The Vero Beach real estate market continued to show strength as 2012 came to a close. In December, Vero Beach had the lowest number of homes for sale in over 4 years. There were 2066 single family homes and condos for sale in December of 2011. That number dropped to 1570 homes for sale in December of 2012. Low inventory fuels increased demand and home prices start to rise as more buyers are facing smaller number of listings.
Real Estate Market Highlights
The median home price for homes in Vero Beach mainland was 11.5% higher in December 2012 than it was in December 2011 (see the chart below)
DATA SOURCE: MLS data as of 1/3/2013. Data believed to be accurate but not guaranteed.
The chart shows a steady increase in home prices throughout 2012. Demand was particular strong for homes priced below $200,000 (see more details in Vero Beach Mainland Real Estate Market Report December 2012).
Real Estate Market Analysis
The Vero Beach real estate market for both single family homes and condos on the barrier island also showed similar strength with more homes and condos sold in 2012 than the last 4 years as shown in the following chart.
DATA SOURCE: IRC Tax Records & MLS data as of 1/3/2013. Data believed to be accurate but not guaranteed.
The median home price for single family homes on the barrier island in Vero Beach 13% higher in December of 2012 than the same period in 2011. Inventory of homes available for sale is the lowest in 3 years. The following chart shows the trends of inventory (For Sale) and the actual sales (Sold).
DATA SOURCE: MLS data as of 1/3/2013. Data believed to be accurate but not guaranteed.
The inventory of available homes on the barrier island in December is lower than the beginning of 2012 while the number of sales has been steady throughout the year indicating increasing demand (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report December 2012).
The story is the same for Vero Beach Barrier Island Condos where we see a median price increase of 26% of condos sold in December 2012 versus the same time in 2011. Sales have also increased in 2012 as compared with the previous 2 years as the chart below illustrates.
DATA SOURCE: MLS data as of 1/3/2013. Data believed to be accurate but not guaranteed.
The real estate market of condos on the island in Vero Beach is getting more active and is strengthening between $300,000 to $450,000 price range (see more details in Vero Beach Barrier Island Condos Real Estate Market Report December 2012).
Overall Housing Market
The chart below shows the Existing Home Sales for Single Family Homes, Condos and Co-Ops from 2011 to 2012 and the projections for 2013 based on data provided by Fannie Mae. 
DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – December 2012.
The chart shows that not only the market is coming back and starting to pick up, but the projection shows a steady increase into 2013 signaling a continuation and strengthening to the recovery that started in the 4th quarter of 2011 into 2012.
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.
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