2017 Vero Beach Mainland 3rd Quarter Real Estate

2017 Vero Beach 3rd Quarter Real Estate

MARKET REPORT

$1,295,000 4800 16th Street

VERO BEACH 1950 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 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. 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 past area 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 one of our agents, call our Vero Beach US1 Office at 772-778-2029.

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%

New to the Market

$389,000

5085 Topaz Lane SW

$232,900

2480 45th Avenue

Our Agents Have the Competitive Edge!

Using proprietary technology, our agents BRING THE BUYERS to each and every transaction. Using targeted software applications, and the latest in lead development and capture, our agents can not only target likely buyers, but have the technology in their hands, to put YOUR home in front of the most likely buyers. We 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 one of our agents, call our Vero Beach US1 Office at 772-778-2029.

A Selection of Recently Sold Properties

$288,000

491 6th Manor

$234,000

1296 Lexington Manor

$175,000

1856 Highland Drive