Vero Beach Florida Homes

Vero Beach, Florida area home sales are increasing. However, prices are still dropping, and local inventory has only dropped 1.3%. There are 3894 living units for sale in Indian River County and Hutchinson Island. In March there were 167 sales. This means there is a 24.3 month supply of homes on the market at present absorption rate. In 2003, 2004 and the first half of 2005, there was less than a 2 month supply on the market most of the time.

Island Home Sales held steady and were pretty normal for this time of year based on the last 4 years. There were 5 homes that sold over $1,000,000 including 3 oceanfront homes for $2,800,000, $3,300,000 and $4,200,000. At the other end, there were 3 homes that sold for under $300,000 including a bank-owned home in Silver Shores. Time on the market averaged 23 months (an increase from last month) and the sale-to-list-ratio was 68% (same as last month.)

Island Condo Sales increased month to month from 8 to 12 units but were still substantially under March of last year. Prices ranged from $149,000 in Vero Towers to just over a million in Orchid Isle. Time on the market ranged from 3 months to 38 months but over all time on the market is decreasing. The sales-price-to-list-price ratio stayed more or less the same at just under 70%.

Home Sales County-wide continued to increase and are ahead of last year’’s pace.  Prices continue to fall as the median sales price was $137,000. Distressed sales again were high with Corporate REO and bank-owned properties producing 27% of the sales. On the mainland prices ranged from under $50,000 in the south county and Vero Lake Estates to $770,000 in Grand Harbor.

Indian River County Townhomes:  There was a very nice jump sales from last month and March 2009 was one of the highest sales month in the last 3 years On the mainland there were 24 sales-10 sold in Vista Royale between $25,000 for a 1 bedroom unit to $66,000 for a 2 bedroom unit. The high sale for the month on the mainland was only $150,000 in River Run.

North Hutchinson Island:  Sales increased this month to 6 total units -4 condos and 2 single family homes were sold.  Sands Lakeside #105 sold for $86,000 (this was a distressed sale), Hibiscus 3  # 701 sold for $275,000, Tiara # 1102  sold for $355,000 and Ocean Harbour Tower # 601 sold for $302,500.  The homes that sold were a canal front home in Queens Cove for $480,000 and a lakefront home in Riverpoint at Sands for $500,000.  All these were good sales at reasonable prices.

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