The Vero Beach Real Estate Market for single family homes the island in August 2017 was active with more sales and higher prices than the same period on 2016. Sale prices continue to advance and increased by 48% as demand for single family homes on the island continues strong this summer.
Vero Beach Real Estate Market Highlights – August 2017 2017
Sales increased by 5.7% in August 2017 compared to last month and last year as 37 homes were sold on the island despite the reduction in the inventory as shown in the chart below.
DATA SOURCE: MLS data as of 9/2/2017. Data believed to be accurate but not guaranteed.
The real estate market for single family homes on the barrier island remains surprisingly active this summer. as buyers continue to look for that special home on the island.
Vero Beach Real Estate Market Statistics – August 2017 2017
DATA SOURCE: MLS data as of 9/2/2017. 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 2017 shows that the market was more active this month as sales of single family homes on the island increased compared to last year. The List to Sale price ratio of 89.9% is below the average and declining indicating that list or asking prices may be getting ahead of the curve.
The Days On the Market (DOM) is above average another indication of market stabilization for single family homes on the island.
The Absorption Rate, or months of inventory of 8.7 indicates that we are in a balanced market.
Vero Beach Real Estate Market Analysis – August 2017 2017
Sale prices of single family homes on the island jumped by 48% compared to the same period last year and the median of sale prices was $758,000 as the following charts shows.
DATA SOURCE: MLS data as of 9/2/2017. 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 9/2/2017. Data believed to be accurate but not guaranteed.
More homes sold than expired in some price ranges but the trend is changing on higher price ranges. Homes up to $350,000 were sold the fastest with an average of 90 DOM.
The market of homes priced between $700,000 and $900,000 was very active with many sales this month pushing the median of sale prices higher .
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