Vero Beach Island 2014 Year End Real Estate Market Report

2014 Vero Beach Island Year End Real Estate

MARKET REPORT

OCEAN SHORES CONDOMINIUM FULL OCEAN VIEW • VERO BEACH Offered at $525,000

VERO BEACH 1950 US Hwy. 1 772.778.2029

ISLAND PREVIEWS 4625 Hwy. A1A 772.231.4880

SEBASTIAN 1209 US Hwy. 1 772.589.7777

N. HUTCHINSON 4007 N. Hwy. A1A 772.464.7007

2014 Vero Beach Island Year End Real Estate Report Whether you’re thinking about buying a home, selling your home, or you’re just curious about your home’s value, it’s important to know about trends in the real estate market that could impact your home’s value and your financial security. Unfortunately, information about price appreciation and sales activity that is published by traditional media forums is very general and may not be consistent with what’s happening in your neighborhood or price point. Information contained in this report is designed to give you greater insight into trends that are occurring in your neighborhood, by price point.

In general, 2014 proved to be another good year for real estate sales activity, but there was a dramatic difference between the condominium market and single family housing market. The strong rebound of singlefamily sales in 2013 did not carry over to 2014. A drop in the number of homes available for sale likely led to fewer sales, yet surprisingly, there was only a slight increase in prices last year. A full recovery appears to be underway for homes sold over $1 million, where the number of sales and prices both increased by doubledigits. Condominium market activity was strong across all price points. A double-digit increase in sales and a double-digit drop in the number of condominiums available for sale, led to significant price appreciation across the board. In 2015, we expect residential activity on the Island to remain strong, with prices continuing to increase.

Call us today for detailed information about your home’s value in today’s market. Contact us directly at our Vero Beach US 1 office 772-778-2029, our Island Previews office 772-231-4880, our Sebastian office 772589-7777, or our North Hutchinson office 772-464-7007. All discussions are strictly confidential.

If you would like to continue getting our quarterly updates, just let us know. Email us at Schlitt@ ColdwellBanker.com. We will make sure that a copy is delivered to you quarterly.

All the best,

Linda Schlitt Gonzalez and Steven Schlitt, Owners

VERO BEACH ISLAND SINGLE FAMILY HOMES YEAR END 2014 COMPARISON TO YEAR END 2013 Price Point Under $500,000

$500,001 to $1,000,000

Over $1,000,000

Total

Year

Homes Sold

Current Listings

Month’s Supply

Average Price

2014

183

70

4.6

$364,834

2013

199

108

6.5

$361,984

Change

-8%

-35%

-29%

+1%

2014

148

117

9.5

$690,427

2013

155

137

10.6

$704,347

Change

-5%

-15%

-10%

-2%

2014

98

151

18.5

$2,173,356

2013

81

187

27.7

$1,752,090

Change

+21%

-19%

-33%

+24%

2014

429

338

9.5

$890,296

2013

435

432

11.9

$742,822

Change

-1%

-22%

-20%

+20%

VERO BEACH ISLAND CONDOS YEAR END 2014 COMPARISON TO YEAR END 2013 Price Point Under $500,000

$500,001 to $1,000,000

Over $1,000,000

Total

Year

Condos Sold

Current Listings

Month’s Supply

Average Price

2014

242

112

5.6

$272,904

2013

220

171

9.3

$241,505

Change

+10%

-35%

-40%

+13%

2014

50

30

7.2

$706,075

2013

34

49

17.3

$652,091

Change

+47%

-39%

-58%

+8%

2014

10

17

20.4

$1,548,000

2013

7

26

44.6

$1,428,571

Change

+43%

-35%

-54%

+8%

2014

302

159

6.3

$386,842

2013

261

246

11.3

$326,828

Change

+16%

-35%

-44%

+18%

EXCLUSIVELY PRESENTING:

$675,000

$579,000

$479,000

935 Sunrise Terrace

2077 Indian Summer Lane

1760 Coral Way

$375,000

$355,000

$299,000

1480 Ocean Drive

5000 Highway A1A

1370 White Heron Lane

INDIAN RIVER SHORES • VERO BEACH

SOUTH COVE CONDO • VERO BEACH

SEASONS • VERO BEACH

OCEANGATE • VERO BEACH

SEAGROVE • VERO BEACH

DUNES LOT • VERO BEACH

WE INVITE YOU TO VIEW OUR ENTIRE COLLECTION AT: FLColdwellBanker.com

PRSRT SSTD ECRWSS U.S. POSTAGE PAID EDDMRETAIL

A SELECTION OF RECENT SOLDS:

Asking Price $950,000

SOMERSET BAY CONDO • VERO BEACH

SOLD for $950,000 Asking Price $930,000

OCEANRIDGE • VERO BEACH

9049 Summerset Bay Lane

SOLD for $930,000

1963 Ocean Ridge Drive

SOLD IN 13 DAYS

Asking Price $679,000

SOLD for $650,000

SILVER SHORES • VERO BEACH

713 Shore Drive

C

Asking Price $550,000

SOLD for $530,000 Asking Price $429,000

SOMERSET BAY CONDO • VERO BEACH

9031 Somerset Bay Lane

VEROMAR • VERO BEACH

576 Date Palm Road

oldwell Banker Paradise is the largest real estate brokerage firm in the area, with 9 offices serving St. Lucie, Indian River and Brevard Counties. We are commited to providing the highest level of real estate services to our clients.

For over 60 years our family-owned and operated company has assembled a highly trained and professional sales organization. We have specialists in residential and commercial sales, leasing services for both, as well as a property management division.

Whether you are considering buying, selling, leasing or professional management of your property, give us a call. We are open 7 days a week for your convenience.

VERO BEACH ISLAND PREVIEWS 772.778.2029

772.231.4880

SEBASTIAN 772.589.7777

N. HUTCHINSON 772.464.7007

SOLD for $399,000