Indian River County Real Estate Report Q2 2017
Presented by Hank Wolff, REALTOR®
INDIAN RIVER COUNTY residential real estate report The combination of median sale price, average sale price, and the number of closings has shown this market has taken another leap upward. The number of transactions increased 13% from 2nd quarter of 2016, and 31% from the 1st quarter 2017. These significant statistics indicate today’s marketplace as a sellers’ market. The most noteworthy figure is the 44% increase of closings in the middle tier of single family homes. This includes homes on Vero Beach’s mainland, built during the 2004-2006 peak, including; Millstone Landing, Waterway Village, Arbor Trace, and Diamond Lake. Owners are taking action to sell their homes for nearly the original sale price. Vero’s Beach’s barrier island showed a continuing upward trend. Since 2nd quarter of 2016, the median sale price climbed 7%, and closings increased 8%. The median sale price and average sale price for the entire county are at their highest since 2008.
Hot & Cold Neighborhoods Beach City
This area is more commonly known as “Central Beach,” the median sale price increased 11%, contrary to the 14% decline in the previous quarter. For the past two years prices have climbed tremendously and now could be a normalization of this market.
Beach South
Comprised of properties in Castaway Cove, Sandpointe, Smuggler’s Cove, The Moorings, Ocean Oaks, and more, this area remains one of the most desirable and affluent in Indian River County. Because of the wavy and zigzagging
Condominium Transactions
Single Family Home Transactions
Q2
Statistics & Analysis
riverfront coastline, especially in The Moorings, this area has more direct riverfront property line than anywhere else on the Treasure Coast.
Beach Central
The Beach Central area includes Island Club, River Club, Marbrisa, as well as Sea Oaks which accounted for 32 of the 84 closings.
Beach North
There are relatively few units in this market subset which is comprised of the ultra-luxurious communities of Windsor and Orchid Island which have sales as high as $3,000,000, as well as the relatively modest Old Orchid which sells in the $300,000-$450,000 range. The number of closings consistently total under 20 allowing for extreme, eyecatching statistical anomalies which may not express an overall trend.
City of Vero Beach
The heart of Vero Beach’s mainland comprised of Vero Isles, McAnsh Park and Royal Park showed not only re-assuring trends in median sale price, but a 36% increase of closings since 2nd quarter 2016. Much of the activity is from the fast-paced, lower-priced segment of the market attracting offers quickly and going under contract within merely days or weeks.
Sebastian
Median sale price increased 6%, but that is a modest bump for an area that has been aggressively trending upwards. Since 2015 median sale price increased 30%. Sebastian has proved to be an excellent area for investors to flip entry level homes to both snow birds and year-round families. Perhaps a normalization of this market is finally occurring.
NOTEWORTHY BY THE NUMBERS Top 5 Highest Sales $7,728,000. 10,000+ square foot home in Indian River Shores sold at auction $5,000,000. Beachfront home on over 1 acre $3,900,000. Riverfront home in The Moorings with 4 car garage $3,750,000. New construction riverfront home in The Moorings $3,500,000. 165 feet of ocean frontage and architecturally unique home
Indian River County 2013-2017 Median Sale Price +48% Average Sale Price +35% Closings +15%
Changes in Median Sale Price Q2 2016 to Q2 2017
*Source: REALTORS® Association of Indian River County. Information deemed reliable but not guaranteed. Figures rounded to the nearest dollar. Map boundaries estimated. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Each Office Is Independently Owned And Operated.
Hank Wolff REALTORÂŽ 772.321.5080 hwolff@tcsir.com
local knowledge global reach This market analysis takes into account sales across Indian River County. However, real estate is a localized and specific marketplace. Market activity within a subdivision, street or condominium building have a greater impact upon nearby properties than the overall trends in the county. Properties can be categorized according to geographic area, price range, construction age, ocean or river proximity, and dozens of other factors and subgroups. A skilled professional is vital to interpret these market factors and formulate an exclusive marketing strategy. Every home and home-owner is unique and accordingly each deserve a custom market approach.
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For an analysis of your property call a realtor with an understanding of the local marketplace and with access to international, national and local marketing channels. Call Hank Wolff for a private consultation.
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