The Vero Beach real estate market picked up speed in September 2014 following the slowdown of the summer months. The Vero Beach real estate market for high end homes got back into gear inventory of homes available for sale in Vero Beach has decreased by 4.5% compared to the same period last year, which resulted in higher sale prices.
Vero Beach Real Estate Market Highlights – September 2014
Median of home values for September 2014 increased by 1.5% from the same period in 2013. (see the chart below of Vero Beach Mainland Real Estate Market).
DATA SOURCE: MLS data as of 10/2/2014. Data believed to be accurate but not guaranteed.
Sales in September on the mainland decreased by 9.2% and the inventory increased by 11.7% compared to the same time in 2013, which has affected sale prices (see more details in Vero Beach Mainland Real Estate Market Report September 2014).
The market activity for condos on the barrier island increased in September as we saw a 57% increase in sales compared to August and slightly increased compared to the same period in 2013. Sale prices have been appreciating and increased by an average of 10% compared to the same period last year as the following chart of Vero Beach barrier island condos shows.
DATA SOURCE: MLS data as of 10/2/2014. 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 $700,000. Median of sale prices increased by 11% compared to September of 2013 (see more details in Vero Beach Barrier Island Condos Real Estate Market Report May 2014).
Vero Beach Real Estate Market Analysis – September 2014
The Vero Beach real estate market for single family homes on the barrier island in September 2014 was not as active as in June with fewer sales and drop in sale prices. Demand however has remained steady for lower priced homes but keeps increasing for homes priced from $600,000 to $700,000.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 10/2/2014. Data believed to be accurate but not guaranteed.
The inventory was slightly decreased but still at high levels for high priced homes. The demand has remained steady for lower priced homes but keeps increasing for homes priced from $600K to $700K (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report September 2014).
Overall Housing Market – September 2014
The increase in mortgage rates we saw in 3rd quarter of 2013 has tapered off in 2014 a as the rate of increases has been revised to show much lower levels from previous projections to almost flat. 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.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – September 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 – September 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. Vero Beach real estate market did not follow this trend, with strong sales in Q1 and Q2 of 2014. However, the rate of increase has slowed down during the summer, but is expected to increase as we approach 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.