House sales on the island in Vero Beach Florida were 56% higher than last month and 14% higher than November 2010. This was the best November sales of barrier island houses in 8 years. This could indicate that we are seeing an upturn in homes purchased by future retirees because they are starting to feel that the economy is stabilizing and that prices are at or near the bottom. Year-to-date single family home sales on the island have increased 37% over last year. At the low end there was a 2 bedroom house onCoco Plumb Lane that sold for $121,000 and one on Dahlia that sold for $138,000. At the high end, sales were steady with 4 sales over $1,000,000. The high sales were a 4500+ sq ft oceanfront home in Palm Island Plantation that sold for $1.270,000 and a 4000+ sq ft house in The Estuary that sold for $1,150,000. We expect a good selling season and believe prices will hold for Island Houses, especially at the mid and high end.
Barrier Island single family home inventory was up 4% over the previous month as improved sales encourage more seller postponed listings.