Vero Beach Florida Homes

 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.   

Island Homes:  April was a good sale month for homes on the Island with 30 sales — the best sales month since July of 2006. Prices ranged from $240,000 for a 2 bedroom 1 bath home in Central Beach to a $3,000,000 home in Windsor and a $ 4,500,000 oceanfront home in Riomar. The median selling price was $650,000 with 7 homes selling for over $1,000,000 and 12 homes selling between $500,000 and 1 million.  There are currently 598 homes for sale, down 23 from last month.  There are also 38 homes under contract which looks good for future months.     

Island Condos:  With 25 sales, this was also a good month for island condos, the best sales month since July 2005 (34 months). Condos under contract are high also, which is a harbinger of good sales months to follow. Prices ranged from $131,500 in Vista Del Mar to $1,890,000 in the Vero Beach Hotel and Club. The Median price was $ 315,000. There were 10 units that sold for over $500,000 and 2 units that sold over $1,000,000.   There are 409 active listings for sale, down 15 from last month.   

Indian River County Mainland Homes:  Monthly sales of  131 single family homes in Indian River County increased almost 20% over the previous month and 65% since the 4th quarter of last year. On the mainland there were 7 homes that sold in the north county for under $100,000. Five of these were bank foreclosures. Two homes sold in Old Savanna for over $500,000. The median price of homes sold on the mainland was $190,000. Countywide the median price was $200,000.   The sale price to list price has a direct relationship to time on the market.  Price at market value to sell quickly since even though inventory is down 106 from last month, there are still 2618 single family homes on the market.    

Indian River Mainland Condo/Townhomes:
Condo sales throughout the county jumped 23% to  the highest level since August of 2005 for a total of 63 condo sales in the county. Prices on the mainland ranged from under $50,000 each for five 1 bedroom units in Vista Royale to $598,000 for a 3/2 unit in Grand Harbor. There were quite a few foreclosure condos sold this month which tended to drive prices down.  Inventory fell by 20 units to 1138.  

 North Hutchinson Island Homes and Condos:  At 8 units sold, April sales increased compared with the same month in 2006 and 2007. Property under contract is still holding strong, which indicates that May 2008 will also be a good sales month. A canal home in Queens Cove sold for $520,000.  It had been on the market for 497 days and was originally listed for $799,000. Two canal homes have sold recently, and there is another under contract. The other 7 sales were condos ranging in price from $150,000 to $750,000. One of the condos sold in Ocean Harbour South was a nice 3rd floor unit with all tile floors and original baths and kitchen. It was a bank-owned property and sold for $150,000, which is a sales price similar to what we saw in 2002.  There are 244 active listings, which is down 16 from previous listing inventory.