June was another strong month for Vero Beach Real Estate Market with continued price appreciation, and seller’s market in many areas and price points. The real estate market in Vero Beach mainland continued its strong performance and was joined by the improving barrier island market for single family homes and condos.
In June, we saw a 13.7% reduction in inventory and an 8.4% increase in median sale prices from the same period last year, indicating that the demand for Vero Beach real estate is still strong.
There were 1337 single family homes and condos for sale in June of 2013 compared with 1370 in May, a 1.5% decrease in inventory. Home sales in June remain at the same level with the same period in 2012. Low inventory levels in some areas and price ranges have increased demand and home prices are appreciating as more buyers are facing smaller number of homes available for sale.
Real Estate Market Highlights
The median home price for homes in Vero Beach mainland increased by 15%% in June from the same time the previous year (see the chart below).
DATA SOURCE: MLS data as of 7/2/2013. Data believed to be accurate but not guaranteed.
The real estate market was strong for homes priced below $250,000, and a seller’s market all the way to $450,000 (see more details in Vero Beach Mainland Real Estate Market Report June 2013).
The real estate market on the barrier island in Vero Beach although not as strong, it has improved the last 4 months. There is improvement in the price action in some areas and price ranges on the barrier island as evidenced in the following chart of the median sale prices for condominiums.
DATA SOURCE: MLS data as of 7/2/2013. Data believed to be accurate but not guaranteed.
The chart shows that sale prices are bottoming out and show signs of appreciation. Sale prices are going up with an average of 10.7% the last 5 months. The good news is that the market of Vero Beach island condos is getting more active and is improving between $550K – $650K price range (see more details in Vero Beach Barrier Island Condos Real Estate Market Report June 2013).
Real Estate Market Analysis
Sales of single family homes on the barrier island in Vero Beachdecreased by 19% in June compared to May. Inventory continues to decline but it is still at a level that sustains buyer’s market condition in many price ranges. 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 7/2/2013. Data believed to be accurate but not guaranteed.
In June 2013, we saw a 5.6% decrease in inventory from the previous month, and a 8.3% decrease from the same period in 2012 (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report June 2013).
Overall Housing Market
We are re in the early stages of a good run in the housing market according to the experts. The recovery of the market is real and is expected to continue throughout 2013 and 2014. This is evident here in Vero Beach real estate market when we saw an increase in sales that last 3 quarters. The chart below shows the Fannie Mae existing homes sales from 2012 to 2013 and sales forecast projections for 2014.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – June 2013.
The market took a break in January with fewer sales but as predicted, picked up speed in 2nd quarter of 2013. Evidence of that can be seen here in Vero Beach real estate market when we saw increase in sales in many areas and improved market in many price ranges including in June 2013.
Vero Beach home buyers are also taking advantage of the historic low mortgage rates to secure financing which is a smart decision since the experts predict a rate increase for the rest of 2013 and the rate increase is projected to continue into 2014 as shown in the chart below.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – June 2013.
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.