There was as increase of about 15% in the median price of houses sold in Indian River Count in June. However, this was still about 15% lower June of last year. The number of house sold during the month stayed consistent at 163 which was about the same as June 2009. The units sold this month are still being artificially propped up by the tax rebate which was due to expire at the end of June but was extended. The contract date was not extended, however, which mean that no new sales are eligible for the tax rebate.
There are still other factors which will continue to fuel real estate sales.
· Interest rates are at a 30 year low.
· Inventory is still very high; 2927 houses and condos for sale In Indian River county and approximately 300 for sale on N Hutchinson Island
· Prices are still low, there are just over 1400 homes for sale in IRC under $200,000
· Distressed sales are here for a few more years as banks are not flooding the market, which would lower prices even more.
· Investors and foreign buyers are returning to the market.
2010 July Vero Beach FL Real Estate Median Sales