The Vero Beach Real Estate Market for single family homes on the island in April 2016 was slightly more active than in March as sale prices are stabilizing and the lack of inventory in the $600,000 to $700,000 price ranges continues to affect sales and price appreciation. Sale prices have stabilized but the sellers market continues for homes up to $450K price ranges and in $600K to $650K range.
Vero Beach Real Estate Market Highlights – April 2016
Sales increased in April 2016 with 35 single family homes that were sold on the island in Vero Beach, 40% more than last month but 25% fewer that the same period last year.
DATA SOURCE: MLS data as of 5/2/2016. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes is increasing the last few months. We need to see more inventory in the $600,000 to $700,000 price ranges where demand is high to sustain price appreciation.
Vero Beach Real Estate Market Statistics – April 2016
DATA SOURCE: MLS data as of 5/2/2016. 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 April 2016 shows that despite the increase in the inventory we saw the last few months has not helped sales substantially. The List to Sale price ratio of 92.1% is above the average and increased substantially indicating that list prices are stabilizing.
The Days On the Market (DOM) is slightly below average indicating demand for single family homes on the island is steady.
The Absorption Rate, or months of inventory of 10.9 indicates that we are still in a buyer’s market.
Vero Beach Real Estate Market Analysis – April 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 as median of sale prices in April 2016 was flat compared to the same period last year as the following charts shows.
DATA SOURCE: MLS data as of 5/2/2016. 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.
DATA SOURCE: MLS data as of 5/2/2016. Data believed to be accurate but not guaranteed.
Homes in the $500,000 to $550,000 price range were sold the fastest with an average of 135 DOM.
More homes sold than expired in all price ranges which is good news for the real estate market of single family homes on the island. Homes above $2M took the longest to sell with 321 DOM. A home that was sold in the $200K to $250K range with 651 DOM has skewed the chart.
The increase in inventory we saw the last few months has not translated into substantially more sales. We need to see more inventory in price ranges with high demand to boost the market and see higher sale prices.
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.