Vero Beach Mainland 2nd Quarter Market Report 2017

2017 Vero Beach Mid-Year Quarter Real Estate

MARKET REPORT

$400,000 1105 Buckhead Drive SW Offered by Vance Brinkerhoff

VERO BEACH 7202 US 1 772-778-2029

VERO BEACH ISLAND GLOBAL LUXURY 4625 Florida A1A 772-231-4880

N. HUTCHINSON ISLAND 4007 Florida A1A 772-464-7007

Vero Beach Mid-Year Comparison 2017 to 2016 Vero Beach Mainland Housing Market Shows Robust Pace with No Slow Down in Sight With double digit increases in both sales and inventory, the Vero Beach mainland housing market is likely to continue its healthy pace throughout 2017, reports Coldwell Banker Paradise in their recently released Mid-Year Housing Report.

This year, as many homeowners have found their equity levels rising, more and more Vero Beach residents are looking to finally make their move. With prices rising, the $250,000 to $500,000 price range is now seeing increased activity. Inventory rates remain stable with a slight increase in the number of units on the market and in months supply of inventory.

Buyers looking to relocate to Vero Beach Mainland will find both an increase and a variety in new listings.

Working with an experienced agent is the only way for buyers to stay ahead of rapidly changing inventory.

Vero Beach Mainland Condominiums sales are selling quickly with an average 2.7 months supply on the market. Affordable units in the $250-500K range are selling quickly with an increase of 200% in year over year sales. Inventory rates remain somewhat stable at a 14% increase.

“Its a great time to sell with real movement in the market, and if you are in the market to buy, now is a better time than ever,” stated Coldwell Banker Paradise Co-Owner and Broker Linda Schlitt Gonzalez.

“As interest rate increases raise loan payments, and inventories rise, home price increases will not be as large going forward. So now is also a good time for Sellers.”

The leader in full service local real estate, Coldwell Banker Paradise agents closed over 2,234 transactions in the last year, placing the company as the 350th largest broker in the country in units sold, according to the Real Trends 500 survey. Nationally, Coldwell Banker out-produced every other national brand, ranking #1 for dollar volume.

With eleven offices from Stuart to Satellite Beach, Coldwell Banker Paradise prides itself on providing the best market analysis available to home buyers and sellers through its Quarterly Market Reports and its knowledgeable agents.To find out what your home may be worth in this market, call our offices today at 772-778-2029.

New Properties on the Market

$600,000

6275 Arrowhead Lane

$387,000

4393 2nd Square

$319,000

735 Alexandra Avenue

SINGLE FAMILY HOMES Price Point Under $250,000

$250,001 to $500,000

Over $500,000

Total

Year

Homes Sold

Current Listings

Month’s Supply

Average Price

2017

621

202

2.0

$166,155

2016

576

190

2.0

$155,240

Change

+9.5%

+6.3%

-2.9%

+7.0%

2017

312

274

5.3

$323,841

2016

215

166

4.6

$324,958

Change

+45.1%

+65.1%

+13.7%

0.0%

2017

52

89

10.3

$641,760

2016

30

54

10.8

$727,384

Change

+73.3%

+64.8%

-4.9%

-12.0%

2017

985

565

3.4

$241,210

2016

812

410

3.0

$221,315

Change

+21.3%

+37.8%

+13.6%

+9.0%

CONDOS Price Point Under $250,000

$250,001 to $500,000

Over $500,000

Total

Year

Homes Sold

Current Listings

Month’s Supply

Average Price

2017

236

109

2.8

$101,250

2016

227

92

2.4

$91,917

Change

+4.0%

+18.5%

+14.0%

+10.0%

2017

15

5

2.0

$311,160

2016

5

5

6.0

$307,400

Change

+200.0%

0.0%

-66.7%

+1.0%

2017

10

4

2.4

$620,200

2016

7

6

5.1

$795,071

Change

-42.9%

-33.3%

-53.3%

-22.0%

2017

261

118

2.7

$133,196

2016

239

103

2.6

$117,019

Change

+9.2%

+14.6%

+4.9%

+14.0%

Front cover photo by: Vero in Photography.

Bringing Family Values to Business For 64 Years, A Heritage You Can Trust Proud of its history, grounded in tradition, and growing thanks to its values, Coldwell Banker Paradise is the area’s oldest and largest, full-service Real Estate Company. Founded in 1953 by Ed and Marguerite Schlitt, and currently led by their son and daughter, Steven and Linda, the entire Coldwell Banker Paradise family of agents and staff proudly embrace the Schlitt principles of honesty, hard work and an unwavering commitment to outstanding customer and community service.

Ed Schlitt was well known statewide as a result of his many years of service to the industry and community. He served as President of Florida Association of Realtors, Regional Vice President of the National Association of Realtors, as well as Association of Realtors®, and local board president. Marguerite also served as local President of the Realtors® Association, and they are the only husband and wife team to ever serve as Chairman of the Florida Real Estate Commission.

Ed Schlitt was at the heart of development in and around Vero Beach, serving as Chairman of the Regional Planning Council as well as over a decade on the Airport and Development Commission, In fact, it was Ed Schlitt who was pivotal to pulling together the development of what is now well known as Miracle Mile. First to come to the area was Publix, followed shortly thereafter by Woolworth’s, Rexall Drugs and

The Ed Schlitt Agency, Founded October 1, 1953

Wodtke’s.

In addition, Ed Schlitt put together the deals for the first condominiums in Vero Beach, the Ocean Chateau and The Riviera.

“My father and mother set a high standard,” stated Steven Schlitt. “They spent a lifetime striving to be the best in the profession and that is what I strive for every day.”

“I knew what mortgage rates were by the time I was in the third grade,” --Linda Schlitt Gonzalez