Dec 05 2008
Vero Beach, FL Area Real Estate Update - December 1st, 2008
Sales on the Treasure Coast of Florida continued to reflect the weak housing market nationwide. In Indian River County (Vero Beach), single family home sales for this year through November numbered 1546 compared to total home sales in 2007 of 2641. At this selling pace total home sales in 2008 will be 37% less than 2007. The median sales price in 2007 was $221,000. So far this year the median is $184,000, a reduction of 17%
In St Lucie County there is a 24% reduction in sales and a 29% reduction in median sales price.
These figures were taken from the county tax records and this late in the year will most likely hold. The five year comparison sales graphs below analyze specific market segments.
Sales of single family homes on the island dropped again in November, and inventory rose. Higher inventory is typical for this time of the year as homes are put on the market prior to the season while sales decline between during the holidays. Sale prices ranged from $250,000 for a 2/2 in central beach to $5,100,000 on the river in the Moorings with 6 bedrooms and 8 baths. There also was a sale for $2,522,825 in Orchid Island, that has 5 bedrooms and 5 baths. Time on the market averaged 21 months, ranging from 2 to 54 months. The sales-to-list price ratio was 74%, ranging from 66% to 93%. Buyers are out there, but they are looking for bargains. At this absorption rate, there is over a 4 year supply of homes for sale on the Island. Single family 5 year sales graph:
Condo sales on the island stayed level at only 5 units. Prices ranged from $160,000 for a condo east of A1A but without a water view to $630,000 in Sea Oaks and $590,000 in Village Spires. Time on the market was relatively low at 12 months, but the sell-to-list price ratio was low at 67%. The brand new Sea Oaks condo development has been a good seller this year and in general the entire Sea Oaks community has been popular. This year there have been 7 homes and 17 condos sell in Sea Oaks. Condo sales graph for past 5 years:
County wide home sales slipped again to under 100 for the month. On the mainland, sales ranged from under $50,000 in Vero Lake Estates and the Oslo Park area to $714,000 in Oak Harbour. The median price of homes sold on the mainland was $157,000. There was only one home sold for over $500,000 and 62 homes were sold for under $200,000. 19% of the homes sold on the mainland were bank owned.
Sales of condos county wide moved up a little but are still selling at a pace that will take 6.5 years to sell. On the mainland prices ranged from $27,000 for a 1/1 and $48,000 for a 2/2 in Vista Royale to $147,000 in Reflections on the River. Average time on the market was 17 months and the list-to-sell price ratio was 65%.
Hutchinson Island held steady in November with 4 sales. Today’s sales prices overall are generally level with sales prices in 2003 and 2004. In Hibiscus 1 # 804 sold for $250,000 which was in line with the other center unit that was sold this year. Unit 904 sold in Seabreeze for $385,000. In Grand Isle a 4th floor corner sold for $580,000 which was actually less than the sellers purchase price in 2005. Unit 704 in the Barclay Beach Club sold for 375,000 which was over $100,000 less than the purchase price in 2006. Average time on the market was 19 months, and the sale-to-list price ratio was 64%.
On a brighter note, traffic through our Vero Beach area offices is picking up, and rentals are higher than last year so we should see an increase in sales during the winter season. Also, we are beginning to see lower mortgage rates that should help stimulate sales and cut back on foreclosures.