Nov 07 2009
2009 November Vero Beach Area Real Estate Market Update
Overall Median Home Prices in Indian River County rose after a gentle slide down over the last few months—we have a jump up to $155,000 median sales level. Indian River County is bucking the national trend in this category as shown in the 2 year graph below. Possibly this is because of the myriad of good press that the area has been getting lately.
Island Homes: Wow, this was the best October sales since 2004, with 24 sales this month, 40% higher than October 2008. There were 7 homes that sold for over $1,000,000 including one for $12,800,000 on the ocean south of the Moorings. At the other end of the spectrum 3 older homes sold for around $300,000 in the central beach area. Bermuda Club had a good month with 3 selling for $425,000 to $465,000. Barring any surprises, however, as you can see from the 5 year sales chart below, the next few months are normally slow.
Island Condos: Sales dropped compared to last month which is typical for this time of year. However, sales were better than October of 2008. The two high sales were in Baytree, East of A!A at $540,000 and $805,000. At the low end there was one sale at $105,000 in Vista Del Mar. As noted on the 5 year sales graph, we will probably not see any appreciable increases in sales until February or March of next year.
County-wide homes: Monthly sales at 142 stayed about the same compared with last month but were the best October sales in at least 6 years. County wide there were 25 “short sales” and 45 foreclosed bank owned homes that were sold. This represents almost 50% of the total sales. ON THE MAINLAND, where most of the foreclosure activity took place, there were 42 homes that sold for under $100,000 (35%) of the total and no homes that sold for over $500,000. There were 2 homes that sold for over $450,000 in River Boat Club and Old Sugar Mill estates. We believe that sales will hold up in November because of the tax credit, which ends 11-30-09, but is likely to be extended, and then fall off a little in December and January, unless the tax credit is extended, before gaining momentum again.
Condos sold county-wide dropped off a little to 36 from the previous month, but it was still the best October in 4 years. ON THE MAINLAND prices ranged from 6 units in Vista Royale for under $31,000 to a high of $275,000 in River Run. This class of sales will also stay low until the snowbirds come down and get settled in.
North Hutchinson Island: There were a respectable 9 sales in October which was more than double the October 2008 sales and the highest October in 6 years. Inventory has come down throughout the year and based on the absorption rate of the last 3 months sales, there is now only a 15 month supply of homes and condos for sale on N Hutchinson Island. Sale prices ranged from $95,000 for a town home in the Galleons to a high of $499,000 for a center unit in Ocean Pearl; 2 one bedroom units sold in Sea Palms for $130,000 and 2 units sold in Tiara including a 14th floor corner unit for $375,000.
