The Vero Beach Real Estate Market for single family homes on the island in February 2017 continues to show signs of slowing down as the softening market in previously strong areas and price points continues with fewer sales than the same period last year. The only good news is that Pending Sales jumped which is good news for the market for the rest of the season.
Vero Beach Real Estate Market Highlights – February 2017
Sales remained subdued in February 2017 and below the levels of the last 3 years as shown in the chart below. There were 27 single family homes sold on the island 16% fewer than the same period in 2016.
DATA SOURCE: MLS data as of 3/2/2017. Data believed to be accurate but not guaranteed.
The slight increase in sales this month compared to January is not convincing is a softening market. . 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 – February 2017
DATA SOURCE: MLS data as of 3/2/2017. 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 February 2017 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 92.4% is slightly below and declining indicating that buyers have started to be more hesitant to make offers close to the listing price.
The Days On the Market (DOM) is substantially above average another indication of a softening market for single family homes on the island.
The Absorption Rate, or months of inventory of 14.9 indicates that we are still in a buyer’s market.
Vero Beach Real Estate Market Analysis – February 2017
Sale prices of single family homes on the island have started to decline and decreased by 8.5% compared to the same period in 2016 as the median of sale prices was $585,000 as the following charts shows.
DATA SOURCE: MLS data as of 3/2/2017. 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 3/2/2017. Data believed to be accurate but not guaranteed.
More homes sold than expired in some price ranges but the trend is changing on higher price ranges. 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 84 and 104 DOM respectively.
The real estate market for single family homes on the barrier island remains soft despite the recent increase in inventory.
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