Vero Beach Barrier Island Single Family Real Estate Market Report July 2016

The Vero Beach Real Estate Market for single family homes on the island in July 2016 was again less active than in June and the same period last year with fewer sales as the lack of inventory in price ranges that are in demand such as in the $600,000 to $650,000 price range continues to impact the market. Sale prices have stabilized but still increased by 9% compared to the same period last year as some buyers are priced out of that market in some of the price ranges that are in demand.

Vero Beach Real Estate Market Highlights – July 2016


There were fewer sales in July 2016 with only 28 single family homes that were sold on the island in Vero Beach, 39% fewer than the same period last year and fewer than the same period the previous 3 years.

Vero Beach Island Single Family Market Statistics - For Sale vs Sold - July 2016 DATA SOURCE: MLS data as of 8/2/2016. Data believed to be accurate but not guaranteed.

The increase in the inventory we saw the last few months has not resulted in more sales so far post season. There are plenty of homes for sale in high price ranges, but the demand is not keeping up with the supply.

Vero Beach Real Estate Market Statistics – July 2016

Market Statistics - Vero Beach Island Single Family July 2016 DATA SOURCE: MLS data as of 8/2/2016. Data believed to be accurate but not guaranteed.

Notes: (1) The average of all 12 months of inventory, (2) The average of all 12 months of List Price to Sale Price Ratio & (3) The average DOM in 12 month period.

The Vero Beach real estate market report for July 2016 shows that the increase in the inventory we saw the last few months has not substantially helped sales. The List to Sale price ratio of 92.7% is almost at par with the average and remains steady the last few months indicating that buyers are willing to make offers closer to asking prices.

The Days On the Market (DOM) is below average indicating steady demand for single family homes on the island.

The Absorption Rate, or months of inventory of 9.8 indicates that we are still in a buyer’s market.

Vero Beach Real Estate Market Analysis – July 2016


Sale prices of single family homes on the island have been fluctuating the last 12 months. However, the median of sale prices have stabilized but increased by 9% compared to the same period in 2015 as the following charts shows.

Market Statistics - Island Single Family Median of Sale Prices - July 2016 DATA SOURCE: MLS data as of 8/2/2016. Data believed to be accurate but not guaranteed.

An analysis on Price Ranges of homes sold versus homes that failed to sell (expired) and the days these homes were on the market (DOM) gives us a good indication for the overall health of the real estate market on the barrier island (zip code 32963) in Vero Beach. The Vero Beach real estate market chart below presents the number of single family homes Sold vs. Expired (failed to sell) the last 12 months and DOM of homes sold.

Market Statistics - Island Single Family - Sold vs Expired and DOM - July 2016 DATA SOURCE: MLS data as of 8/2/2016. Data believed to be accurate but not guaranteed.

Homes in the $250,000 to $300,000 and in the $450,000 to $550,000 price rages were sold the fastest with an average of 96 and 115 DOM respectively. Three homes that were sold in the $200K to $250K range with an average of 360 DOM have skewed the chart.

The price increases are affecting sales as some buyers are priced out of the market especially in desirable locations.

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