Vero Beach Florida housing market continues upswing in November
Vero Beach, Fla. – December 2012 – Closed sales, pending sales, median prices and average prices rose in Vero Beach Florida’s housing market in December, while the inventory of homes and condos for sale shrunk, according to the latest housing data released by Florida Realtors®.
With home sales strongly trending up and the supply of homes for sale drying up, the market is improving faster than anticipated. We expect these trends in Vero Beach Real Estate to continue into 2013 with the jobs market improving, low mortgage rates continuing and consumer confidence getting stronger.
Statewide closed sales of existing single-family homes totaled 17,072 in November, up 24.4 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.
Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 45.8 percent over the previous November. In Vero Beach, median sales price for single-family existing homes in November was $158,000, up 11.9 percent from a year ago.
Looking at Florida’s year-to-year comparison for sales of townhome-condos, a total of 8,079 units sold statewide last month, up 18.3 percent compared to November 2011. Meanwhile, pending sales for townhome-condos in November increased 30 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $112,000, up 23.1 percent over the previous year. NAR reported that the national median existing condo price in October 2012 was $177,500.
The inventory of Vero Beach Homes for Sale stood at a 5.1-months’ supply in November; inventory for townhome-condo properties was at a 5.3 months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.
“Particularly striking in this market is the degree to which prices have risen,” said Florida Realtors Chief Economist Dr. John Tuccillo. “This might be expected to be the case for median prices as investors absorb the inventory at the lower end of the market, but average prices are up dramatically as well – and that suggests we’re seeing real appreciation occur in the marketplace, another sign of how solid Florida’s real estate recovery has become.”