Vero Beach and Hutchinson Island REAL ESTATE SALES

Sales have increased and inventories decreased in all categories this month. Prices were mostly steady but dropped in some cases. Overall, this month’s sale prices compare to 2003/2004. However, Hank Fishkind, a noted Florida housing economist, believes the housing market in Martin and St Lucie Counties has bottomed out and Indian River will follow.  Mr. Fishkind’s predictions preceded the Indian River County Commission approval of the Financial Incentive Retention Plan to retain the current Piper Aircraft jobs and also add an additional 400 jobs so Indian River County is likely to recover earlier than otherwise anticipated.    Sales are confirming Mr. Fishkind’s assessment that the local market is near or at the bottom because there are more homes selling. Unfortunately, however, bank-owned properties and pre-foreclosures, which are still on the rise, have continued to push sale prices down.