2017 Vero Beach 3rd Quarter RE Market Report

2017 Vero Beach 3rd Quarter Real Estate

MARKET

REPORT

EXECUTIVE ESTATE at the POLO GROUNDS of POINTE WEST

Understated elegance abounds in this 3 bedroom, 3 bath, 3 car garage home with an office.

It has a gorgeous, expansive pool - perfect for entertaining. Offered at $769,000. (191925)

Laurie Blakelock BROKER ASSOCIATE

772-532-2706

laurie.blakelock@coldwellbanker.com

Vero Beach 3rd Quarter Comparison 2017 to 2016

Stable Prices and Sales Leads to Long Term Health for the Vero Beach Housing Market Sales and prices have stabilized in the Vero Beach Housing Market during the 3rd quarter of 2017, reports Coldwell Banker Paradise in their recently released Market Report. The largest full service real estate company on the Space and Treasure Coast, Coldwell Banker Paradise prides itself on its up to date and thorough market statistics. “It’s vital for our customers to keep a pulse on what is happening in the market, our agents are the best trained and most informed to help them make critical decisions at the right time,” stated Co-Owner and Broker Linda Schlitt Gonzalez.

Price increases have slowed over this time last year, with an overall increase of 5% year over year, compared to 79.9% increase year over year in 2016. The overall stability in prices and sales is evidence of buyer resistance and financing limits on rapid price increases. Pricing is key in a tight inventory market, with most sales happening within six weeks. If a home is priced correctly, based on area past sales, it is likely to see a lot of buyer activity.

The tightening of inventory is especially evident at the lowest end of the market, with homes under $250K at a critically short level. There is a healthy pace of sales in homes priced over $500K market, with sales increasing over 40%.

Much of the same movement is true for the Vero Beach

mainland condominium market, with tightening inventories but relatively stable prices. Due to the healthy pace of sales at the lower end of the market, inventory is declining for condos prices under $500k.

National trends continue to buoy local markets as well. With the US job market on a historic streak of over 80 months consecutive job growth, it is a good time to be buying or selling homes. As has been the case in recent years, interest rates are likely to remain low in the near future, with only gradual increases to come down the road. And although the economy is enjoying robust growth, wages have not kept pace.

A factor that is likely contributing to the price stabilization we are seeing across markets. That, in combination with buyer resistance and financing are all holding prices stable.

With eleven offices covering 135 miles of Florida’s East Coast, Coldwell Banker Paradise recently celebrated 64 years of continued service to its clients and communities. Proud of its history, grounded in tradition, and growing thanks to its values, Coldwell Banker Paradise is the area’s only full service real estate company with six divisions including: residential sales and rentals, commercial sales and leases, property management, and concierge services. To speak with Laurie Blakelock, Broker Associate, today call her directly at 772-532-2706 or email her at laurie.blakelock@coldwellbanker.com.

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

869

204

2.1

$173,000

2016

885

209

2.1

$171,833

Change

-1.8%

-2.4%

-0.6%

+1.0%

2017

478

248

4.7

$335.222

2016

340

213

5.6

$356,749

Change

+40.6%

+16.4%

+17.2%

-6.0%

2017

68

98

13.0

$683,745

2016

53

84

14.3

$669,036

Change

+28.3%

+16.7%

-9.1%

+2.0%

2017

1415

550

3.4

$252.345

2016

1278

506

3.6

$241,336

Change

+10.7%

+37.8%

-1.8%

+5.0%

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

330

98

2.7

$101,250

2016

311

96

2.8

$91,917

Change

+6.1%

+2.1%

-3.8%

-9.0%

2017

22

10

4.1

$311,160

2016

9

9

90

$294,856

Change

+144.4%

11.1%

-66.7%

+11.0%

2017

10

3

2.7

$645,590

2016

7

8

10.3

$1,108,488

Change

-42.9%

-62.5%

-73.8%

-42.0%

2017

362

111

2.8

$135,736

2016

327

113

3.1

$143,862

Change

+10.7%

-1.8%

-11.3%

-6.0%

A Sample of Laurie’s Listings

$399,900

6150 37th St., Vero Beach

LOCATION, LOCATION! Sturdy CBK home on 37th St. in area of million dollar homes. Renovated in 2015 with granite, marble, bamboo floors and stainless steel appliances, new septic 2016. HUGE 1300 sf garage. No deed restrictions; bring toys!

Cleared with new barn and fencing with electric and water. All it needs is your personal touch! Down the street from IR Riding Club. On county water! Paved road! Private! (193006)

$110,000

1071 Polo Grounds Drive, Vero Beach

Premium lot in upscale polo/equestrian community.

Unobstructed view, lot faces East and eliminates the glare of the sun while watching Vero Beach Polo matches. Adjacent to BG Polo & Equestrian, a 30 + acre facility catering to all equine disciplines. Miles of trails and golf available. Must have approved builder to build on lot. Seller will discount lot if using Banov Construction to build. (181045)

I Have the Competitive Edge!

Using proprietary technology, I BRING THE BUYERS to each and every transaction. Using targeted software applications, and the latest in lead development and capture, I can not only target likely buyers, but have the technology in my hands, to put YOUR home in front of the most likely buyers. I don’t just work locally, but regionally, nationally and internationally to put your home front and center.

With eleven offices covering 135 miles of Florida’s East Coast, Coldwell Banker Paradise recently celebrated 64 years of continued service to its clients and communities. Proud of its history, grounded in tradition, and growing thanks to its values, Coldwell Banker Paradise is the area’s only full service real estate company with six divisions including: residential sales and rentals, commercial sales and leases, property management, and concierge services. To speak with me today about how I can market YOUR property for a quick sale at the best price call me at 772-532-2706 or email me at laurie.blakelock@coldwellbanker.com.

A Selection of Recently Sold Properties

$288,000

491 6th Manor

$234,000

1296 Lexington Manor

$175,000

1856 Highland Drive