2021 real estate: Indiantown saw largest increase in home sales, prices in Martin County

INDIANTOWN — Martin County's newest municipality hasn't been spared from the onslaught of out-of-towners moving to the area.

The Village of Indiantown, and surrounding properties in its 34956 ZIP code, saw the largest increase in both single-family home sales and average sale price in Martin County last year.

Residential, single-family home sales increased by about 81% within the village limits when compared to 2020, with 40 closed sales, according to property appraiser data. Moreover, properties in the 34956 ZIP code rose 127%, seeing 59 total sales.

Prices jumped, too, with the area overall seeing a roughly 57% increase in its average sale price. One property on Southwest Kanner Highway sold for nearly $1.6 million.

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An annual market report released by the Florida Realtors association paints a slightly different picture. It claims the 34956 ZIP code saw a 316.7% increase in closed, single-family home sales when compared to 2020, and the median sale price rose 48%, reaching $436,700.

However, this data only accounts for properties actively listed on the market and would not include homes sold off-market or through third-party organizations such as Habitat for Humanity.

Indiantown officials expect these trends to continue, said Village Manager Howard Brown, as new residential developments — boasting affordability and versatility — entice developers and residents alike.

"If you can imagine, if we're talking about this now, what will end up being is almost double its size in a few years," Brown said.

Indiantown residential development

One of the village's main priorities since its 2017 incorporation has been development, Brown said. Only one residential complex, Casa Bella Apartments, has been completed since, and are rental units that double as live-work spaces.

More single-family homes are on the way.

Residential complexes that have been approved and could be built, according to the village's Department of Economic Development, include:

  • Fort Dawson: 109 single-family units

  • Osceola Pines: 159 single-family units

  • Carter Park: Six additional single-family units can be added to the 34 already built

  • Sandy Oaks: 21 additional single-family units can be added to the 76 already built

  • Tera Lago: A mix of 2,488 single-family and multi-family units and 100,000-square-feet of commercial space.

Developments under review, but not yet approved, include:

  • Parkview Villas: 18 multi-family units and 18 live-work units

  • River Oak: 153 proposed single-family rental

  • Seminole Junction: 20 townhomes and two live-work residences

  • Citrus Landing: A mix of 445 single-family and multi-family units

  • Rodriguez: 10 single-family units.

Why are people moving to Indiantown?

Affordability and versatility are the driving factors attracting newcomers to Indiantown, Brown said, as approved developments offer luxurious, standard and work-live spaces.

That's why Kim Prescott and her husband, James, bought their home on Southwest Hopwood Avenue in June.

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The couple has lived in Martin County for over 25 years, Prescott said, and spent about a year scouring market listings to find their dream property that would have at least one acre of land.

Indiantown was the perfect spot, Prescott said, and she jumped on the opportunity to purchase before the seller even listed the property — securing a 1,680-square-foot home on 5 acres for $450,000.

"The tranquility, the quietness, everybody knows everyone … that's what attracted me," said Prescott, who also serves on the village's Chamber of Commerce board.

"I've seen what's coming in … and a lot of folks that live in the Loxahatchee and the Jupiter Farms area — because it's so populated in Palm Beach County — are now seeking properties out here in Indiantown. There's been a train of that over the past four or five months now."

Realtor Kevin Powers of with Indiantown Realty Corp. agreed, adding that about half of the village's new residents hail from northern Palm Beach County.

Though demand is up, Powers said the village has had the smallest increase of new inventory countywide. That could be a catalyst behind the drastic closed sales and price increases last year, he added.

"We're no different than any other market where there is limited to no inventory, and demand is off the charts … but the percentage increase would make sense because there's been virtually no new inventory put in the market in over 10 years," he said. "Not compared to the rest of the world."

Indiantown has always had strong demand, Powers said, as more people stray from urbanized areas and seek rural lifestyles, but there's never enough inventory to adapt. He is hopeful that will change in the coming years.

Catie Wegman is TCPalm's community and real estate reporter. You can keep up with Catie on Twitter @Catie_Wegman, on Facebook @catiewegman1 and email her catie.wegman@tcpalm.com.

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This article originally appeared on Treasure Coast Newspapers: Martin County real estate: Indiantown saw largest jump in sales, prices 2021