The sales activity in Vero Beach Real Estate Market for single family homes on the island was subdued in December 2015, with fewer sales than in November and the same time last year. The lack of inventory in some areas and price ranges continues to affect sales, but we expect that the recent increase in inventory will have a positive effect in 2016 season.
Sale prices have stabilized and seller’s market continues for homes up to $550,000 and $600,000 to $650,000 price ranges.
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 – December 2015
December sales disappoint and decreased by 46% compared to the same period last year. Inventory continues to decline and Vero Beach buyers are competing for fewer available homes for sale in some areas and price ranges.
DATA SOURCE: MLS data as of 1/2/2016. Data believed to be accurate but not guaranteed.
The above chart shows that the inventory of available homes for sale has been decreasing since the beginning of the year but has increased the last 3 months. The increase in inventory in December will have a positive effect for the real estate market of single family homes on the island and is a good sign for the market moving forward.
Vero Beach Real Estate Market Statistics – December 2015
DATA SOURCE: MLS data as of 1/2/2016. 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 December 2015 Vero Beach real estate market report 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 90.5% is slightly above average indicating that homes are selling close to the market.
The Days On the Market (DOM) is almost at par with the average indicating that demand for single family homes on the island remains steady.
Vero Beach Real Estate Market Analysis – December 2015
had very few sales in December 2015 with 18 single family homes that were sold on the island in Vero Beach, 46% fewer than the same period last year and 29% fewer than last month .
Sale prices have fluctuated throughout the year and have not appreciated much since 2014 as the following charts shows.
DATA SOURCE: MLS data as of 1/2/2016. 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 1/2/2016. Data believed to be accurate but not guaranteed.
Notice that homes $500,000 to $550,000 were sold the fastest with an average of 119 DOM.
More homes sold than expired in all price ranges indicating demand for single family homes on the island is still intact. Homes above $2M took the longest to sell with 331 DOM.
The demand has remained steady for homes up to $500,000 and for homes priced from $600,000 to $700,000.
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.
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