It was a mixed bag for the Vero Beach Real Estate Market of single family homes on the island in August 2016 as sales increased compared to July but sale prices have started to decline as the lack of inventory in some desirable price ranges such as in the $600,000 to $650,000 continues to impact the market. Sale prices have started to decline and decreased by 15.3% compared to the same period in 2015r.
Vero Beach Real Estate Market Highlights – August 2016
Sales of single family homes on the barrier island increased by 10.3% in August compared to July and 14% compared to the same period last year, a welcoming sign in the subdued market as the following chart shows.
DATA SOURCE: MLS data as of 9/2/2016. Data believed to be accurate but not guaranteed.
The increase in the inventory we saw the last few months has not resulted in more sales so far this summer. There are plenty of homes for sale in high price ranges, but the demand is not keeping up with the supply.
Vero Beach Real Estate Market Statistics – August 2016
DATA SOURCE: MLS data as of 9/2/2016. 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 August 2016 shows that increase in the inventory we saw the last few months has not resulted in substantially more sales so far this summer. The List to Sale price ratio of 92.7% is almost at par with the average and remains steady the last few months indicating that buyers are willing to make offers closer to asking prices.
The Days On the Market (DOM) is below average indicating steady demand for single family homes on the island.
The Absorption Rate, or months of inventory of 10.5 indicates that we are still in a buyer’s market.
Vero Beach Real Estate Market Analysis – August 2016
Sale prices of single family homes on the island have stabilized and started to decline. The median of sale prices decreased by 15.3% compared to the same period last year as the following charts shows.
DATA SOURCE: MLS data as of 9/2/2016. 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 9/2/2016. Data believed to be accurate but not guaranteed.
Homes in the $250,000 to $300,000 and in the $450,000 to $550,000 price rages were sold the fastest with an average of 95 and 116 DOM respectively. More homes sold than expired in most price ranges indicating demand for single family homes on the island is still intact.
The real estate market for single family homes on the barrier island is softening.
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