Inventory of houses and condos in the Vero Beach Florida Indian River County area moved up 9% from 2678 units for sale in October 2011 to 2702 in November. However, inventory has decreased 16.4% from November 2010. Overall county-wide sales decreased 2% compared with last month but increased 2% over November 2010.  Year-to-date county-wide sales have increased 15.3% over 2010. Sales have increased year-to-date in all 5 categories including Hutchinson Island.
Since the peak inventory in January 2008, we have established a pattern. Inventory has peaked just after the first of the year when the tourist season starts and moves down through the first half of each year to bottom out in midsummer, and then start to rise again. In the last 3 years, the increase in inventory has been quick to turn up after the winter season sales, but this year inventory continued to fall until October, which was the first month of inventory increase this year. November also showed a small increase. Cash sales comprised 69% of the total sales, which is about the same as October. Distressed sales consisted of 38% of the total, which is about the same as a year ago and about 40% higher than last month. Distressed sales include both short sales and bank-owned homes. We believe the demand for homes will continue to increase in the near future as mortgage rates are exceedingly low, home prices are at or near the bottom, and area populations are continuing to increase.Â
Also, many baby boomers and retirees, who had put off moving toFloridain the last 5 to 6 years because of the economy, are now re-considering their move as the stock market inches up, and their savings accounts are being replenished. This group of potential buyers plus the normal retirees over the next few years will give the housing industry inFloridaa “double hit” of adrenaline.
