February 2016 was a good month for Vero Beach Real Estate Market for single family homes on the island with more sales and further price appreciation. Inventory continues to increase which may help with future sales. Sale prices are still appreciating and the seller’s market continues for homes up to $450,000.
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 – February 2016
Sales jumped in February 2016 but the lack of inventory in the $600,000 to $700,000 price ranges is impacting sales and price appreciation.
DATA SOURCE: MLS data as of 3/2/2016. Data believed to be accurate but not guaranteed.
The above chart shows that the inventory of available homes is increasing the last 5 months. The increase in inventory increase may help with future sales .
Vero Beach Real Estate Market Statistics – February 2016
DATA SOURCE: MLS data as of 3/2/2016. 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 February 2016 Vero Beach real estate market report shows that despite the recent uptick in sales and prices, we are still in a buyer’s market for some areas and prices. The List to Sale price ratio of 90.8% is slightly above average and is increasing indicating that homes are priced well within the market.
The Days On the Market (DOM) is below average indicating steady demand for single family homes on the island.
The Absorption Rate, or months of inventory is 16.5 which indicates a buyer’s market.
Vero Beach Real Estate Market Analysis – February 2016
Sales increased in February 2016 with 32 single family homes that were sold on the island in Vero Beach, 3% more than the same period last year and 39% more than last month.
Sale prices have been fluctuating the last 12 months. However, the median of sale prices in February was 21% higher than the same period last year as the following charts shows.
DATA SOURCE: MLS data as of 3/2/2016. 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 3/2/2016. Data believed to be accurate but not guaranteed.
Homes in the $500,000 to $550,000 price range were sold the fastest with an average of 116 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 315 DOM.
Construction of high-end homes in some communities is encouraging as builders see opportunities in this market segment and attract affluent buyers that are looking for single family homes on the island and thus will help elevate sale prices.
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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