Oct 06 2008
Vero Beach FL Local Real Estate Update - October 1, 2008
Vero Beach FL Local Real Estate Sales Update - October 1, 2008
As the graphs comparing sales from 2004 through 2008 show, there was a nice increase in September sales for Homes on the Island, which brought us back to normal levels for 2008. However, 2008 sales are essentially lower than 2007. There were 18 homes sold on the island in September—7 under $400,000and 2 over $1,000,000. In Orchid Island a 7 bedroom 10 bath home sold for $8,500,000. However, it had been on the market for 52 months and sold for 70% of the original list price. Average time on the market was 15 months and 77% of original list price. Single family homes on the island number 511 down 18 from last month.
Island Condo Sales held steady and in general year-to-date are about the same as last year and are substantially better for September than in the previous 3 years. Let’s hope this is a trend. Prices ranged from under $200,000 in Central beach to $1,915,000 in Orchid Island. Again sale prices were low at 73% of original list price and months-on-the-market at 21 held about the same as in previous months. Island condo inventory was the exception showing an increase up 13 units to 393.
Sales continue to also be low for Mainland Condos and Town Homes. However, sales were double that of September—6 of the 9 unit sold on the mainland were for under $100,000. One unit sold for over $200,000, a waterfront condo on Tarpon Lane for $375,000. Currently there are 974 condo properties for sale, a decrease of 26.
September was the 6th consecutive month of declining Mainland Single Family Home Sales in Indian River County. On the mainland, there were 78 homes sold, 15% were bank owned, 20 sold for under $100,000 and only 3 for over $500,000. The highest sale price was a river front home on Indian River Drive in Sebastian for $650,000, a property that was originally listed for $1,100,000 and had been on the market for 10 months. Inventory declined 145 units to 2247 homes currently listed for sale.
Although there were only 2 sales on N Hutchinson Island , this is typical for this time of year. There are now 231 properties for sale, and at the 2008 annualized rate of 5.2 per month, there is a 44 month supply of homes and condos for sale. Unit # 301 at The Visions sold for $525,000. It was originally listed for $879,000 and had been on the market for 30 months. The other unit sold was # 406 in the Sands Oceanside that sold for $240,000. The original list price was $369,000, and it was on the market for 10 months.