The Vero Beach real estate continues strong post 2017 winter season. Despite the lower number of sales, sale prices jumped by almost 40% compared the same period last year. The market was very active for luxury homes on the barrier island which pushed the median of sale prices up. Buyers of high-end homes in Vero Beach had many to choose from and they were willing to make offers .
The real estate market on the inland in July 2017 was not as active as last year however, sales of few luxury homes pushed the median of sale prices maintaining the upward trend.
Pending sales also increased by 5% compared to the same period last year which is good news for the market moving forward. Inventory still remains at almost the same levels in 2016.
Vero Beach Real Estate Market Highlights – July 2017
The real estate market activity continues to vary by location and price range. Sale prices in Vero Beach mainland are stabilizing but they were still higher by 3.5% 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.
DATA SOURCE: MLS data as of 8/2/2017. 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 July 2017).
The real estate market for condos on the island in Vero Beach was not as active in July 2017 with 53% fewer sales than the same period last year hitting the lowest number the last 3 years. The good news was that the median of sale prices jumped by 20.6% in July 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 8/2/2017. 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 July 2017).
Vero Beach Real Estate Market Analysis – July 2017
The real estate market for single family homes on the Vero Beach barrier island continues to draw buyers as sales were strong in July 2017 and median of sale prices jumped by 45% compared to the same period last year mainly due to more sales of high-end homes. The strong action in the high-end of the marker is a good indicator that the market for single family homes on the island will be good moving into the fall in anticipation for 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 8/2/2017. Data believed to be accurate but not guaranteed.
Demand for homes up to $550,000 is intact and recently for luxury (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report July 2017).
Overall Housing Market – July 2017
rates increased slightly in the beginning of 2017 but they declined during the 2nd and 3rd Quarter despite the recent interest rate increases imposed by the Fed. As the economy continues to improve and Fed keep raising interest rates, we will eventually see slow increases in mortgage rates. 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 – July 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 – July 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 follows a similar trend in all areas the first half of 2017 as the market was soft at the beginning of 2017 but improved as the season unfolded.
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.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – July 2017.
New construction in several communities in Vero Beach continues on the mainland and on the island as luxury single family homes and condos in Vero Beach continue to provide more options to buyers..
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