Treasure Coast - Vero Beach - Hutchinson Island Real Estate Update

By
Real Estate Agent with Coldwell Banker Ed Schlitt
(Updated April 1st, 2008)             LOCAL REAL ESTATE UPDATE

Local Real Estate Update

Three categories (Island condos, Mainland condos and Hutchinson Island condos that primarily reflect seasonal properties) had substantial increases in sales over the prior month and over March sales in 2006 and 2007. This is an indication the "snow birds" are buying again. 

 

Island condo sales:  Good news for condo/townhomes sales on the BARRIER ISLAND in Indian River County. Sales increased from 7 in February to 18 in March. This is the highest sales number for the past year.  A condo in the Ocean Club sold for $140,000, and a condo sold in Orchid Island for $1,850,000. A total of 3 units sold for over $1,000,000 and 11 units sold for under $500,000.

 

Mainland Condo/townhomes:  A very nice increase in this category also. Condos and townhome sales in the county increased from 32 in February to 51 in March. March was the best sales month since May of 2006. On the MAINLAND there were 20 sales in Vista Royale ranging from $40,000 to $90,000. At the higher end, a condo in Grand Harbor sold for $300,000.  

 

North Hutchinson Island:  Good news-- 9 sales in March, the best month since May of 2006.  Prices were still low, around 2004 levels, but at least there were buyers.  Average time on the market was 17 months ranging from 1 month to 34 months.  Sale price as a % of list price was 73% --ranging from 45% on the home that was for sale for 34 months to 88% on the condo that was on the market for 1 month. There are also 9 sales pending, which looks good for next month.

 

 

Single family home sales were slower this month, but the higher number of properties under contract looks promising

 

Island homes:  Seventeen homes sold on the island -- not much movement from the previous month and the lowest number of March sales in 4 years. However, there are 42 homes under contract, which means the future looks better. Five homes sold for under $500,000, and 5 homes sold for over $1,000,000. Average time on the market was 13 months. There were quite a few homes that sold in less than 3 months. These were also the same homes that had a high sale-to-list-price ratio. One home was on the market for 29 months and sold for 42% of the original list price. The average sale-to-list-price ratio was 80%.  

 

Mainland homes:  Another slow month in sales for single family homes in Indian River County. Six out of the last 7 months have resulted in less than 100 sales per month. On the mainland, prices ranged from under $100,000 in Sebastian and in the Oslo Road area to $525,000 on 65th Ave. The median price on the mainland was lower at $169,000.  Countywide, including the island, the median price was only $174,000. Average time on the market was 4.5 months.  

There were 170 homes under contract, so the future looks better. 

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