The Vero Beach real estate is softening in all areas as mainland which remained strong up to this point is showing signs of market fatigue. The Vero Beach real estate market activity in September 2016 slowed down as sale declined across the board. On a positive note, median of sale prices managed a slight increase of 2.2% compared to the same period in 2015.
In September 2016 Vero Beach home sales decreased by 17% compared to the same period last year. Inventory remained at almost the same level as in 2015. The lack of inventory in some desirable locations and price ranges continues to affect sales.
Vero Beach Real Estate Market Highlights – September 2016
Evidence that the real estate market is softening in Vero Beach is confirmed by the Pending sales which were down by 6.3% compared to the same period in 2015. Pending sales is a good forward indicator of market activity and usually determines the strength of the market moving forward.
The real estate market activity and sale prices continue to vary by location and price range. Sale prices of homes in Vero Beach mainland continue to appreciate albeit at a slower pace compared to the same period last year (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 10/2/2016. Data believed to be accurate but not guaranteed.
We saw seller’s market in most areas and price ranges all the way to $300,000 (see more details in
Vero Beach Mainland Real Estate Market Report September 2016).
The real estate market for condos on the island in Vero Beach was again slow in September 2016 with fewer sales and pendings compared to the same period last year. Sale prices are softening but managed an increase by 3% 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 10/2/2016. Data believed to be accurate but not guaranteed.
However, seller’s market continues below $300,000, in $400,000 to $450,000 and in the $500,000 to $550,000 price ranges (see more details in Vero Beach Barrier Island Condos Real Estate Market Report September 2016).
Vero Beach Real Estate Market Analysis – September 2016
The real estate market for single family homes on the Vero Beach barrier island continue to slow down in September 2016 as sale prices have stabilized but decreased by 14% compared to the same period last year .
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 10/2/2016. Data believed to be accurate but not guaranteed.
The lack of inventory in some price ranges such as $600,000 to $650,000 continues to prompt buyers to make offers (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report September 2016).
Overall Housing Market – September 2016
Mortgage rates have finally stabilized and started to slowly increase. However, rhe projections by the experts show that the rates will remain at low levels all the way to 2017, which is great news for buyers of Vero Beach real estate who should not hesitate to make offers.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – September 2016.
The chart below shows the Fannie Mae Existing Home Sales for Single Family Homes, Condos and Co-Ops from 2015 to present and the projections for all of 2016 and 2017.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – September 2016.
There is little change in this chart since last month The market activity for existing homes remains constant as inventory levels are projected to stay at the same levels all the way to 2017. The Vero Beach real estate market remains active for homes on the mainland but the lack of inventory in some price ranges and locations on the barrier island continues to affect sales and sale prices.
The chart below shows the Fannie Mae new housing starts and Sales Forecast for Single Family Homes from 2015 to present and the projections to end of 2017
DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – September 2016.
New construction in several communities on the mainland and luxury units on the island in Vero Beach s ongoing and provides 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.