Vero Beach Reasl Estate Market
Real Estate prices in Vero Beach, Port St Lucie and Ft Pierce are rising. Three years ago, prices on homes were still low, but since then there has been an influx of buyers heading our way. The home prices here in Indian River County, St Lucie County and Brevard County have been steadily climbing. Two years ago, the average price per square foot of a single-family home was around $122. By then end of 2017, the average prices per square foot for those same homes was at $136 per square foot. Homes with river and ocean views have had an even higher price per square foot increase.
Yes, interest rates have gone up a tick or two, but some of that exuberance will settle down and we could see rates edge back down slightly. If the economic news stays strong throughout the year, there is a good chance interest rates will be raised again. If you have been on the fence about purchasing a home or condo, it really is time to make some serious decisions or you could end up priced out of the market.
I know for some people this sounds all too familiar to what happened in 2005 and 2006, but it’s not the same scenario. Most of those issues were caused by people purchasing way more home than they could afford, at the same time the employment market was beginning to show signs of strain. Today, the employment market is much stronger, and the demand for homes is also stronger. Inventory is not keeping up with demand in some market areas.
Now with interest rates going up as well, this could be one of the best times to jump into the market. Interest rates should settle back down a bit over the next few weeks. Although that’s not a sure thing. What is a sure thing is that the Fed wants to keep the economy running as smoothly as possible, therefore, rate hikes will be happening over the course of this coming year.