Hutchinson Island Annual Market Report for 2021

The Hutchinson Island 34949 zip code residential real estate markets showed historic growth in 2021.  Property owners benefited from rising values, and buyers often faced bidding wars to win their next homes. This report compares 2021 to 2020 every conceivable data point showed year over year growth. Total volume, which is the sum of all sales, encapsulated the year with a 31% increase.

Sales dropped spring 2020 at the Covid-19 pandemic’s onset, then boomed back to life fall 2020 and continued high level growth through fall 2021. During that initial boom there was still adequate inventory on the market from the pre-pandemic prices to meet the strong demand causing a surge of prices and closings. The plateau of closings started fall 2021 because fewer listings were coming available to satisfy demand.

While the figures listed in this report are high flying, much of that growth has plateaued the final four months of the year.

The year was highlighted by North Hutchinson Island, single family home market showed robust sales with both higher sales prices and more sales amounting for volume to grow from $14 million to $34 million. Much of these sales were in Queen’s Cove, Coral Cove and Fort Pierce Shores.

Predictions for 2022:

Buyer demand remains strong. For every bidding war, there are multiple buyers who feel they missed out on their next home and become emboldened on their home search. These buyers will continue to make offers until they win. The inventory shortage will continue. Year 2022 opens with only a one month inventory, this will cause prices to continue to rise.