The Vero Beach real estate market was not as active in March 2016 at the peak of the traditionally strong winter season. Vero Beach real estate sales in March 2016 declined in all markets with the exception of some still strong areas on the mainland.
Median of sale prices on the other hand are still appreciating and increased by 10.3% compared to the same period last year.
Sales declined by 21.2% in March 2016 compared to the same period last year and were marginally higher than in February. The lack in inventory in some locations and price ranges has definitely impacted sales. The good the recent increase in the inventory is encouraging but we need to see more homes for sale in some price ranges that are in demand.
Vero Beach Real Estate Market Highlights – March 2016
The Vero Beach real estate market slowed down in March 2016 as sales decreased in several market segments. Pending sales increased by 14.7% compared to last month but declined by 19.6% compared to 2015.
The Vero Beach real estate market activity varied considerably by location and price range. Sale prices in Vero Beach mainland are still on the rise and increased by 13% 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 4/2/2016. Data believed to be accurate but not guaranteed.
We are still experiencing seller’s market in some areas and price ranges all the way to $250,000 (see more details in Vero Beach Mainland Real Estate Market Report March 2016).
The market for condos on the island also saw a decline in sales compared to the same period last year and the price appreciation took a break from the steep increase we experienced the last 4 months 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 4/2/2016. Data believed to be accurate but not guaranteed.
The seller’s market continues below $300,000 and in the $500,000 to $550,000 price ranges (see more details in Vero Beach Barrier Island Condos Real Estate Market Report March 2016).
Vero Beach Real Estate Market Analysis – March 2016
Sale prices for single family homes on the island in Vero Beach have stabilized and seller’s market continues for homes up to $450,000. The inventory is increasing but not in some locations and price ranges that are in demand which will has put a break on price appreciation.
The following chart shows the price action and trend for single family homes in Vero Beach Barrier Island throughout 2015.
DATA SOURCE: MLS data as of 4/2/2016. Data believed to be accurate but not guaranteed.
Demand remains strong for homes between $600,000 and $650,000 price ranges. (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report March 2016).
Overall Housing Market – March 2016
Mortgage rates have stabilized and they have decreased the last few months. The projections by the experts show that the rates will remain at historically low levels all the way to 2017 which is good news for Vero Beach home buyers.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – March 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 – March 2016.
Nationally, the existing home sales increased sharply in Q3 of 2015 but dropped in Q4. The current projections by the experts show that the market activity picked up slowly but will remain subdued throughout 2016 and 2017. However, the Vero Beach real estate market remains active but the national slowdown is also felt here as sales have slowed down compared to the same period in 2015.
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 – March 2016.
New construction in several communities continues to present more choices to the buyers by offering homes with great price and value.
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.