Vero Beach Island 2018 1st Quarter Real Estate Market Report
Home sales in the 32963 island market continue to be robust. While the number of homes selling under $500,000 declined, this was only because many homes that used to be in that market segment have moved into the next price tier higher. Sale of homes between $500,000 and a million rose by 33% in the first quarter.
Buyers have been plentiful so far this year and the number of homes sold has increased 8%. At the same time, prices have risen and motivated sellers to action The inventory of homes on the market has increased by over 9%
Inventory in all market segments has grown with over a 12 month supply now available. Buyers have a good selection in most market segments over $500,000. Increasingly sellers unwilling to compromise on their price are staying on the market for longer periods.
With the tax cut and worries about equity markets, the market should remain strong this year. However, with the increasing supply of inventory price increases will probably slow.