The Vero Beach real estate market is gearing up for the 2015 season during the month of October 2014 with higher prices and slight increase in inventory. The Vero Beach real estate market for high end homes continues strong inventory of homes available for sale in Vero Beach has increased by 6.3% from October but 8.3% lower than the same period last year. The market activity for the rest of the year will give us clues as to the strength of the upcoming winter season.
Vero Beach Real Estate Market Highlights – October 2014
Median of home values for October 2014 increased by 7.8% from the same period in 2013. (see the chart below of Vero Beach Mainland Real Estate Market).
DATA SOURCE: MLS data as of 11/2/2014. Data believed to be accurate but not guaranteed.
Sales in October 2014 on the mainland increased by 9% and the inventory increased by 4%compared to the same time in 2013. The increase in inventory may affect future sale prices (see more details in Vero Beach Mainland Real Estate Market Report October 2014).
The market activity for condos on the barrier island slowed down a bit in October as we saw a 32% reduction in sales compared to September but 15.4% increase in sales compared to the same period in 2013. Sale prices have been appreciating and and increased by an average of 10.5% compared to the same period last year as the following chart of Vero Beach barrier island condos shows.
DATA SOURCE: MLS data as of 11/2/2014. Data believed to be accurate but not guaranteed.
Demand has remained steady for lower priced condos and has increased for condos priced from $500,000 to $550,000 (see more details in Vero Beach Barrier Island Condos Real Estate Market Report October 2014).
Vero Beach Real Estate Market Analysis – October 2014
The Vero Beach real estate market for single family homes on the barrier island in October 2014 was active. Sale prices increased on the average by 8% compared to 2013. The inventory has slightly increased and it may signal that home owners are looking to take advantage of strong demand for homes on the barrier island.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 11/2/2014. Data believed to be accurate but not guaranteed.
The demand has remained steady for lower priced homes but keeps increasing for homes priced from $500,000 to $550,000 and $600K to $650K price ranges (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report October 2014).
Overall Housing Market – October 2014
The increase in mortgage rates we saw in 3rd quarter of 2013 has tapered off in 2014 as the rate of increases has been revised to show much lower levels from previous projections. The continuation of low mortgage rates bodes well for Vero Beach Real Estate Market with possible increase in sales for the rest of the year and expected to accelerate in the 2015 winter months.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – October 2014.
The chart below shows the Fannie Mae Existing Home Sales for Single Family Homes, Condos and Co-Ops from 2013 to present and the projections for the rest of 2014 and 2015.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – October 2014.
Nationally, the existing home sales show a dip in Q1 of 2014, with an increase in activity the rest of 2014 and leveling off in 2015. However, the rate of increase slowed down during the summer, but is expected to increase the rest of the year and 2015 as we enter the seasonally strong winter months.
Sellers need to keep a close eye on the sales and price action during the fall and prepare to properly position their homes with the market trend.
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.