The Vero Beach real estate market was hot for condos in April 2014. The increase in real estate market activity on the barrier island in Vero Beach was not observed on the mainland which may indicate that buyers’ interests are shifted towards homes close to the beach.
Overall the Vero Beach real estate market was very active in April of 2014, with a 16.47% increase in sales compared to March and 13.73% increase from the same period in 2013. Inventory was slightly decreased by 5.5% in April compared to March and remained at the same 2013 levels.
We need to see a continuation of strong sales and reduction of inventory the rest of 2014 to sustain price appreciation moving forward. We will monitor the Vero Beach real estate market and will update our clients with special reports.
Vero Beach Real Estate Market Highlights – April 2014
The Median of home values increased slightly from the same time the previous year , but we saw some slight price depreciation on the mainland (see the chart below of Vero Beach Mainland Real Estate Market), indicating that price appreciation is slowing down.
DATA SOURCE: MLS data as of 5/2/2014. Data believed to be accurate but not guaranteed.
Sales in April on the mainland increased by 7% and the inventory was slightly decreased by 4%compared to March (see more details in Vero Beach Mainland Real Estate Market Report April 2014).
The real estate market on the barrier island in Vero Beach in April showed strength with more sales compared to March and a price appreciation. The inventory level still remains high while sales remain steady. However, the market action for condos on the island was very active as the following chart of Vero Beach barrier island condos shows.
DATA SOURCE: MLS data as of 5/2/2014. Data believed to be accurate but not guaranteed.
The number of condominium units sold in April 2014 jumped by 59% compared to March and 24% compared to the same period in 2013 as the chart above shows. This month we also saw a reduction to the inventory which bodes well for this market.
The good news is that the market of Vero Beach island condos is very active below $300,000 and in the $600,000 to $650,000 price ranges. The average sale prices increased in April by 15% compared to a year ago (see more details in Vero Beach Barrier Island Condos Real Estate Market Report April 2014).
Vero Beach Real Estate Market Analysis – April 2014
April we saw a pickup in market activity on the barrier island in Vero Beach, with more sales than March and more sales than the same period last year. Demand has remained steady for lower priced homes and has increased for homes priced from $600,000 to $700,000. However, there are price points where the demand is greater that the supply, and a seller’s market.The following chart shows the price action trend of single family homes in Vero Beach barrier island real estate market the last 12 months.
DATA SOURCE: MLS data as of 5/2/2014. Data believed to be accurate but not guaranteed.
Sale prices are on the uptrend and can be contributed to the increase in sales of higher-end homes, and homes in the $600,000 to $700,000 where the inventory is lower (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report April 2014).
Overall Housing Market – April 2014
The increase in mortgage rates we saw in 3rd quarter of 2013 is projected to continue in 2014 but the rate of increase has been revised to show much lower levels from previous projections. This revised activity bodes well for Vero Beach Real Estate Market with possible increase in sales moving forward.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – April 2014.
The chart below shows the Fannie Mae Existing Home Sales for Single Family Homes, Condos and Co-Ops from 2013 to present and the projections for the rest of 2014 and 2015.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – April 2014.
The existing home sales show a dip in Q1 of 2014, with an increase in activity the rest of 2014 and leveling off in 2015. The Vero Beach real estate market did not follow this trend, with strong sales in Q1 2014. However, the rate of increase is projected to slow and follow the national trend. We will keep a close eye on this trend and will notify our subscribers through special updates.
Sellers need to keep a close eye on the sales and price action the next couple of months and prepare to negotiate offers as the season has come to an end.
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.