September 4, 2008 – Vero Beach, FL Market Update Graphs

Local Treasure Coast Real Estate Update – Graphs

 OVERALL TREND – end of August 2008

 List prices are moving downward, and there is an increase in the number of people looking. However, buyers are still looking for outstanding values and many buyers do not believe that we are at the bottom of the market yet. The ratio of list price to sale price is narrower now as sellers continue to reduce prices. Time on the market is still high, however, as most sellers initially want top dollar and then chase the market down.  There is a 33 month supply of homes available in Indian River County at the August 2008 absorption rate. 

ISLAND HOMES  

Sales are still lower than normal with 10 homes sold in the last month and 10 more under contract. Prices ranged from the low $300s for a 3/2 in Castaway Cove and another in Marbrisa to $2,800,000 for a waterfront home in the Moorings.

ISLAND CONDOS

It’s nice to see sales almost double over the previous month. Prices ranged from $168,800 in Ocean Club to around $800,000 each for 2 units at Johns Island.

Mainland HOMES  

August had the lowest sales of mainland homes in 6 months, and it was the worst August in 4 years. The median home price county wide was only $165,000. Lower priced homes are the norm. Prices on the mainland ranged from under $60,000 in Sebastian Highlands and Dixie Heights to $4,000,000 for a 46 acre horse farm with a 9000 sq ft house. There were also 2 homes sold in Oak Harbor for over $500,000.

Mainland CONDOS

Condo sales on the mainland are down for the 4th straight month, which is typical for the summer months. However, there are 25 units under contract, a good sign. On the mainland prices ranged from $50,000 to 70,000 in Vista Royale and Vista Plantation to over $200,000 in Wood Duck at Grand Harbor. There is a 40 month supply of condos and townhomes for sale at the present absorption rate.

North Hutchinson Island   

August sales are on the low side, and there are still a lot of properties on the market. This month there were 3 condos that sold, 2 in Ocean Harbour South, Unit #105 for $167,000 and Unit #515 for $240,000. The other was Unit # 801 in Seaward for $525,000. Also a non-waterfront house in Coral Cove sold for $144,000. There are a lot of potential buyers looking at properties, which indicates that interest is up. Prices are still coming down but have slowed their descent.