Vero Beach real estate market was active in July 2015 and sale prices are still appreciating but not in all areas. Median of sale prices increased by 2.7% compared to the same period last year. The market action in July was encouraging with increases in sales despite the reduction in the inventory.
Pending sales also increased by 14.8% compared to 2014 which indicates that the season’s strong showing and summer activity will carry over to the rest of the year.
Vero Beach Real Estate Market Highlights – July 2015
July 2015 was a good month for Vero Beach real estate as sales increased by 5.9% compared to the same period last year. Buyers are willing to make offers and homes that are priced well move quickly.However, the market activity varied by area and price range as the market activity on the mainland was stronger than on the barrier island. The market was very active in Vero Beach mainland and sale prices are still appreciating and slightly increased by 5.5% compared to the same period last year (see the chart below of Vero Beach Mainland Real Estate Market).
DATA SOURCE: MLS data as of 8/2/2015. Data believed to be accurate but not guaranteed.
Pending sales also increased which is encouraging especially in a low inventory environment and traditionally slow market period (see more details in Vero Beach Mainland Real Estate Market Report July 2015.
The real estate market for condos on the barrier island in Vero Beach continued to slow down in July 2015 as sales and sale prices continue todecline as shown in the following chart of median of sale prices for Vero Beach barrier island condos.
DATA SOURCE: MLS data as of 8/2/2015. Data believed to be accurate but not guaranteed.
On a positive note seller’s market continues below $350,000, in $400,000 to $450,000 and in $600,000 to $700,000 price ranges (see more details in Vero Beach Barrier Island Condos Real Estate Market Report July 2015.
Vero Beach Real Estate Market Analysis – July 2015
Sale prices for single family homes on the island have stabilized but not appreciating . The inventory continues to decline as fewer homes were available for sale in July 2015 than the previous 3 years.The 12 month price action and trend for single family homes in Vero Beach barrier island real estate market is shown on the chart below.
DATA SOURCE: MLS data as of 8/2/2015. Data believed to be accurate but not guaranteed.
The demand has remained steady for homes priced up to $450,000 and is increasing for homes priced from $650,000 to $700,000 (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report July 2015).
Overall Housing Market – July 2015
Mortgage rates have tapered off in 2014 and the beginning of 2015 and the projection for the rest of 2015 and in 2016 show that rates will remain at low levels but expected slowly increase the rest of the year and into 2016.The historically low mortgage rates have lured buyers into purchasing the Vero Beach home they were always wanted .
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – July 2015.
The chart below shows the Fannie Mae Existing Home Sales for Single Family Homes, Condos and Co-Ops from 2014 to present and the projections for the rest of 2015 and 2016.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – July 2015.
Nationally, the existing home sales increased sharply in Q3 of 2014, but leveled off and dropped in Q1 2015. This activity jumped in Q2 of 2015 and is increasing in Q3 2015 and into 2016. The sales activity has been strong year to date for the Vero Beach real estate market.
Buyers are still interested in buying homes in good locations and communities, and in some cases there are multiple offers on well priced properties that are getting offers as soon as the hit the market .
The chart below shows the Fannie Mae new housing starts and Sales Forecast for Single Family Homes from 2014 to present and the projections to end of 2016
DATA SOURCE Fannie Mae: Economic and Strategic Research; Housing Starts Forecast – July 2015.
New construction on several communities in Vero Beach is ongoing as building of new communities is under way.
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.