The Vero Beach real estate market gained strength in February. Particularly strong was the real estate market in Vero Beach mainland, with pending sales exceeding the 50% mark indicating continued demand for housing.
More homes continue to enter the market increasing the available inventory, a trend that started the 3rd quarter of 2012. This is good news for the buyers and those that have arrived in Vero Beach as part of their winter migration to Florida. For those that are seriously looking, the prospect of finding a nice place to call home still looks good, albeit they need to be more flexible.
There were 1613 single family homes and condos for sale in January of 2013. The number of homes for sale in February is 1575, a 3% decrease in inventory. Sales on the other hand went up from 119 properties sold in January 2013 to 163 properties sold in February, a 37% increase in sales. Low inventory levels in some areas and price ranges fuel 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 10.5% higher in February than the same time the prior year (see the chart below).
DATA SOURCE: MLS data as of 3/3/2013. Data believed to be accurate but not guaranteed.
The chart shows a steady increase in home prices the last 12 months. Demand was particular strong for homes priced below $200,000 (see more details in Vero Beach Mainland Real Estate Market Report February 2013).
The real estate market on the barrier island in Vero Beach however is not as strong as the following chart of the median sale prices for condominiums on the island shows.
DATA SOURCE: MLS data as of 3/3/2013. Data believed to be accurate but not guaranteed.
The chart shows a steady decline in the median of sale prices for condos on the island for the last 12 months. The good news is that the market of Vero Beach island condos is getting more active and is strengthening between $250K – $300K & $400K – $450K price ranges (see more details in Vero Beach Barrier Island Condos Real Estate Market Report February 2013).
Real Estate Market Analysis
The median home price for single family homes on the barrier island in Vero Beach 11.5% higher in February 2013 than the same period in 2012. Inventory is increasing at a higher rate than sales, extending the buyer’s market condition. The following chart shows the trends of inventory (For Sale) and the actual sales (Sold) in Vero Beach barrier island single family home market.
DATA SOURCE: MLS data as of 3/3/2013. Data believed to be accurate but not guaranteed.
The inventory of available single family homes on the barrier island has increased the last 4 months, but still at lower levels than the beginning of 2012. The number of sales for the last 12 months has been steady and we saw a 19% increase compared to the previous month (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report February 2013).
Overall Housing Market
The chart below shows the Fannie Mae new housing starts and Sales Forecast for Single Family Homes from 2011 to 2012 and the projections for 2013.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – January 2013.
The recovery of the housing market took a break in January with fewer sales reported and the ninth weakest January in records. This became evident here in Vero Beach real estate market when we saw a dip in sales in all areas. This statistic can also be seen on the chart above when the rate of increase slowed in Q1 of 2013, but continued to project higher sales for the rest of the year.
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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