Housing Market Updates for End of Year 2016 for the Treasure and Space Coasts
To get full reports for each market, including details on differing price points, contact your favorite agent today!
How is the housing market fairing in St Lucie County?
With more inventory on the market than at the end of 2015, prices are stabilizing in the St Lucie County market, except under $250K, where both inventory and sales are both down and prices have increased and will continue to increase aggressively. (If you are looking to buy at this price point, work with a savvy agent who has their pulse on the market and be ready to pounce quickly!) However the middle of the market, single family homes priced $250k-$500k, is a very healthy market overall, with stable inventory and 7.5 months supply with only a slight increase in price year over year. As is true with the majority of the market on the Space and Treasure Coast, those homes priced over $500k remain on the market for more days and need to be priced aggressively to sell. As for the St Lucie County condo market, supply remains tight: expect prices to keep increasing until average price exceeds $100k.
How is the housing market fairing on Hutchinson Island?
Examining the numbers at face value, it first appears as if sales are steady and prices are increasing slightly on Hutchinson Island. However, if you delve deeper into the numbers at each price point, there was a significant decrease in sales under $250k both for single family homes and for condos on Hutchinson Island. This dissapearance of sales under $250K makes it look as if overall prices have increased, when in fact, the actual increase in price for single family homes under $500k has only been 4.5%. For condos, prices have remained nearly stagnant, with buyers continuing to push back against higher price points, with sales down 13.9% from 2015 and down 48% from 2014. A rejection of overpriced units has increased inventory and decreased number of units sold. Aggressive pricing is the key to selling quickly on the Island market.
How is the housing market fairing in Vero Beach?
Shrinking inventory and price adjustments led to modest gains in the local housing market in 2016. “Just as 2015 was a year of recovery and stabilization, so has 2016 turned out, steady but with tightening inventory and slight pushbacks from buyers,” stated Co-Owner and Broker Linda Schlitt Gonzalez. The $250k - $500k market shows balance with similar numbers of buyers and sellers creating a modest price increase of 1% in 2016. Homes priced over $500k remain in a buyer’s market with average time on the market of 1.5 years. Sellers must price aggressively in order to sell quickly and for slightly more in 2017. Condominiums priced under $100k in the Vero Beach market are getting more and more difficult to find, with a slowing of sales, and more decline in inventory. Overall appreciation is climbing steadily for condos, with a majority of new inventory coming in at the over $500k level.
How is the housing market fairing on Vero Beach Island?
Unlike the mainland housing market, inventory levels are growing and prices are holding steady for Island properties. With inventory levels steadily increasing across most segments, “We are unlikely to see upward price adjustments, as buyers continue to have plenty to choose from,” stated Co-Owner and Broker Linda Schlitt Gonzalez, “sellers need to price their home just right to see movement in this moderate market.” For condominiums on the Island, there was a tempering of sales overall, with a -10.7% downturn in sales for the year. Coupled with modest gains in prices, owners can be assured their equity is holding steady but buyers and sellers need to be savvy in getting the most for their transaction.
How is the housing market in Sebastian?
An increase in the number of properties for sale has helped stabilize the Sebastian housing market. The Sebastian housing market has had strong appreciation for sellers, with an overall 16% price increase in year over year comparison. The number of homes on the market increased by 16% -- leading to a solid market for sellers and a stabilization of sales and inventory.
“The rise in listings has certainly provided a better selection for buyers,” stated Coldwell Banker Paradise Co-owner and Broker Linda Schlitt Gonzalez. “And the old axiom continues to bode well for sellers, that the best time to sell is when everyone is buying.” In general, 2016 was a healthy year for the Sebastian housing market: many homeowners regained essential equity, and housing prices across the board steadily increased. “We anticipate a strong market for Sebastian in 2017,” added Schlitt Gonzalez.
How is the housing market fairing on the mainland in Brevard County?
Brevard County housing market continues to heat up in 2016 with 3% more sales and 15% higher prices. Those single family homes under $250K experienced the highest appreciation rate of 4%. If you are in the market for a single family home priced under $250K, be prepared to act quickly and jump, with inventory levels declining in the double digits, this is a very tight market. The condo market also had higher sales with 12% average price increase under $250K and 15% decrease in the much smaller over $500k market. Inventory continues to decline, “The decline in inventory is a strong indicator of rising future prices,” stated Co-Owner and Broker Linda Schlitt Gonzalez.
How is the housing market fairing beachside?
The housing market beachside in Brevard County continued to heat up in 2016 with a tightening of inventory and 7% higher prices for single family homes and 13% higher prices for Island condos. If you are in the market for a single family home or condo priced under $250K, be prepared to act quickly and jump, with inventory levels declining in the double digits, this is a very tight market. The condo market saw decline in sales of 6.5%. The lack of inventory should increase prices in the under $250k market.