The jump in sales boosted the Vero Beach Real Estate market in February 2016 as more people have taken advantage of the historically low mortgage rates to claim a spot in warm and sunny Florida. Median of sale prices also jumped by 13% compared to the same period last year.
Sales increased by 14.5% in February 2016 compared to last month but were lower than the same period in 2015. The lack in inventory in some locations and price ranges has impacted sales. The good news is that the recent increase in the inventory and the seasonally increased demand will benefit the market the next few months.
Vero Beach Real Estate Market Highlights – February 2016
The Vero Beach real estate market activity gained speed in February 2016 as sales increased in several market segments. Pending sales increased by 23% compared to last month but lagged the 2015 figures.
The Vero Beach real estate market activity varied considerably by location and price range. Sale prices in Vero Beach mainland are still on the rise and increased by 21% compared to the same period in 2015 (see 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 3/2/2016. Data believed to be accurate but not guaranteed.
We are still experiencing seller’s market in some areas and price ranges all the way to $250,000 (see more details in Vero Beach Mainland Real Estate Market Report February 2016).
The market for condos on the island continues to improve with a jump in sale prices despite decreased sales amid low inventory. The trend of sale prices is shown in the following chart of the median of sale prices of condos in Vero Beach Barrier Island.
DATA SOURCE: MLS data as of 3/2/2016. Data believed to be accurate but not guaranteed.
The seller’s market continues below $300,000, in the $400,000 to $450,000, in $500,000 to $550,000 and in $600,000 to $650,000 price ranges (see more details in Vero Beach Barrier Island Condos Real Estate Market Report February 2016).
Vero Beach Real Estate Market Analysis – February 2016
Sale prices are still on the rise for single family homes on the island in Vero Beach and seller’s market continues for homes up to $450,000. The inventory is increasing which will help with sales moving forward.
The following chart shows the price action and trend for single family homes in Vero Beach Barrier Island throughout 2015.
DATA SOURCE: MLS data as of 3/2/2016. Data believed to be accurate but not guaranteed.
Demand remains strong for homes between $550,000 and $650,000 price ranges. (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report February 2016).
Overall Housing Market – February 2016
Mortgage rates have stabilized and they have decreased the last few months. The projections by the experts show that the rates will remain at historically low levels all the way to 2017 and will continue to lure buyers into purchasing homes in Vero Beach this season.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – February 2016.
The chart below shows the Fannie Mae Existing Home Sales for Single Family Homes, Condos and Co-Ops from 2015 to present and the projections for all of 2016 and 2017.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – February 2016.
The existing home sales increased sharply in Q3 of 2015 but dropped in Q4. The current projections by the experts show that the market activity picked up slowly but will remain subdued throughout 2016 and 2017.
The chart below shows the Fannie Mae new housing starts and Sales Forecast for Single Family Homes from 2015 to present and the projections to end of 2017
DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – February 2016.
New construction in several developments continues to present more choices to the buyers and several new communities offer new entry homes in great price and value.
Detailed Vero Beach Real Estate Market Reports are produced on a monthly basis. If you would like to receive real estate market reports of your area, Vero Beach Mainland or Vero Beach Barrier Island (single family homes or condos), fill in the request form below with your email address and specify the area of interest in the message box. These reports will be sent to your email the beginning of the each month with market statistics of the previous month.