A review of the Vero Beach Real Estate market in 2019 shows a somewhat active market with slightly more sales and increase in sale prices. An in-depth analysis of the 2018 real estate market reveals that Vero Beach was as expected very active during the winter season but demand for Vero Beach homes continued throughout the year.
Market activity was above average on the barrier island and on the mainland especially the first half of the year. The recent SALT Cap regulations prompted buyers from the high taxed North East states and California to look at Florida as a good option for residency. Many found that Vero Beach offers great value and bough homes here. The expectations are that will see similar activity in 2020.
Overall in 2019 sales increased by 3% compared to 2018 and the median of sale prices increased slightly by 2.8% compared the same period last year.
Vero Beach Real Estate Market Highlights – December 2019
The following chart shows the median of sale prices in Vero Beach Florida for the whole 2019 year (January to December). The median of sale prices in December 2019 was $280,000 compared to $248,000 in 2018, an increase of 12.9% as shown in the chart below.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
The reader can observe that the prices are slightly trending up and this trend is expected to continue in 2020.
The real estate market activity continues to vary by location and price range.
Sale prices in Vero Beach mainland continue to appreciate and increased by 3% in December 2019 compared to the same period in 2018 with a median sale price of $236,000 . The chart below of the median of sale prices in Vero Beach Mainland Real Estate Market shows that sale prices were trending up throughout 2019.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
Sales also increased by 3.6% compared to the same period last year. Seller’s market continues for price ranges up to $400,000! Demand for homes on the mainland remains strong as both newcomers and island residents search for value on the mainland in Vero Beach.
This year, the real estate market for condos on the island in Vero Beach remained range bound in terms of sale prices as sales increased by 9.5% compared to 2018. However, sale prices are trending downwards , as shown in the following chart of the median of sale prices of condos in Vero Beach Barrier Island. The strength of the winter season will determine the trend for 2020.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
Seller’s market continues for condos priced up to $300,000. The median sold price in December 2019 was $280,000 and the median of sale prices in 2019 was $425,000 versus $362,000 in 2018.
Vero Beach Real Estate Market Analysis – December 2019
The real estate market activity for single family homes on the Vero Beach barrier island got more active in December as sales jumped by 29% compared to the same period last year, as high-end and luxury homes continue to attract buyers.
Median of sale prices were fluctuating and remained flat throughout 2019 but managed a slight 2.3% increase in December 2019 compared to 2018 The median of sale prices for single family homes on the island was $753,000 in December 2019. The following chart shows the price action and trend for single family homes in Vero Beach Barrier Island in 2019.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
Overall there were 391 single family homes sold on the island, slightly fewer that in 2018. The median of sale prices of all single family homes sold on the island in 2019 was $677,000 versus $695,000 in 2018.
Overall Housing Market – December 2019
Mortgage rates took a dive in 2019 to almost historic lows. The experts expect that rates will remain below 4% throughout 2020 and all the way to 2021, which is good news for both buyers and sellers of Vero Beach real estate.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – December 2019.
The chart below shows the Fannie Mae Existing Home Sales for Single Family Homes, Condos and Co-Ops from the beginning of 2019 to present and the projections for all of 2020 and into 2021.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – December 2019.
Existing homes sales have been increasing the first half of 2019 but have since tapered off. The expectations by the experts is that demand will subside throughout 2020 and into 2021. This trend was also evident here in Vero Beach and on the barrier island , but the upcoming winter season may surprise us as Pending Sales increased the last couple of months and demand remains steady.
The following chart shows the Fannie Mae new housing starts and Sales Forecast from the beginning of 2019 to present and the projections for 2020 and all the way to 2021.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – December 2019.
New construction in several communities in Vero Beach continues on the mainland and also on the island especially for high-end homes..
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