The Impact of Tight Inventory on the Housing MarketThe housing crisis is finally in the rearview mirror as the real estate market moves down the road to a complete recovery. Home values are up, home
Vero Beach Real Estate Market Is Still Strong
The Vero Beach Real Estate market is still strong even post 2017 winter season. Although we saw fewer sales than last month, sale prices jumped by almost 40% compared the same period last year. The market was very active for luxury homes on the barrier island which pushed the median of sale prices up. Despite the low inventory levels, buyers looking for homes in Vero Beach have additional options in new construction both on the mainland and on the barrier island.
The real estate market activity continues to vary by location and price range. Sale prices in Vero Beach mainland are stabilizing but they were still higher by 3.5% compared to the same period in 2016.
The real estate market for condos on the island in Vero Beach was not as active in July 2017 with 53% fewer sales than the same period last year hitting the lowest number the last 3 years. The good news is that the median of sale prices jumped by 20.6% in July 2017 compared to the same period in 2016.
The real estate market for single family homes on the Vero Beach barrier island continues to draw buyers as sales were strong in July 2017 and median of sale prices jumped by 45% compared to the same period last year mainly due to more sales of high-end homes.
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Home prices have increased significantly since the housing market bust we experienced across the country in 2008. This is also true here in Vero Beach where we have also seen a big increase