The Vero Beach Real Estate Market for single family homes on the island in December 2916 remains soft despite the recent increase in market activity. Although sales and sale prices increased this month, pending sales decreased indicating that pricing may have started to get ahead of the curve.
Vero Beach Real Estate Market Highlights – December 2016
Sales remained flat most of 2016 and in December 2016 28 single family homes sold on the island 47% more than the same period in 2015as the following chart shows.
DATA SOURCE: MLS data as of 1/2/2017. Data believed to be accurate but not guaranteed.
Although inventory levels are higher than the last 2 years sales of single family homes on the island remain flat. There are many homes available for sale in high price ranges but demand is not keeping up with the supply.
Vero Beach Real Estate Market Statistics – December 2016
DATA SOURCE: MLS data as of 1/2/2017. 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 December 2016 shows that although inventory levels are higher than the last 2 years sales of single family homes on the island remain low! The List to Sale price ratio of 92.6% is slightly below indicating that buyers have started to be more hesitant to make offers close to the listing price.
The Days On the Market (DOM) is slightly below average indicating steady demand for single family homes on the island.
The Absorption Rate, or months of inventory of 13.4 indicates that we are still in a buyer’s market.
Vero Beach Real Estate Market Analysis – December 2016
Sale prices of single family homes on the island have stabilized and increased slightly by 7.8% compared to the same period last year as the following charts shows.
DATA SOURCE: MLS data as of 1/2/2017. 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 1/2/2017. 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 87 and 113 DOM respectively. More sold than expired in most price ranges but the trend is changing as we are getting into higher price ranges.
The real estate market for single family homes on the barrier island remains soft despite the recent increase in market activity.
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