Vero Beach real estate market activity took a break in June 2015 after the fast action of an excellent season. Sales decreased by 6.7% compared to the same period last year. Lack of inventory in some areas and price ranges has definitely affected sales and has created a seller’s market.
Pending sales jumped by 9.9% which indicates that the strong season will carry over to the traditionally slow summer months.
Vero Beach Real Estate Market Highlights – June 2015
Overall the median of sales prices in June 2015 posted a 7.3% decrease compared to the same period last year. The decent sales of homes on the mainland and for single family homes on the barrier island despite low inventory is encouraging.However, the market activity was not the same in all segments of the real estate market in Vero Beach. The market continues strong in Vero Beach mainland as sale prices are still appreciating and slightly increased by 8.1% compared to the same period last year (see the chart below of Vero Beach Mainland Real Estate Market).
DATA SOURCE: MLS data as of 7/2/2015. Data believed to be accurate but not guaranteed.
However, increase in sales pendings despite the transition to the traditionally slow period is encouraging (see more details in Vero Beach Mainland Real Estate Market Report June 2015).
The real estate market for condos on the barrier island in Vero Beach slowed down in June 2015 with decreases in sales and sale prices that have started to slightly decline as shown in the following chart of median of sale prices for Vero Beach barrier island condos.
DATA SOURCE: MLS data as of 7/2/2015. Data believed to be accurate but not guaranteed.
Seller’s market continues below $400,000, in $500,000 to $550,000 and in $600,000 to $700,000 price ranges (see more details in Vero Beach Barrier Island Condos Real Estate Market Report June 2015).
Vero Beach Real Estate Market Analysis – June 2015
Sales for single family homes on the barrier island slightly decreased by 6% compared to the same period last year. Median of sale prices have stabilized and slightly increased compared to the same period last year. The inventory continues to decline which may impact sale prices for the rest of 2015.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 7/2/2015. Data believed to be accurate but not guaranteed.
The demand has remained steady for homes priced up to $450,000 and keeps increasing for homes priced from $650,000 to $700,000 (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report June 2015).
Overall Housing Market – June 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 provide a great opportunity to both buyers and sellers of Vero Beach real estate.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – June 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 – June 2015.
Nationally, the existing home sales increased sharply in Q3 of 2014, but leveled off and dropped in Q1 2015. This activity is projected to start increasing in Q3 2015 and into 2016. The sales activity was strong for the Vero Beach real estate market during the 2015 season with increase in sales this May.
Buyers are still interested in buying homes in good locations and communities, and in some cases there are multiple offers on well priced properties.
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 – June 2015.
New construction on several communities and especially on oceanfront lots is ongoing as building of new high-end townhomes has started.
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.