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

The Vero Beach Real Estate Market of single family homes on the island in October 2016 continue to languish as sales in declined by 39% compared to the same period in 2015, but sale prices appear to have stabilized .

Vero Beach Real Estate Market Highlights – October 2016


Sales declined in October 2016 as 23 single family homes were sold on the island in Vero Beach, 39% fewer than the same period in 2015 and 17% fewer than in September, as the following chart shows.

Vero Beach Island Single Family Market Statistics - For Sale vs Sold - October 2016 DATA SOURCE: MLS data as of 11/2/2016. Data believed to be accurate but not guaranteed.

The increase in the inventory we saw the last few months has not pushed sales higher as the market activity has been subdued this fall. There are still plenty of homes for sale in high price ranges, however demand is weak.

Vero Beach Real Estate Market Statistics – October 2016

Market Statistics - Vero Beach Island Single Family October 2016 DATA SOURCE: MLS data as of 11/2/2016. 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 October 2016 shows that increase in the inventory we saw the last few months has not resulted in substantially more sales so far this summer. The List to Sale price ratio of 92.9% is higher than the last couple of months indicating that buyers want to take advantage of the low interest rates and are willing to close the deal.

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

The Absorption Rate, or months of inventory of 15.6 indicates that we are still in a buyer’s market.

Vero Beach Real Estate Market Analysis – October 2016


Sale prices of single family homes on the island have stabilized but decreased by 6% compared to the same period last year as the following charts shows.

Market Statistics - Island Single Family Median of Sale Prices - October 2016 DATA SOURCE: MLS data as of 11/2/2016. 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 - October 2016 DATA SOURCE: MLS data as of 11/2/2016. 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 88 and 118 DOM respectively. More homes sold than expired in most price ranges but the trend is changing on higher price ranges.

The real estate market for single family homes on the barrier island continues to soften.

Detailed Real Estate Market Reports for single family homes in Vero Beach Barrier Island (zip code 32963) are produced on a monthly basis. If you would like to receive these real estate market reports, fill in the request form below with your email address. These reports will be sent to your email the beginning of the each month with market statistics of the previous month. Subscribe to the detailed market report below to see the hottest markets and price points.

For buyers and sellers I provide detailed market analysis report specific to each area. For sellers, I can provide a complimentary no-obligation property price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report or the no-obligation price analysis consultation.

Report Request Form:

First Name:
*
Last Name:
*
Email:
*
Phone:
Message: