The Vero Beach real estate market for single family homes on the barrier island in April 2014 was very active with a pickup in market activity and more sales than in March. The demand has remained steady for lower priced homes and has increased for homes priced from $600,000 to $700,000. However, there are still price points where the demand is greater that the supply, and a seller’s market.
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.
Vero Beach Real Estate Market Highlights – April 2014
Total home sales for April 2014 were higher than March. The market has become more active with some price appreciation. The seasonally active months have strengthened the real estate market for single family homes on the barrier island
DATA SOURCE: MLS data as of 5/2/2014. Data believed to be accurate but not guaranteed.
We can see from the chart above that the inventory has been decreasing the last 2 months but the inventory of available homes for sale is still at high levels and demand is still lower than the supply. The number of homes sold the last 5 months has remained steady but increased by 25% in April compared to March.
Vero Beach Real Estate Market Statistics – April 2014
DATA SOURCE: MLS data as of 5/2/2014. 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.
Vero Beach real estate market report shows that 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 90.9% , indicating that homes are priced closer to the market and the buyers are willing to make offers closer to the asking price.
Vero Beach Real Estate Market Analysis – April 2014
In April 44 single family homes were sold on the island in Vero Beach, equal number as the same period in 2013, but 25% more than in March. The market has changed and has become more normal some price appreciation in certain price points where inventory is low. The seasonally active months have strengthened the real estate market for single family homes on the barrier island.Median of sale prices increased by 7.4% in April compared to the same period last year but were lower than in March (see the chart below).
DATA SOURCE: MLS data as of 5/2/2014. 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 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.
DATA SOURCE: MLS data as of 5/2/2014. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $400,000 to $450,000 price range were sold the fastest with an average of 61 and 107 DOM respectively.
More Vero Beach single family homes failed to sell (expired) than sold above $2,000,000 price range. Also, homes above $2 Million took the longest to sell with an average of 330 DOM.
The market has changed and has become a more normal market with some price appreciation. The market activity in the next few months will determine the strength of the real estate market for single family homes on the barrier island. Subscribe to the detailed market report below to see the hottest markets and price points.
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.
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