The Vero Beach real estate market for single family homes on the barrier island in August 2015 was active with increases in sale prices but the lack of inventory in some areas and price ranges has affected sales. Sale prices have started to appreciate gain and increased by 5.3% compared to the same time last year. The demand for Vero Beach single family homes on the barrier island remained steady for homes priced up to $500,000 and keeps increasing for homes priced from $600,000 to $700,000.
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 – August 2015
Seller’s market continues for homes up to $550,000 and $650,000 to $700,000 price ranges. Inventory continues to decline and buyers are having difficulty finding the right home in some areas and price ranges.
DATA SOURCE: MLS data as of 9/2/2015. Data believed to be accurate but not guaranteed.
We can see from the chart above that the number of available homes for sale is decreasing the last 6 months and inventory is low in some price ranges. At the same time, the number of homes sold the last few months is also increasing indicating that the low inventory has hurt sales as demand for single family homes on the barrier island is steady.
Vero Beach Real Estate Market Statistics – August 2015
DATA SOURCE: MLS data as of 9/2/2015. 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 August 2015 shows that although the market has stabilized, we are still in a buyer’s market for some areas and price points. The List to Sale price ratio of 90.3% is slightly above average indicating that homes are priced with the market.
The Days On the Market (DOM) is below the average indicating that demand for single homes on the island is intact and we are in a balanced market.
Vero Beach Real Estate Market Analysis – August 2015
In August 2015, 28 single family homes were sold on the island in Vero Beach, 33% more compared to the same period in 2014 but a lot fewer than last month. The decline in the inventory has affected sales but demand for single family homes on the barrier island is steady.
Median of sale prices have stabilized and increased by 5.3% compared to the same period last year . Sale prices have started to appreciate again as the following charts shows.
DATA SOURCE: MLS data as of 9/2/2015. 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 9/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes $650,000 to $700,000 were sold the fastest with an average of 108 DOM.
For the first time, more Vero Beach single family homes sold than failed to sell (expired) in all price ranges. However, homes above $2M took the longest to sell with 315 DOM.
Buyers are still interested in buying homes in good locations and communities, and in some cases properties are getting offers as soon as they hit the market.
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