Statistics Do Tell The Story

Reprinted in part from my newsletter...

2008 VS 2009 sales in Indian River County...and the first 45 days of 2010


Here are some statistics as taken from the MLS of the Realtor Association of Indian River County comparing the sales in 2008 to those in 2009.

Single family home sales on the mainland in Vero Beach were up nearly 40% in 2009 as compared to 2008, while the average and median price of homes dropped significantly.


In 2008 there were 708 homes sold on Vero’s mainland with an average sale price of $215,395 and median sale price of $175,000, as compared to 989 in 2009 at an average sale price of $151,674 and a median sale price of $133,000.


Single family home sale on Vero’s island rose 16% from 216 in 2008 to 251 in 2009 while a drop in the average and median price. In 2008 the islands average sale price was $933,770 with a median of $577,500, while in 2009 it fell to an average of $831,542 and median sale price of $460,000.


Single family home sale in Sebastian and the north Indian River County rose 23% in 2009 to 486 from 395 in 2008 but median and average prices fell. Here the 2008 sale price average was $154,025, median $142,000, while in 2009 they dropped to an average of $130,000 and median of $115,000.


Condominium sales on the mainland of Vero Beach rose just under 14%, from 233 total sales in 2008 to 265 in 2009. And as has been the trend, the median and average sale prices dropped in 2009 to $90,887 average and median $70,000 from 2008 average of $122,700 and median of $90,000.


The number of island condo sales stayed level with 146 in 2008 and 151 in 2009 but, as expected, average price went from $495,384 in ’08 to $373,556 in ’09 and median dropped from $355,000 to $266,000.


Condo sales in Sebastian and the north county more than doubled in 2009 at 48 total, up from 20 in 2008. Average condo sale price went down from $167,325 in 2008 to $127,539 in 2009, and the median price fell from $148,750 to $122,250.


And for the month of January in 2010 the statistics show 12 single family home (average sale price of $686,250, median of $407,500) and 13 condominium sales ($396,615 average sale price and $378,000 median) on Vero’s island; Vero Beach mainland sales of 59 single family homes (average sale price $140,576, median price of $126,000) and 12 condo sales (average $122,125 and median of $85,000); Sebastian and the north county show 31 total single gamily homes sales (Average $133,170, median $127,900) and only 4 condo sales averaging $142,875 (median $142,250).


Statistics for the he first half of February show sales holding steady county wide. The MLS data for the period of February 1-14, 2010 shows 9 single family and 4 condo sales on Vero Beach’s island; 26 single family home and 8 condo sales on Vero’s mainland; and 16 single family homes and 1 condo sale in Sebastian and the north county.


We are selling in all price ranges and styles, all ages and conditions of structure…new, old, and everything in between. And the rentals are going fast, too! This is certainly a great time for buyers to take advantage of low mortgage rates and low house and condo prices that seem to have leveled a bit. Realistic sellers are feeling more confident now and our market picture is looking brighter! Maybe we are at the turning point? Stay tuned….