In April 2005 the Vero Beach real estate market for single family homes on the barrier island was very active despite the lower inventory. Sales increased by 33% compared to March, but still lower than the same period in 2014. The lack of inventory has definitely affected sales. The good news is that the buyers appetite for single family homes in good locations and communities on the barrier island is still intact.
A detailed view of the Vero Beach real estate market on the Barrier Island (zip code 32963) for single family homes is presented in the following sections.
Vero Beach Real Estate Market Highlights – April 2015
Pending sales increased by 9% compared to March. We still experience a seller’s market up to $450,000 price range but we saw some weakness in some price ranges that had exhibited strength in previous months.
DATA SOURCE: MLS data as of 5/2/2015. Data believed to be accurate but not guaranteed.
We can see from the chart above that inventory had built up the last 3 months, but remains below the levels seen the previous 3 years,but the inventory on certain areas and price points is low. The increase in pending sales is encouraging as we enter the less active summer months.
Vero Beach Real Estate Market Statistics – April 2015
DATA SOURCE: MLS data as of 5/2/2015. 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 April 2015 Vero Beach real estate market report shows that we are still in a buyer’s market as the absorption rate of 7.7 indicate. The List to Sale price ratio of 90.0% is below average indicating that sale prices are decreasing.
The Days On the Market (DOM) is slightly lower than average indicating that homes are selling a little faster than average and demand is steady.
Vero Beach Real Estate Market Analysis – April 2015
In April 2015, 44 single family homes were sold on the island in Vero Beach, a 33% increase compared to March, but 5.4% fewer than the same period in 2014. The pending sales in April increased by 9% compared to March which indicates continued demand.Median of sale prices decreased by 3.8% compared to the same period in 2014, but increased by 22% compared to last month . The prices have stabilized but are trending lower as the following charts shows.
DATA SOURCE: MLS data as of 5/2/2015. 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.
DATA SOURCE: MLS data as of 5/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes $550,000 to $600,000 were sold the fastest with an average of 94 DOM.
More Vero Beach single family homes failed to sell (expired) than sold above $900,000 price range. Homes above $2M took the longest to sell with 275 DOM.
The demand has remained steady for lower priced homes but keeps increasing for homes priced from $500,000 to $550,000. Demand for newer homes is also strong as new projects are in the works on the barrier island.
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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