House sales county-wide were up 40% compared to the previous month and up 18% compared to August 2010. Inventory also decreased by 2.5%. In this category sales were influenced by the number of families moving in to the area.  Year-to-date sales were up 16%.

On the mainland,  there was only one house that sold for under $30,000 which was a bank owned fixer-upper in Vero Lake Estates. There were 71 houses that sold for under $100,000, which was up from previous months. The highest sales on the mainland were a 4500+ sq ft house on 5 acres that sold for $865,000 and a 3500+ sq ft house on 10 acres that sold for $645,000.  Inventory of houses on the mainland continue to drop at a faster rate than the overall county figures. There is a 10.1 month supply of houses for sale on the mainland.  This is just another indication that the lower and more moderately prices houses are in demand.

Condo sales county-wide  were up 40% from last month and up 63% from August 2010. Year-to-date condo sales are 12.5% ahead of last year. Inventory was reduced by 7%, but there still is a 19.3 month of condos for sale county wide. Again condos have the highest inventory and are slowest moving because they more often tend to be second homes.  On the mainland there were 8 sales under $50,000, 6 of these were in Vista Royale/Vista Gardens, including 2 one bedroom units for $22 and $23,000. Both were in decent shape. The other 2 that sold for under 50k were in East Gate and Villamar. The highest sales were at The Inlet at Sebastian for $200 and $212,000.  Palm Estates had 4 closings this month and the Fairways at Grand Harbor had 3 closings.

Inventory of houses and condos in Indian River County basically stayed the same, down by only 7 units, as overall sales slowed while many people are enjoying the summer weather and not thinking about buying or selling their homes. Since the peak inventory on January 2008, we have established a somewhat of a pattern. Inventory has peaked just after the first of the year when the tourist season starts and moves down through the first half of each year to bottom out in mid summer, and then starts to rise again. In the last 3 years, the increase has been quick to turn up, but this year inventory stayed flat. Let’s hope this trend continues. County-wide sales in all categories were down by 30% over June 2011 and down 8% from July 2010. Cash sales comprised 60% of the total sales, which is up from 56% last month and down from 65% a year ago. Distressed sales consisted of 37% of the total which is low compared to a year ago. We still believe the demand for homes will increase in the near future as mortgage rates are still very low and home prices are at or near the bottom. • New construction is still at the lowest it has been in the last 10 years, which should drive up the demand for resale homes. In Indian River County the 2007 taxable value of new construction was over $ 700 million. In 2011, thru the first 6 months, that taxable value is $89 million, which, when annualized, it is up fractionally over 2010. In general, the same ratios occur for St Lucie County • Yes, bank foreclosures are expected to rise over the next year as the banks and courts better synchronize. Many of these foreclosed homes are being bought by investors and used as rental units for displaced home owners. • The population in Florida continues to increase. According to the 2010 census, it is now 18.8 million, up 300,000 from 2009 and up 3 million from 2000. In Indian River County the population increased from 113,000 in 2000 to 138,000 in 2010. The St Lucie County population increased from 192,000 in 2000 to 278,000 in 2010 People need to live somewhere whether they own or rent.

The median price of houses in the Vero Beach Florida – Indian River County area decreased 14% from $137,000 in June to $120,000 in July. There was also a 12% reduction from July 2010.  This figure is equal to the lowest median price in the last 5 years, which occurred in January 2011. Remember that the median price change does not necessarily mean that the value of an individual house has increased or decreased. The median can be influenced by the number of high or low priced homes sold in a certain period. As noted by the sales in all categories, the number of medium and high priced houses that sold dropped off substantially this month. Because the median has stayed fairly constant and the number of higher-priced sales have decreased, it is reasonable to say that we are at or close to the bottom of the slide in values. We believe that the decline of prices is at or near bottom, and that this low median price indicates a tend that buyers are moving to lower priced homes.  

House sales on the island in Vero Beach FL were still higher than usual for this time of year. Sales decreased 42% from the previous month but were up 34% over June 2010. Year-to-date single family home sales on the island have increased 63% over last year.  At the low end there were 2 homes that sold for under $300,000 in central beach, including a small 2/2 on Dahlia for $215,000.  At the high end there was a reduction in sales with only 2 homes selling for over $1 million while last month there were 6 homes that sold for over $1 million. The high sales were a 5500+ sq ft oceanfront home inJohnsIsland that sold for $4.6 million and a 4500+ sq ft riverfront home in Castaway Cove that went for $1,635,000. Many of these high end homes are purchased by part-time residents who have left the area until next season.  Island house inventory went down 5% with 513 homes currently for sale, a 15.9 month supply. 

House sales county-wide were down 23% compared to the previous month and down 10% compared to June 2010. Inventory also decreased but only by 5 units. County-wide there are 1995 homes currently for sale, an 11.5 month supply. 

Year-to-date sales were up 13%. A downturn in sales is typical for this time of year. On the mainland,  there were 4 houses that sold for under $30,000 and a total of 57 that sold for under $100,000.The highest sales on the mainland were a 3500+ sq ft home on 15 acres that sold for $749,000 and a 2700+ sq ft harbor front home in Grand Harbor that sold for $625,000. Inventory of houses on the mainland continue to drop at a faster rate than the overall county figures. There is a 10.3 month supply of houses for sale on the mainland.  

Condo sales on the island were down 34% from the previous month and were down 34% from July 2010.  Year-to-date condo sales on the island are up 14% over last year.  The highest sale this month was just $430,700 for an oceanfront unit at Baytree. Last month there were 2 island condo sales over $800.000. This highlights the fact that not many tourists are here this time of year. At the lower end price, a condo sold in Baha Mar for $128,000 and one in Bayou Condo for $140,000. Island sales are normally slow at this time of the year and this year, sales are even a little slower.  Current inventory of condominium units for sale on the island is an 18.1 month supply.

Condo sales Indian River County-wide were down 42% from last month and down 34% from June 2010. Year-to-date condo sales are11% ahead of last year, but there are still 743 units for sale, a 13.3 month supply. On the mainland there were 13 sales under $50,000, 8 of these were in Vista Royale/Vista Gardens, including a bank-owned 2 bedroom unit for $13,200 that was in decent shape. There was only 1 condo that sold for over $100,000 compared to 6 last month, a 3 bedroom 3rd floor unit at The Inlet at Sebastian. Again, not a surprise for the summer months.