Vero Beach Florida Homes

Vero Beach and Hutchinson Island

In 2008 there were 215 homes sold on the island with a median price of $580,000 compared with 224 sold in 2007 with a median of $725,000 (down 25%).

In 2008 there were 151 condos sold on the island with a median price was $355,000 compared to 163 sold in 2007 with a median of $485,000 (down 36%).

In 2008 there were 1094 homes sold on the mainland with a median price of $159,000 compared to 1166 sold in 2007 with a median of $200,000 (down 26%)

In 2008 there were 253 condos sold on the mainland with a median price of $93,000 compared to 203 sold in 2007 with a median of $139,000 (down 46%).  

The median price figures reflects the homes that were sold and do not necessarily mean that the value of all properties were reduced by a certain %. On the other hand, values have definitely dropped and in most cases properties are selling at 2003/2004 prices. However, these figures also indicate that buyers are, for the most part, purchasing less expensive or smaller homes and condos.

All the above information is from The Indian River County Multiple Listing System.

Five Year Comparison Sales Graphs

Sales of island condos and townhomes increased to 13 as we equaled the best (usually slow sales month) December in 5 years. Sales ranged from $110,000 in Johns Island for a 1 bedroom cabana unit to $1,299,000 in Sea Colony. Time on the market averaged 23 months and sales price averaged 32% below list price. 

Island single family homes—this category also had an increase in sales over  over the previous month. Time on the market averaged 22 months, and the average sales price was 39% below original list price. Sale prices ranged from $375,000 in Indian Bay to $3,300,000 for an Oceanfront home in Porpoise Point.  

On the mainland condo and townhouse sales were up county wide to 23, the highest level in 6 months.  Sales ranged from below $50,000 in Palm Estates and Riverview to $650,000 in Grand Harbor. Time on the market averaged 15 months and sales prices averaged 42% below original list price.

Mainland single family homes sales were up over 100 again—the best month this quarter and better than December 2007. As noted earlier, median price on the MAINLAND are way down ($141,000). This month there were 20 homes that sold for less than $100,000 and 3 homes that sold for over $500,000. The 3 higher sales were waterfront homes in Grand Harbor and Vero Isles.

Decreasing prices and lower mortgage interest rates are encouraging increased real estate sales activity.  Traditionally January through April are the strongest selling months in Florida so hopefully even better results are ahead. 

We have definitely seen more traffic in the last few months and feel that sales have picked up because prices are lower.

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