Nov 06 2008
Vero Beach, Florida Area Real Estate Sales Update
Vero Beach and North Hutchinson Island, Florida real estate sales showed mixed results in October 2008. Single family homes sales and condominium sales on the barrier island in Indian River County and North Hutchinson Island vary according to the location and market sector. The accompanying graphs compare sales month by month for the past 5 years in each market sector.
Island Home Sales experienced the best October in 4 years. Prices are attracting buyers, and buyers are becoming less timid about making offers. Prices ranged from under $300,000 in the central beach resort area to $1,700,000 in Orchid Island. Of the 15 total single family home sales on the island, there were 7 that sold under $500,000, 6 that sold between $769,000 and $999,000 and 2 that sold for over $1,000,000. Only 3 homes sold in 6 months or less, while 3 homes took over 2 years to sell. Average time on the market was 19 months, average sale to price ratio was 70%. The 2 homes that sold for over $1,000,000 were on the market for 30 and 35 months and sold for 52% and 72% of list price. One mid-priced home was on the market for 26 months and sold for 42% of list price.
Island Condo Sales: Only 5 units sold in October, one of the lowest sales months in 5 years. The sales prices ranged from $245,000 for a Villa Del Sol townhouse to $775,000 in Bay Colony. Time on the market averaged 13 months, and the average sale-to-purchase-price ratio was 70%. Most of these sale prices were close to 2003 sale prices.
Indian River Mainland Condos: Sales are down again to the lowest level in 4 years. The highest sale price was $167,000 at Reflections on the River, and there were 3 in Vista Royale under $50,000. This condo section of the market is more impacted by the winter snowbird seasonal residents. The graph indicates good sales during the season and the couple of months into the summer, and then sales drop fast. Remember the actual sale normally occurs approximately 30 to 60 days after the contract. Let’s hope the sales pick up again this winter.
Home Sales on the Mainland in Indian River: Sales dropped from the previous month and were about level with October 2007. The median sale price county wide was $160,000. On the mainland, the median price was $145,000 and prices ranged from under $100,000 in Vero Beach Highlands, Sebastian Highlands and other older subdivisions. There were only 3 homes that sold for over $500,000, in Hobart Landing and Grand Harbor. Time on the market and the sales ratio moved in a favorable direction for mainland homes. This is a result of more realistic listing prices and quick reductions in price.
North Hutchinson Island sales rebounded a little but still are very slow considering that there are 229 properties for sale and only 2 condos and 2 homes sold this month. All were what we would consider excellent prices for the buyer. Time on the market averaged 21 months, and the sale-to-list price ratio was 53%. The 2 homes were located in Riverpoint in the Sands; they were new and were sold below cost by a worried developer. One condo sold in Ocean Harbour South on the 9th floor for $215,000. It was a very nice unit that had been recently remodeled. The other condo sold was # 1406 in Atlantic View. It was more or less in original condition and sold for $225,000. Even though prices are not down far enough to entice many buyers, the aggressive buyer is making a low bid, and in many cases getting the sale.
