added gradually to the market, home values are likely to be mostly unaffected, and distressed properties will probably not have much of an impact.

For any questions or help selling or buying properties.
Please call Sergei at 772-216-7126
or see https://realestateexpoinc.com/