The median sales price of homes in Indian River County stayed constant compared to December 2009. However the price did drop 10% from January 2009. These statistical results are influenced by more lower priced homes that are being purchased by first time buyers utilizing the tax credit. Also, investors are snapping up the low priced homes to rent or flip. There were 29 foreclosures and 14 short sales representing 40% of the houses sold in January. Time on the market is coming down as sellers realize that they have to compete with the banks that are setting prices low so the homes will sell fast.
2010 February Median Home Sales - 5 Year Comparison Graph
In general there seem to be more snow birds this year, and the weather has become more challenging up North, so sales should continue to improve.
Homes sales on the island were fairly good in January, typical of this time of year and better than last January. January sales are properties that went under contract in November and December of last year, which as holiday months are usually less active for home sales. Prices held their own with an oceanfront short sale selling for $1,750,000 and one in Windsor selling for $2,250,000. At the other end there was a hurricane damaged house in Indian Trails that sold for $300,000 and a couple in central beach that sold for under $400,000.
On the island condo sales were the best in the last 5 years. Only the peak year of 2004 was better. Prices have moderated, which is probably the main reason for strong sales. Probably very few of these condo sales qualified for a tax credit as most are second homes. There were 4 units that sold under $300,000 including 2 in Park Shores and one in South Passage at the Moorings. There were 2 units that sold for over $500,000, one in Sea Oaks for $550,000 and one on the ocean in Baytree for $780,000.
Not a great sales month for mainland houses in Indian River County compared to the last 9 or 10 months, but it was the best January in 3 years.. Prices ranged from 8 houses selling for under $50,000 mostly in the south county up to one home in Hobart Landing for $420,000. Of the 88 homes that sold on the mainland, 72 sold for $200,000 or less. 80% of the homes sold were under 2000 square feet in size.
- 2010 February Median Mainland Home Sales – 5 Year Comparison Graph
Not bad for January. Sales of 29 mainland condo units was the best in the last 3 years. The sale prices were also higher because there were only 2 Vista units sold at $30,000 and $52,000. I expect more of these lower prices condos will be sold after the snow birds get settled and down to the business of buying. If you will remember, in March of last year there were 9 Vista condos sold, and 6 sold for under $50,000. At the high end, there was one condo sold in Harbor Village of Grand Harbor for $390,000.
2010 February Median Mainland Condo Sales - 5 Year Comparison Graph
On North Hutchinson Island 6 units sold in January. It doesn’t sound like much but it was the best January in 6 years. Prices are becoming stable, and activity is strong so we expect a good season. 2 condos sold in Atlantic View, one was a short sale on the 2nd floor for $105,000 and the other a nice buy that was bank owned on the 18th floor for $173,000. The highest price sale was in Ocean Harbour Tower, a 3 bedroom condo on the 6th floor for $334,000.
2010 February Median Island Condo Sales - 5 Year Comparison Graph
2010 February Median Island Home Sales - 5 Year Comparison Graph
2010 February North Hutchinson Island Sales - 5 Year Comparison Graph