Island Market Quickens Pace

The Vero Beach Island housing market, which is always highly sought after, became an even hotter commodity in 2017.  After a few sluggish quarters in 2016 held down sales numbers for last year, 2017 saw no such lull in activity. Inventory dropped in most housing segments but two market segments showed significant decreases. Homes priced under $500k are becoming a thing of the past with inventory at only a three month supply. Overall sales and units were up over 10% and average prices increased 8%.  It would seem likely that a 6-9% increase is again likely in 2018. The condo market brightened in 2017 and was also relatively strong but buyers continue to have their choice with healthy inventory levels at all levels of the condo market.