Existing home prices continue to fall

Indian River County existing home sales, prices still falling

By Nadia Vanderhoof (Contact)
Thursday, October 25, 2007

VERO BEACH — Existing home sales and prices in September continued to fall in Indian River County, a report from the Realtors Association of Indian River County said Wednesday.
In the county, 94 existing single-family homes sold in September, down from 141 units the year before, the Realtors association said. Prices dropped to $174,495 from $220,400 between the same months.

"Figures seem to show we are not at the bottom yet and that sellers are reducing their prices," said Richard Hope, past president of the Treasure Coast Builders Association and president of The Hope Co., a Vero Beach general contractor.
Eleven existing condos sold in the county last month, down from 21 in September 2006. The market's median sales price for an existing condominium was $135,000, down from $166,900 from last year.
"Historically September has been a slow month," said Maria Fulchini, president of the Realtors Association of Indian River County.
Sales and prices of existing homes fell across the Treasure Coast, but the region is faring better than other markets to the north and south, a separate report from the Florida Association of Realtors showed Wednesday.

The association said its members in the Fort Pierce-Port St. Lucie Metropolitan Statistical Area, which includes Stuart, sold 258 existing single-family homes in September, down 23 percent from a year earlier when 336 sold.
The median sales price for an existing single-family home in the area dropped 17 percent to $202,000 in September compared with $244,300 last year.
Sheri Wetzel, president of the Realtors Association of St. Lucie County, said the market likely turn around in 2009.
"I think this shows that we're still an affordable community," Wetzel said. "Where else can you find a waterfront community and find affordable housing that a family can make payments on?"
Fifty existing condos sold in the Fort Pierce-Port St. Lucie area last month, almost unchanged from the number of condos sold a year ago, according to the Florida association. The market's median sales price for an existing condominium inched up 1 percent to $225,000 between the two time periods.

The report showed that the Treasure Coast's numbers were better than markets to the north and south, except for Palm Beach County. The West Palm Beach-Boca Raton area saw 471 sales of existing homes, down 17 percent from 566 last year. Prices dropped 3 percent to $355,300.
41 percent to 304 in September, according to the Florida association. The median sales price declined 8 percent to $189,700 from the same period last year.
Year-to-year sales of existing homes plummeted 46 percent in the Fort Lauderdale market and 53 percent in Miami, according to the association.
Statewide, home sales dropped 38 percent to 8,688 in September from the same month of 2006, the state association said.

Existing single-family homes:

September 2006: 141 units
September 2007: 94 units
Median Price
September 2006: $220,400
September 2007: $174,495

Existing condominium sales:

September 2006: 21 units
September 2007: 11 units
Median Price
September 2006: $166,900
September 2007: $135,000
Realtors Association of Indian River County