Apr 10 2010
2010 April Real Estate Market Update Vero Beach FL
The median price for home sales in the Vero Beach area inched up a little to $143,000, a couple percentage points higher than last month and even higher than last year 2009. The median price in March 2008 was $190,000 and March 2007 it was $234,000. These figures do not represent a concurrent decrease in house values because the numbers are skewed by the sale of more less expensive homes.
Indian River County, Florida is bucking the lower than expected national trend shown in the above news article. There were 229 properties sold through the MLS in Indian River County in March 2010; 29% were either Bank Owned or Short Sales. We guess the Buyers are reading the papers that are touting Vero Beach to be one of the top places to move to and one of the most undervalued real estate markets in the US.
It is still till a perfect storm for Buyers. Prices are down (but starting to move up), inventory still up, and interest rates are low. Also it is not too late to get a home buyer tax credit. Just be under contract by April 30 and close prior to June 30, 2010.
2010 April Median Home Prices - Vero Beach FL Market Update
WOW! House sales on the Island almost doubled from the previous month and increased by 72% over March of 2009. Also, the big spenders are back with 6 homes selling for more than 1,000,000. Three oceanfront homes, 2 in Floralton Beach and 1 in Seagrove. A $3,500,000 sale for a 12,000 sqft house in Windsor is also noteworthy. However, prices have decreased. The Seagrove house had been on the market continuously for 71/2 years and was sold at 59% of the original list price, and the Windsor house had been on the market for a little over 6 years and sold for 60% of the original list price. At the lower end, 4 homes sold in central Beach for under $350,000.
2010 April Island Home Market Update - Vero Beach FL
Great condo sales on the Island this month, twice as many as the previous month and almost double March of 2009 –the best March sales in 5 years. Prices did not take as big a beating on the island as they did on the mainland. In general the low and mid priced condos sold at 2001 and 2002 prices. The highest sale on the island was a very nice 3500+ sq ft penthouse condo in Sea Quay that sold for $817,000. The same unit sold for $1,100,000 in early 2004.
2010 April Island Condo Market Update - Vero Beach FL
Another WOW! County wide house sales increased 70% over last month and 40% over March of 2009. It was the 3rd best sales month in almost 4 years and, as noted earlier, the median price went up. There were were 61 houses that sold for under $100,000 (35%) which is a little bit lower than last month, but a move in the right direction. There were 9 houses on the mainland that sold over $300,000, which was about even with last month. However, there were 3 homes that sold for over $600,000, 2 homes out in the county with 5+ acres and one in Grand Harbor. It is encouraging to see the higher and mid-priced houses selling again. At this absorption rate, there is a 13 months supply of houses for sale in Indian River County. Perfectly balanced market for buyers and sellers is 6 months inventory.
2010 April County-Wide Home Market Update - Vero Beach FL
Great news for condo sales county wide, the best March in 5 years. Sales of condos county wide went up 37% from the previous month and 37% from March of 2009. Even so the higher sales inventory did not recede and there is an 18 month supply of condos for sale in Indian River County. On the mainland, Sellers really took a beating on prices. Six units sold in Vista Royale at low prices not seen in the last 15 years, and 5 units sold in Palm Estates at prices 1/3 the sales price of 3 to 4 years ago. There were a couple of sales in Harmony Circle in Grand Harbor that sold below 2002 prices. The top sale on the mainland was a riverfront condo on Harbor Village Drive East that sold for $525,000, 28% less than the $675,000 sales price in 2004.
2010 April County-Wide Condo Market Update - Vero Beach FL
NHI: Good month for sales, tied for best March in 6 years. However only condos sold! No one is yet taking advantage of the great deals on N Hutchinson Island for single family houses. Sale prices and asking prices are still falling. There were 3 great buys in Ocean Harbour South for under $200,000. # 710 for $180,000. #404 for $199,000 and #216 (a corner) for $190,000.
The highest priced sale was in Oceanique, a brand new 2000 sq ft 7th floor unit at $424,000. So far 42 units have sold in these 2 new buildings, per the county records, and quite few more are under contract. There are 144 units in the complex. Sales in this building normally do not show up on the MLS so exact figures are difficult to follow. However, prices and sales in this development are definitely affecting other condo re-sales in the area.
2010 April N Hutchinson Island Market Update - Vero Beach FL