The Vero Beach real estate is having a very active market this summer of 2017! Sales and sales prices increased compared the same period last year. The market continues to be active for high-end homes on the barrier island.
The real estate market on the inland in August 2017 was active for both condos and single family homes. Sales of high-end homes and condos continue to push sale prices higher.
Pending sales increased by 7.5% compared to the same period last year which is good news for the market as we are getting into the fall and a precursor to the next winter season. Little has changed in the inventory levels which basically remain at almost the same levels as last year.
Vero Beach Real Estate Market Highlights – August 2017
The real estate market activity continues to vary by location and price range. Sale prices in Vero Beach mainland are stabilizing and remained at the same level compared to last year as shown on the chart below of the median of sale prices in Vero Beach Mainland Real Estate Market for the last 12 months.
DATA SOURCE: MLS data as of 9/2/2017. 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 August 2017).
The real estate market for condos on the island in Vero Beach turned around with jump of 88% in sales than the same period last year. Median prices also increased 47% in August 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.
DATA SOURCE: MLS data as of 9/2/2017. Data believed to be accurate but not guaranteed.
Seller’s market continues below $300,000 and in $500,000 to $550,000 price ranges as buyers are still looking for a condo on the island (see more details in Vero Beach Barrier Island Condos Real Estate Market Report August 2017).
Vero Beach Real Estate Market Analysis – August 2017
The real estate market for single family homes on the Vero Beach barrier island continues to draw buyers as August 2017 was an active moth andmedian of sale prices was 48% higher compared to the same period in 2016 mainly due to more sales of high-end homes.
The strong action in the high-end real estate marker is a good indicator that the market for single family homes on the island as we are heading into the 2018 winter season.
The following chart shows the price action and trend for single family homes in Vero Beach Barrier Island the last 12 months.
DATA SOURCE: MLS data as of 9/2/2017. Data believed to be accurate but not guaranteed.
Demand for homes up to $550,000 is intact and recently for high-end homes (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report August 2017).
Overall Housing Market – August 2017
Mortgage rates increased slightly in the beginning of 2017 but they declined during the 2nd and 3rd Quarter despite the recent interest rate increases by the Fed. As the economy continues to improve and Fed keeps raising interest rates, we will eventually see slow increases in mortgage. However, the experts project that rates will remain low throughout 2017 and 2018 which is good news for buyers and sellers of Vero Beach real estate.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – August 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.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – August 2017.
Existing homes sales have been flat the last 6 months and the expectations by the experts is that demand will subside the second half of the year but we should see some improvement in existing home sales in 2018. The Vero Beach real estate market was more active in August compared to July and the same period last year.
The following chart shows that little has changed in the projections by the experts regarding new construction as demand for new homes is steady and demand for new homes will continue but at slower pace the rest of 2017 and 2018.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – August 2017.
New construction in several communities in Vero Beach continues both in the value price range and in the high-end and luxury space and continues to offer viable options to buyers..
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