The Vero Beach real estate market was very active in September 2015 with increases in sales and sale prices suggesting a strong upcoming winter season. We saw price increases for homes on the mainland and single family homes on the island, but not for island condos.
Overall we saw a slight increase in median of sale prices by 4.3% compared to the same period last year.
Sales also increased by 11.7% compared to last year which is a good sign for the fall mini season and as we are heading into the full winter 2016 season.
Vero Beach Real Estate Market Highlights – September 2015
September 2015 was an active month for Vero Beach real estate but pending sales were slightly decreased by 4% compared to the same period in 2014. Buyers of Vero Beach homes are still active and homes that are priced well move quickly.
However, market activity varied by area and price range. Sale prices in Vero Beach mainland are still appreciating and increased by 6% compared to the same period last year (see the chart below of Vero Beach Mainland Real Estate Market).
DATA SOURCE: MLS data as of 10/2/2015. Data believed to be accurate but not guaranteed.
Demand for homes on the mainland remains steady but we need to see more activity on higher price ranges (see more details in Vero Beach Mainland Real Estate Market Report September 2015).
The market for condos on the island was active this month as we saw a jump in sales by 22%. However, sale prices continue to decline in September 2015 as shown in the following chart of the median of sale prices for Vero Beach barrier island condos.
DATA SOURCE: MLS data as of 10/2/2015. Data believed to be accurate but not guaranteed.
Despite this decline, the seller’s market continues below $350,000, in $400,000 to $450,000 and in $650,000 to $900,000 price ranges (see more details in Vero Beach Barrier Island Condos Real Estate Market Report September 2015).
Vero Beach Real Estate Market Analysis – September 2015
Sale prices for single family homes on the island have stabilized, continue to appreciate and increased by 6.9% compared to the same time last year. The inventory continues to decline and remains at lower levels than the previous 3 years.
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 10/2/2015. Data believed to be accurate but not guaranteed.
The demand has remained steady for homes priced up to $500,000 and is increasing for homes priced from $600,000 to $700,000 (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report September 2015).
Overall Housing Market – September 2015
Mortgage rates continue to show low levels as the Fed is reluctant to raise rates in the current economic environment. The projections by the experts show a slight increase the rest of the year and into 2016.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – September 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 – September 2015.
Nationally, the existing home sales increased sharply in Q3 of 2014, but leveled off and dropped in Q1 2015. The current projection by the experts has been revised to show continued market activity through the end of 2015 and into 2016. The sales activity has been strong year to date for the Vero Beach real estate market and especially on the mainland where we saw more sales than last year.
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 – September 2015.
Vero Beach follows the national trend as few new construction on several communities is ongoing and development of new communities is under way.
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.