The Vero Beach real estate market is getting ready for the holidays and the winter season with increases in sale prices and in inventory. Overall, median of sale prices increased by 6.1%. However, prices for island condos are slightly decreasing, but stabilizing.
Unlike sale pricessales decreased by 6.9% compared to the same period in 2014 which can be attributed to low inventory in some desirable areas and price ranges. The recent increase in the inventory will benefit the market as we are getting ready for the 2016 winter season.
Vero Beach Real Estate Market Highlights – November 2015
November 2015 was not as active for Vero Beach real estate as in past years with decreases in sales. Pending sales also decreased by 13.5% compared to the same period last year. On the other hand, homes that are priced well continue to move quickly.
The Vero Beach real estate market activity still varies price range and area. Sale prices in Vero Beach mainland are still rising and increased by 8.5% compared to the same period in 2014 (see the chart below of Vero Beach Mainland Real Estate Market).
DATA SOURCE: MLS data as of 12/2/2015. Data believed to be accurate but not guaranteed.
The continued price appreciation is encouraging as we are heading into the 2016 season. Sellers experience great market in most areas and price ranges all the way to $250,000 (see more details in Vero Beach Mainland Real Estate Market Report November 2015).
The market for condos on the island continues to show weakness with decline in sales compared to October and last year. The trend of sale prices is still down but stabilizing 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 12/2/2015. Data believed to be accurate but not guaranteed.
However, the seller’s market continues below $350,000, in $400,000 to $450,000 and in $650,000 all the way to $900,000 price ranges (see more details in Vero Beach Barrier Island Condos Real Estate Market Report November 2015).
Vero Beach Real Estate Market Analysis – November 2015
Sale prices for single family homes on the island are still appreciating and increased by 9.3% compared to the same period last year. The inventory increased in November and it may boost the market as we get ready to enter the seasonally strong winter period.
The following chart shows the 12 month price action and trend for single family homes in Vero Beach Barrier Island.
DATA SOURCE: MLS data as of 12/2/2015. Data believed to be accurate but not guaranteed.
Seller’s market continues for homes up to $550,000 and $600,000 to $650,000 price ranges. (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report November 2015).
Overall Housing Market – November 2015
Mortgage rates show that will start to gradually increase as the Fed has indicated that will start to gradually increase interest rates later this year. However, the projections show that the rates will remain at historically low levels so low mortgage rates will continue to lure buyers into purchasing homes in Vero Beach as the winter season get into full swing.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – November 2015.
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 – November 2015.
Nationally, the existing home sales increased sharply in Q3 of 2015 but have tapered off the last few months. The current projections by the experts show that the market activity levels off throughout 2016 and 2017.
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 – November 2015.
Sales activity has been strong year to date for the Vero Beach real estate market but has slowed down a bit as the inventory builds up in anticipation of a strong 2016 season.
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.