The median price of houses in the Vero Beach Indian River County area decreased 11% from $120,000 in September to $108,000 in October. There was also a substantial reduction from October 2010. This figure is the lowest median price in the last 5 years! Remember that the median price change does not necessarily mean that the value of an individual house has increased or decreased. The median can be influenced by the number of high or low priced homes sold in a certain period. We have also noticed that the size of more houses selling are smaller than they were 4 or 5 years ago.
Almost 1/2 of the houses sold in October were sold for under $100,000. We believe that this low median price is not typical of what we can expect in the future. The median will go back up to the $130,000/$150,000 range as owners, not investors, buy in the coming months. Even though the press keeps focusing on the fact that there are millions of foreclosures waiting to hit the market, we feel that many buyers also anticipating a move to Florida.
