The Vero Beach real estate market report for February 2014 shows that was a pickup in market activity for single family homes with more sales than during the same time last year. The demand has remained steady for lower priced homes and has increased for homes priced from $550,000 to $700,000. However, there are still price points where the demand is greater that the supply, and a seller’s market.
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
Total home sales in February increased by 54% from January and 19% from the same period in 2013. Average sale prices decreased in February by 8% compared to the same period last year. However, we are still in a buyer’s market for some price points for single family homes on the barrier island in Vero Beach.
DATA SOURCE: MLS data as of 3/2/2014. Data believed to be accurate but not guaranteed.
We can see from the chart above that the inventory is increasing the last 6 months indicating that more sellers have taken advantage of the recent market activity and have decided to enter the market. The number of homes sold the last 5 months has remained steady, but demand is still lower than the supply.
Vero Beach Real Estate Market Statistics
DATA SOURCE: MLS data as of 3/2/2014. 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.
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 real estate market for single family homes on the barrier island In Vero Beach shows a list to sale ratio of 90.5% , indicating that homes are priced closer to the market and the buyers are willing to make offers closer to the asking price.
Vero Beach Real Estate Market Analysis
In February 37 single family homes were sold on the island in Vero Beach, a 19% increase from the same period in 2013, and 54% more than in January. The market has changed and has become more normal some price appreciation in certain price points where inventory is low. The market activity in the 1st quarter of 2014 will determine the strength of the real estate market for single family homes on the barrier island.Median of sale prices declined by 8% in February compared to the same period last year and were slightly lower than January (see the chart below).
DATA SOURCE: MLS data as of 3/2/2014. 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 3/2/2014. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $400,000 to $450,000 price range were sold the fastest with an average of 52 and 108 DOM respectively. More Vero Beach single family homes failed to sell (expired) than sold above $2,000,000 price range. Also, homes above $2 Million took the longest to sell with an average of 268 DOM. It is worth noting that more homes were sold than expired in all price ranges up to $2,000,000.
The market has changed and has become a more normal market with slight price appreciation. The market activity in the 1st quarter of 2014 will determine the strength of the real estate market for single family homes on the barrier island. Subscribe to the detailed market report below to see the hottest markets and price points.
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.
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