March 2017 was a good month for Vero Beach real estate

March 2017 was very good for the Vero Beach real estate as the market on the island was active for condos and single family homes, but the real estate market on the mainland was exceptionally active as buyers wanting to bit the clock on the rising mortgage rates and the inevitable increases in 2017.

The real estate market on the inland in Mach 2017 was still hit and miss as some homes on certain price ranges took longer to sell than the previous year. However, Pending Sales increased by 7% compared to the same period in 2016 which is a welcome sign for the market moving forward.

In March 2017 Vero Beach sale prices increased by 16% compared to the same period last year and February. Inventory remained at almost the same levels and was slightly decreased by 4.5% compared to 2016.

Vero Beach Real Estate Market Highlights – March 2017


The real estate market activity continues to vary by location and price range. Sale prices in Vero Beach mainland are stabilizing but the strong activity pushed the prices up 16% compared to the same period in 2016 as shown on the chart below of the median of sale prices in Vero Beach Mainland Real Estate Market for the last 12 months.

Vero Beach Market Statistics March 2017 - Median of Sale Prices DATA SOURCE: MLS data as of 4/2/2017. Data believed to be accurate but not guaranteed.

Seller’s market continues for price ranges up to $350,000
(see more details in Vero Beach Mainland Real Estate Market Report March 2017).

The real estate market for condos on the island in Vero Beach in March 2017 woke up with more 25% more sales than the same period in 2016 and in February and the good news was that the median of sale prices jumped by 33% in March 2017 compared to the same period in 2016 as shown in the following chart of the median of sale prices of condos in Vero Beach Barrier Island.

Vero Beach Market Statistics - Island Condos Median Sale Prices March 2017 DATA SOURCE: MLS data as of 4/2/2017. Data believed to be accurate but not guaranteed.

Seller’s market continues below $300,000, in $500,000 to $550,000 and in $700,000 to $900,000 price ranges as buyers are taking advantage of still low mortgage rates
(see more details in Vero Beach Barrier Island Condos Real Estate Market Report March 2017).

Vero Beach Real Estate Market Analysis – March 2017


The real estate market for single family homes on the Vero Beach barrier island continues to show sign of weakness compared to the real estate market on the mainland. However, sale pices have stabilized as median of sale prices increased by 9% compared to the same period last year, indicating that buyers see value amid the softening market. Another good sign for the market of single family homes on the island is that Pending sales increased by 36% compared to the same period in 2016.

The following chart shows the price action and trend for single family homes in Vero Beach Barrier Island the last 12 months.

Vero Beach Market Statistics - Island Single Family Median Sale Prices March 2017 DATA SOURCE: MLS data as of 4/2/2017. Data believed to be accurate but not guaranteed.

Demand for homes up to $450,000 is intact, and also in the $550,000 to $600,000 price range (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report March 2017).

Overall Housing Market – March 2017


Mortgage rates increased during 2016 but they have stabilized the last couple of months. Although Fed raised interest rates again recently due to improving economy, the projections by the experts continue to show that rates will remain below 4.5% all the way to 2018 which is good news for buyers and sellers of Vero Beach real estate.

Housing Market Statistics - Mortgage Rates Forecast March 2017 DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – March 2017.

The chart below shows the Fannie Mae Existing Home Sales for Single Family Homes, Condos and Co-Ops from the beginning of 2016 to present and the projections all the way to 2018.

Housing Market Statistics - Existing Home Sales Forecast March 2017 DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – March 2017.

Existing that demand for new construction is slowing down and the projections by the experts show that demand for new homes will continue albeit at slower pace the rest of 2017 and 2018 . The Vero Beach real estate market follows a similar trend in all areas the first half of 2017 as the market is soft on the barrier island but continues to be active on the mainland.

The following chart shows that demand for new construction is slowing down but the projections by the experts indicate that demand for new homes will continue the rest of 2017 and into 2018 albeit at a slower pace. New that demand for new construction is slowing down and the projections by the experts show that demand for new homes will continue albeit at slower pace the rest of 2017 and 2018.

Housing Market Statistics - New Home Sales & Starts March 2017 DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – March 2017.

New construction in several communities on the mainland and luxury homes on the island in Vero Beach continue to provide more options to buyers..

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