1st Quarter Vero Beach Mainland Market Report

Vero Beach

RECENTLY SOLD Laurie Blakelock, Broker Associate 772-532-2706

SOLD $674,000 2265 6th Court SE

SOLD $369,000

5149 Formosa Circle

SOLD $345,000

4575 Ashley Lake Circle

SOLD $284,,000 1271 Veranda Way

www.FLColdwellBanker.com

SOLD $380,000

SOLD $375,000

SOLD $364,000

SOLD $350,000

1220 Ansley Avenue SW

1010 Quail Court SW

6150 37th Street

6550 35th Lane

SOLD $335,000

SOLD $290,000

5347 Antigua Circle

113 12th Street SE

SOLD $279,000

Homes are selling fast!

Call to see how much your home is worth!

Laurie Blakelock Broker Associate 772-532-2706

2640 Heron Bay Lane SW

ABOUT LAURIE BLAKELOCK Laurie Blakelock has been an Indian River County resident for over 30 years. Originally from Dayton, Ohio, she attended the University of Kentucky because of her “love for horses.”

She was as a former hunter/jumper rider in high school. She began her professional life as a registered nurse, but started her career in real estate with Coldwell Banker Ed Schlitt in 2001 earning the GRI and ABR accreditations.

Laurie combines her real estate knowledge with her passion for horses as Coldwell Banker Paradise’s premier Equine Property Specialist. “It is great to work with Linda, Steve and the fantastic group of professionals they have here. I have been down to Wellington several times over the past 2 years, and Indian River County provides an affordable alternative. We are in between Wellington, Tampa and Ocala, 2 additional major showing areas, and as polo becomes more and more popular, who can argue that Vero Beach is a nicer area to ride and train horses? I believe that this area is ripe for equine property development, and I am excited to represent Coldwell Banker in this endeavor.” - Laurie Blakelock

2018 Vero Beach 1st Quarter Real Estate

MARKET REPORT

Price Point

Year

Homes Sold

Current Listings

Month’s Supply

Average Price

Condos Sold

Current Listings

Month’s Supply

Average Price

Under

2018

223

154

2.1

$167,633

104

106

3.1

$103,952

$250,000

2017

270

198

2.2

$161,175

109

109

3.0

$97,800

Change

-17.4%

-22.2%

-5.8%

+4.0%

-4.6%

-2.8%

+1.9%

+6.0%

$250,001 to

2018

158

295

5.6

$325,512

1

16

48.0

$275,000

$500,000

2017

115

280

7.3

$322,471

7

9

3.9

$342,643

Change

+37.4%

+5.4%

-23.3%

+1.0%

-85.7%

+77.8%

+1144.4%

-20.0%

Over

2018

18

106

17.7

$768,395

1

5

15.0

$672,500

$500,000

2017

25

113

13.6

$649,907

6

3

1.5

$603,000

Change

-28.0%

-6.2%

+30.3%

+18.0%

-83.3%

+66.7%

+900.0%

+12.0%

2018

399

555

4.2

$257,254

106

127

3.6

$110,929

2017

410

591

4.3

$236,217

122

121

3.0

$136,694

Change

-2.7%

-6.1%

-3.5%

+9.0%

-13.1%

+5.0%

+20.8%

-19.0%

Total

While the majority of housing on the Vero Beach mainland still sells below $250,000, this bastian of affordable housing is quickly slipping away. The number of sales in this lower market has declined by 17% due strictly to the limited inventory. With only a 9 week supply of inventory, the sales under $250,000 are being captured by buyers who act fast.

So the mixed message is, buyers in the lower end market need to act quickly and bid aggressively or risk missing out. In the mid and upper end markets, there is a selection for buyers, and while prices are slowly increasing, sellers need to look closely at the competition and price their homes appropriately.

At the same time the market for mid-priced and luxury real estate on the mainland has grown by 30% this year. In the $250,000 to $500,000 market sales were up 37%, but a lot of new construction activity in this price range has helped keep the market better stocked with inventory and held prices flat. Over $500,000 new construction and price increases has created a growing market, but inventory is now approaching an 18 month supply. In this mid-priced and luxury market, there is an increasing number of homes that expire without selling if they are priced too aggressively.

If you would like to find out the value of your home in today’s changing market, contact Laurie Blakelock, Broker Associate at 772-532-2706 or email her at lblakelock@msn.com.

With eleven offices covering 135 miles

of Florida’s East Coast, Coldwell Banker Paradise is the largest full service real estate company in the area.