The Vero Beach real estate market saw some action in November 2016 with a jump in sales as buyers wanted to close the deal before mortgage rates continue to push higher. On the other hand, median of sale prices declined by 4.5% compared to the same period in 2015, an indication that sale prices have started to stabilize.
In November 2016 Vero Beach home sales increased by 20% compared to the same period last year, and 9.7% compared to October. Inventory was slightly reduced but remained virtually at the same levels as in 2015. The lack of inventory in some desirable locations and price ranges continues to affect sales.
Vero Beach Real Estate Market Highlights – November 2016
Although sales increased this month, the real estate market has softened in Vero Beach. Pending sales saw a small increase this month compared to the same period last year which can be attributed to the recent and pending increased in mortgage rates which pushed buyers to lock rates and expedite their purchases.
The real estate market activity continues to vary by location and price range. Sale prices of homes in Vero Beach mainland rose nodestly by 4,5% in November 2016 compared to the same period in 2015 but are stabilizing (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 12/2/2016. Data believed to be accurate but not guaranteed.
We saw seller’s market in most areas and price ranges all the way to $350,000.
(see more details in Vero Beach Mainland Real Estate Market Report November 2016).
The real estate market for condos on the island in Vero Beach was a little more active this month with few more sales that last month and the same period last year. Sale prices continue to decline and decreased by 8.5% compared to the same period in 2015 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 12/2/2016. Data believed to be accurate but not guaranteed.
However, seller’s market continues below $200,000, in $300,000 to $350,000 and in some higher price ranges as buyers still find opportunities.
(see more details in Vero Beach Barrier Island Condos Real Estate Market Report November 2016).
Vero Beach Real Estate Market Analysis – November 2016
The real estate market for single family homes on the Vero Beach barrier island continue to soften in November 2016 as sales increased but sale prices declined 15% compared to the same period in 2015 .
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 12/2/2016. Data believed to be accurate but not guaranteed.
The lack of inventory in some price ranges such as $650,000 to $700,000 continues to affect sales and sale prices (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report November 2016).
Overall Housing Market – November 2016
Mortgage rates increased but remain at low levels and the projections by the experts show that the rates will remain at low levels all the way to 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 – November 2016.
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 – November 2016.
There is a change in this chart since last few months. The projects by the experts on the market activity for existing homes shows softening the next few months and all the way to 2017. The Vero Beach real estate market shows similar trend in all areas.
The chart shows that demand for new construction is intact and this trend continues into 2017 and 2018 with some projections showing acceleration in new housing starts as new construction offers solution to low existing home inventory.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – November 2016.
New construction in several communities on the mainland and luxury homes on the island in Vero Beach is ongoing and continues to provide more options to buyers..
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.