Vero Beach Mainland 1st Quarter Market Report - 2018

Vero Beach

RECENTLY SOLD

SOLD $674,000 2265 6th Court SE

SOLD $369,000

www.FLColdwellBanker.com

SOLD $380,000

SOLD $375,000

1220 Ansley Avenue SW

6150 37th Street

SOLD $364,000

SOLD $350,000

1010 Quail Court SW

6550 35th Lane

SOLD $345,000

SOLD $335,000

SOLD $290,000

4575 Ashley Lake Circle

5347 Antigua Circle

5149 Formosa Circle

113 12th Street SE

Homes selling fast!

Call to see how much your home is worth!

772-778-2029 SOLD $284,,000 1271 Veranda Way

SOLD $279,000 2640 Heron Bay Lane SW

VERO BEACH ISLAND OFFICE 4625 Florida A1A Vero Beach, FL 32963 772-231-4880 VERO BEACH OFFICE 19 50 US-1 Vero Beach, FL 32960 772-778-2029

SEBASTIAN OFFICE 1209 US-1 Sebastian, FL 32958 772-589-7777

www.FLColdwellBanker.com

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.

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.

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.

If you would like to find out the value of your home in today’s changing maket, contact us at 772-778-2029. 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.