Sebastian, Florida Real Estate Market

The real estate market in Sebastian, Florida closely corresponds with all of Indian River County.  During April 2011, existing-home sales slowed slightly according to a recent report by the National Association of Realtors (NAR).  Included in the assessment were existing-homes sales such as recently purchased single family, town homes, condominiums, and co-ops.  These transactions fell by 0.8 percent as compared to a national annual rate with is adjusted on a seasonal basis.

The future is looking better for the Sebastian real estate market, however.  There is evidence of increasing affordability conditions, job creation in the Sebastian area and pent-up demand.  Despite the existence of credit restraints in the market and a steady level of low appraisals that result in contract cancellations, home sales are predicted to trend up through the remainder of 2011 and into 2012.

Americans remain confident in homeownership investment, according to a national survey that reflects a strong confidence in the Sebastian housing market and future outlook.  According to the survey results, 81 percent of adults believe homeownership is the best long-term investment a person can make, and it remains the top long-term financial goal.

According to the U.S. 2012 Census, Indian River County gained 18,444 housing units in the past 10 years, moving from 57,902 units in 2000 to 76,346 units last year.  On the other hand, there are also 16,170 vacant units now compared with 8,765 in 2000, reflecting a significant increase.  This means that over 21 percent of the Sebastian area housing units are currently vacant compared with just 15 percent in 2000.  These figures come despite the fact that between 2000 and 2010, Indian River County’s population grew by 25,081 people, from 112,947 to 138,028 in 2010 — a 22.2 percent increase, according to the U.S. Census Bureau.