2009 August Real Estate Market Update
Median Home Price Fluctuations 2008 – 2009:
This is the first time we have published this chart indicating the fluctuation in the median prices of single family homes in Indian River County. During 2008 the median value dropped almost 25%. However, the median price has now stabilized at around $150,000, and we are actually beginning to see a slight rise in sale prices in the homes around $150,000 and below. Median prices do not simply indicate a similar loss in value for all homes but also reflect the sales of more homes in lower price ranges. We attribute this to the $8000 First Time Buyer Rebate and the large number of investors that are back in the market.
Indian River county totals:
Bank owned—556 properties
In process of foreclosure—2044 properties
Sales of single family homes on the island held up well for this time of the year at just 3% less than June, but 30% to 40% more than June or July of 2008. Of the 30 homes that sold, 2 were bank owned and 2 were short sales. Prices ranged from $255,000 in Castaway Cove to $3,150,000 in Windsor. There were 6 homes that sold for over $1,000,000. Time on the market and sales to list price ratio are both improving.
Sales of island condos slumped substantially, which is typical for this time of year. Most of the island condos are vacation or seasonal homes, and there is not much traffic for this type of market at this time of year. Sales ranged from $151,000 in the Moorings (short sale) up to $1,700,000 on Orchid Island. Time on the market averaged 345 days, and the sale-to-list price was 74%. There were several that sold within 3 months close to the listing price. On the island 438 condos are currently for sale.
July sales of Indian River County Homes dropped of a bit from June, which has been typical over the last 5 years. However, July 2009 sales were still the highest July sales in the last 4 years and 37 of the 154 sales of single family homes were bank owned properties. The vast majority of the bank owned property was priced under $150,000. Sale prices on the MAINLAND ranged from 12 homes that sold for under $50,000 mostly in the South end of the county to only 1 home that sold for over $500,000, a waterfront home on a canal in Vero Isles.
Condo sales in the county sold at an unusually high rate for this time of year. The 42 condos that sold means the highest July sales result in the last 4 years and the second highest is the last 6 years. However, the unusually high sales increase is the result of the sales of 12 Vista Royale condos at around $50,000 or less–two 1 bedroom units sold at the $24,000 level. The highest sale on the MAINLAND was a sale for $238,000 at River Run. There are still 961 condos for sale, over a 2 year supply for sale, and some very appealing prices.
Sales closed by the end of July on North Hutchinson Island dropped off from June and also contained 2 bank owned sales, one at Seaward and one in the triplexes across from the Inlet Park entrance. Average time on the market was approximately 250 days, and the ratio of asking price to sell price was 80%, which is an improvement over previous months. Three of the properties sold in less than 3 months, which is an indication that there are buyers available when properties are priced competitively. Two of the 3 sold at 100% of asking price. However, there was a house that sold in Riverpoint at the Sands that was on the market for over 800 days and sold at 60% of original asking price. Presently there are 217 residences, a 27 month supply for sale on NHI.
