The Vero Beach real estate market for single family homes picked up speed in February. Total home sales for February 2013 were more than January. Monthly home sales in February increased by 35% compared to last year. 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.
Real Estate Market Highlights
The real estate market is strengthening between $350K – $400K and $600K – $650K. Median of home values of single family homes on the barrier island has increased 11.5% from previous month. Despite the increase in sales and decrease in inventory, the pending sales is still less than 50% and there are more than 12 months of remaining inventory in all areas in Vero Beach barrier island, indicating that demand for homes does not keep up with supply in these areas.
DATA SOURCE: MLS data as of 3/3/2013. Data believed to be accurate but not guaranteed.
The above chart shows that the inventory of available homes for sale is less than the beginning of the 12 month period. The number of single family homes for sale however, has been on the rise the last 5 months, while the number of homes sold each month remains flat, but with more homes sold in February than January. More single family homes have entered the market since October 2012, a trend that continued during the early month of this year, indicating sellers have been encouraged from the market activity.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 3/3/2013. Data believed to be accurate but not guaranteed.
Notes: (1) This is the average of all 12 months of inventory and (2) This is the average DOM in 12 month period.
Real Estate Market Analysis
The month of February, 27 single family homes were sold on the barrier island in Vero Beach, an increase of 92% increase from January. Overall, there were more sales this year than the previous 2 years, which is good news for the market moving forward.The median sale price for single family homes on the island in Vero Beach was 14% higher from a year ago. The median sold price for the last 30 days was $873,000 with an average DOM of 197 days. The sale prices are stabilizing and trying to form a bottom (see the chart below).
DATA SOURCE: MLS data as of 3/3/2013. 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 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 3/3/2013. Data believed to be accurate but not guaranteed.
Notice that homes in the $600K to $650K price range were sold the fastest with an average of 104 DOM. More single family homes failed to sell (expired) than sold in $450K to $600K and above $700K price range. Homes above $2 Million took the longest to sell with 340 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, or owner decided not to sell.
The real estate market for single family homes on the barrier island is strengthening between $350K to $400K and $600K to $650K.
Detailed Real Estate Market Reports for single family homes on the 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.
For sellers I provide detailed price analysis report specific to each area and a complimentary no-obligation price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report and the no-obligation price analysis consultation.