Feb 08 2009
2009 February Vero Beach, Florida, Indian River County Real Estate Market Update
The following 5 year sales graphs and commentary reflect the closed sales as of the end of January 2009
Island home sales: January was a weak month for sales of homes on the barrier island in Vero Beach with only 8 sales. Even though January is normally a slow month because these homes probably went under contract during the holiday season, it was the worst January in 6 years and the worst month since October 2007. There is some good news, in that time-on-the-market decreased to just under 12 months, and the sales to list price ratio was 74%. There were no high-end sales, though as sale prices ranged from $275,000 in Central Beach to $550,000 in Seagrove. In anticipation of historically higher seasonal sales, there are currently 590 homes for sale on the island, up 43 from the previous month.
Island Condo/townhome sales: This was the worst sales month is 6 years for Condos and Town Homes on the barrier island. Only 1 sold, a 3 bedroom garden view unit at Windward in the Moorings that had been on the market for 37 months, originally listed at $399,000 and sold for $170,000. However, it does not look this bleak for the future. So far this month, there have been 2 sales, and there are 18 more under contract. Inventory is up 43 to 467 units.
County wide home sales in January were about the same as the last 2 years. The big change was the median sales price of $151,000 compared with $190,000 in 2008. However, as we have said before, this 25 % reduction does not necessarily mean the price of any given home went down 25%. Some of the reduction in sales is due to the fact that smaller homes are being sold. Again, as prices fall, time on the market decreases and for many recently listed homes that were priced right, the sell-price to list-price ratio is going up. Inventory has risen to 2376 homes for sale, an increase of 98 homes.
County-wide condo/townhome sale: 15 sales for condos county-wide is just about average over the last 6 months. Prices ranged from a low for $35,000 in Vista Gardens to a high of $830,000 in Grand Harbor. There were 2 other sales in Grand Harbor just above 400,000 and 5 sales under 60,000 in the Vista condo complex. An increase of 84 units for sale brings the current inventory in the condo category to 1082.
On North Hutchinson Island 3 properties sold in January, 2 condos and a lakefront home in the Sands Riverpointe. The home was a real bargain at $350,000, a builder’s distress sale. It was originally priced at $610,000 and had been on the market for 12 + months. 2 condos were sold, #1503 in the Tiaria for $370,000– on the market for 3 months and sold at 100% of list price. Also, a small lakefront condo in the Sands that needed refurbishing sold for $87,000. It had been on the market for 37 months and was originally listed for 274,000. Inventory increased 32 units up to 247 properties for sale.
