The Vero Beach real estate market activity for single family homes in February 2015 slowed down slightly although were more sales than in January, but fewer sales than the same period in 2014. Median of sale prices also decreased by 6% compared to the same period last year. However, we continue seeing interest in waterfront and high-end homes.
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 – February 2015
In February, there were 29% fewer sales than the same time last year but 19% more pending sales than in January. We experienced a seller’s market up to $400,000 and $500,000 to $550,000 price range and in some higher price ranges.
DATA SOURCE: MLS data as of 3/2/2015. Data believed to be accurate but not guaranteed.
We can see from the chart above that inventory is starting to build up, but still remains below the levels seen the previous 3 years. Buyers are certainly interested in buying homes in good locations and communities, perform renovations and driving prices up for other homes in those communities.
Vero Beach Real Estate Market Statistics – February 2015
DATA SOURCE: MLS data as of 3/2/2015. 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 91.2% is steady indicating that homes are priced with the market.
The absorption rate or months of available inventory increased in February as sales have decreased indicating that homes are not selling as fast as in previous months.
Vero Beach Real Estate Market Analysis – February 2015
In February 2015, 27 single family homes were sold on the island in Vero Beach, 29% fewer than the same period in 2014. However, that pending sales increased by 19% compared to January.Also, median of sale prices decreased by 6.2% in February compared to the same period last year and show a sign that the lack of inventory has started affecting sales and sale prices as the following charts shows.
DATA SOURCE: MLS data as of 3/2/2015. 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 3/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes $650,000 and $700,000 were sold the fastest with an average of 109 DOM with an average of 89 and 115 DOM respectively.
More Vero Beach single family homes failed to sell (expired) than sold above $700,000 price range except in the $550K to $600K price range. Also, homes above $900,000 took the longest to sell with an average of 294 DOM.
The demand has remained steady for lower priced homes but keeps increasing for homes priced from $500,000 to $550,000.
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