Vero Beach, Florida Area Real Estate Update – April 1, 2008

Indian River County Real Estate for the Last 5 Years

Indian River County Real Estate MLS

Sales have continued to weaken and prices have fallen over the past 5 years.    

LOCAL REAL ESTATE UPDATE

Barrier Island condo sales in Indian River County:  Sales increased from 7 last month to 18 during March. This is the highest sales number per month for a year.  Ocean Club was the lowest sales price for $140,000, and an Orchid Island condo was the highest at $1,850,000.  3 units sold at over $1,000,000 and 11 units sold at under $500,000. 

Mainland Condo/townhomes:  Condos and townhome sales increased in the county  from 32 last month to 51 in March. This was the best sales month since May 2006. On the MAINLAND there were 20 sales in Vista Royale from $40,000 to $90,000.  The highest mainland condo sale was $300,000 at  Grand Harbor.    North Hutchinson Island:  9 sales make March the best month since May 2006.  Prices were about the same as we saw in 2004, but buyers are starting to purchase at these low prices.  9 contracts are pending, so next month is off to a good start.  Island homes:  Seventeen homes sold on the island about the same as last month.  This is the lowest number of sales in March for 4 years, but 42 homes are under contract, and that looks good for next month. Five homes sold for under $500,000, and 5 homes sold for over $1,000,000.  Mainland homes:  Indian River County experienced another slow month. There have been fewer than 100 sales per month for the past 6 months. Prices ranged from under $100,000 in Sebastian and the Oslo Road area up to $525,000 for a home on 65th Avenue. The median price on the mainland was lower at $169,000.  Countywide, including the island, the median price was only $174,000. Average time on the market was 4.5 months. With 170 pending contracts, next month should be better.