The Vero Beach real estate market report for single family homes in December 2014 shows that the inventory on the barrier island slightly increased but remains at lower levels than the last 3 years while demand remains strong. We continue seeing interest in waterfront and high-end homes. However, median of sale prices appear to have reached their high point the last few months of 2014.
The following sections provide a detail view of the Vero Beach real estate market on the Barrier Island (zip code 32963) for single family homes.
Vero Beach Real Estate Market Highlights – December 2014
This month, there were 10% more sales than the same time last year and 35% more pending sales than last month. Sale prices have started to retreat. We experienced a seller’s market in the $600,000 to $650,000 price range and in some higher price ranges.
DATA SOURCE: MLS data as of 1/2/2015. Data believed to be accurate but not guaranteed.
We can see from the chart above that inventory remains at low levels and is scarce in certain price ranges. December is usually a month where buyers are starting to make their move ahead of the traditional winter season to avoid competition from the influx of visitors from the northern states.
Vero Beach Real Estate Market Statistics – December 2014
DATA SOURCE: MLS data as of 1/2/2015. 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 Vero Beach real estate market report shows that the List (asking price) to Sale Price ratio is a useful statistic that shows the strength of a particular real estate market. The closer the sale price to list or asking price the stronger the market is. The List to Sale price ratio of 91.3% is increasing indicating continued market strength.
The absorption rate or months of inventory of 10 decreased in December as sales have increased, inventory remains low and homes are selling faster, a good sign for sellers .
Vero Beach Real Estate Market Analysis – December 2014
In December 2014, 33 single family homes were sold on the island in Vero Beach, 10% more than the same period in 2013 and 13.8% more than in November. The increase in sales bodes well for the real estate market for single family homes on the barrier island in Vero Beach.On the other hand, median of sale prices slightly decreased in December compared to the same period last year and show a sign that the last couple of months have reached their high point as the following chart shows.
DATA SOURCE: MLS data as of 1/2/2015. Data believed to be accurate but not guaranteed.
A Price Range analysis of homes sold versus homes that failed to sell (expired) and the days these homes were on the market (DOM) provides a useful statistic 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 1/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $450,000 to $500,000 price range were sold the fastest with an average of 89 and 119 DOM respectively.
More Vero Beach single family homes failed to sell (expired) than sold above $900,000 price range. Also, homes above $900,000 took the longest to sell with an average of 264 DOM.
We continue seeing interest in waterfront homes. The improved economy and low mortgage rates including jumbo loans have allowed move up allowed buyers to enter the market.
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