Market conditions are improving in the Vero Beach area real estate market with an increase in activity and more sales overall. Inventory levels still exceed balance though, and thus strongly favor the buyer. However, as national market conditions continue to improve and spill over into our local market, many baby boomers will finally able to sell their northern homes to enjoy their golden years in the sunshine state.
Sales of homes on the Vero Beach Barrier Island at 22 sold were down this month, which is typical for this time of year; however it was the best August in 4 years. Prices ranged from 4 homes under $300,000 in Central Beach to 4 sales in Orchid Island and Windsor over $1,000,000. Average time on the market was 332 days (still too long) and the sales-to-list price ratio was 86%, which is a marked improvement over past years. One sale was bank owned. Available homes for sale on the island decreased by 33 to 534 homes for sale.
5 Year Graph Island Home Sales
Island Condos With only 10 sales this month, this is still an increase in sales over the previous month and a little higher than August 2008. We are also seeing increased activity in showings, which hopefully will result is increased sales during the season. Prices ranged from under $200,000 in Vero Towers, Riverwalk and Caledon Shores to $500,000 in Victoria and $763,000 in Palm Plantation. Average time on the market was 260 days and the sales-to-list-price ratio was 87%. None of these sales were corporate owned or short sales. There are currently 422 island condos listed for sale.
5 Year Graph Island Condo Sales
Indian River County Home Sales county wide at 136 dropped off compared to July but at were still higher than August of 2007. The median sales price was $135,000, which stayed essentially the same from the previous month. On the mainland, prices ranged from 12 houses that sold for under $50,000 to 4 that sold for over $300,000 in Riverwind, Black Bear, Woodfield and Arbor Trace. Only 10 sales were short sales, but 37 were bank or corporate owned. This indicates that foreclosures are up. Short sale closings take place prior to a foreclosure. Inventory at 2107 currently for sale is still too high for a balanced market.
5 Year Graph Home Sales Indian River County
IR Condos There was a substantial overall drop in Condo sales for August in the county—down to 30 sales. However, August sales were the highest in 4 years, which has been the case most of 2009. On the mainland there were 20 sales ranging from 10 sales under $100,000 mostly in Vista Royale, Laguna, and Breakwater Pointe to 2 in Grand Harbor for $235,000 and $270,000; 6 sales were bank or corporate owned. Average time on the market was 263 days, and the sales-price-to-list-price again showed movement in a favorable direction. There are still 946 units for sale currently, which maintains buyer’s market conditions.
5 Year Graph Condo Sales Indian River County
August was the best month in sales on N. Hutchinson Island since July 2004! Prices ranged from 4 condos under $200,000 in Sands on the River, Bryn Mawr and Sea Palms to a $570,000 sale in Grand Isle and a $730,000 sale in Altamira. One canal front bank-owned house was sold in Coral cove for $206,000. There were 2 bank-owned sales on NHI. Time on the market averaged 177 days. Traffic is still high on NHI, but we are headed into some historically very slow fall sales months.
5 Year Graph Condo Sales N Hutchinson Island