The Vero Beach real estate market for single family homes on the barrier island was strong in May 2013. Monthly home sales in May increased by an impressive 37% compared to April. The following sections provide a detail view of the Vero Beach real estate market on the Barrier Island (zip code 32963) for single family homes.
Real Estate Market Highlights
A seller’s market is developing for prices up to $350,000 and between $500,000 to $550,000. The median of home sales of single family homes on the barrier island have stabilized and are fluctuating around the average the last 6 months. The pending sales is still less than 50% and there are more than 9 months of remaining inventory in some areas in Vero Beach barrier island, indicating that demand for homes does not keep up with supply in these areas.
DATA SOURCE: MLS data as of 6/3/2013. Data believed to be accurate but not guaranteed.
We can see from the above chart that inventory of available single family home on the barrier island in Vero Beach is starting to decline while the sales have increased. This is a good sign for the real estate market and indicates that demand may be increasing. More single family homes were sold in May than any other month year to date and during the last 12 month period.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 6/3/2013. Data believed to be accurate but not guaranteed.
Notes: (1) This is the average of all 12 months of inventory, (2) This is the average of all 12 months of List Price to Sale Price Ratio & (3) This is the average DOM in 12 month period.
The List (asking price) to Sale Price ratio is a useful statistic that shows the strength of a particular real estate market. The closer the sale price to list or asking price, the stronger the market is. The real estate market for single family homes on the barrier island In Vero Beach shows a list to sale ratio of 89.3% indicating the supply is still higher than the demand. However, the list to sale ratio is improving.
Real Estate Market Analysis
There were 55 single family homes sold on the barrier island in Vero Beach in May, an increase of 37% from April. Home sales in May increased by 7.5% compared to the same period last year.The median sale price for single family homes on the island in Vero Beach was slightly higher than the average. The median sold price for the last 30 days was $719,000 with an average DOM of 226 days. The sale prices are still declining (refer to previous section), but stabilizing and trying to form a bottom (see the chart below).
DATA SOURCE: MLS data as of 6/3/2013. Data believed to be accurate but not guaranteed.
A Price Range analysis of homes sold versus homes that failed to sell (expired) and the days these homes were on the market (DOM) provides a useful statistic for the overall health of the real estate market on the barrier island (zip code 32963) in Vero Beach. The chart below presents the number of single family homes Sold vs. Expired (failed to sell) the last 12 months and DOM of homes sold.
DATA SOURCE: MLS data as of 6/3/2013. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 were sold the fastest with an average of 101 DOM. More single family homes failed to sell (expired) in $400K to $600K and above $700K price ranges. Homes above $2 Million took the longest to sell with 374 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, or owner decided not to sell.
The real estate market for single family homes on the barrier island is strengthening between $500,000 to $550,000 and $650,000 to $700,000.
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.
For sellers I provide detailed price analysis report specific to each area and a complimentary no-obligation price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report and the no-obligation price analysis consultation.