The Vero Beach real estate market for single family homes in January 2015 was a slow month with fewer sales as we saw 4% fewer sales than the same time last year and 27% fewer sales than in December. However, median of sale prices increased and reversing the trend of the previous 4 months of price stagnation. 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 – January 2015
In January, there were 4% fewer sales than the same time last year and 15% more pending sales than last month. 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 2/2/2015. 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. January is typically the launch pad for the winter season when Vero Beach visitors start looking for a place in warm and sunny Florida.
Vero Beach Real Estate Market Statistics – January 2015
DATA SOURCE: MLS data as of 2/2/2015. 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 91.3% is increasing indicating continued market strength.
The absorption rate or months of inventory increased in January as sales have decreased but inventory remains low and buyers compete for fewer homes, a good sign for sellers .
Vero Beach Real Estate Market Analysis – January 2015
In January 2015, 24 single family homes were sold on the island in Vero Beach, 4% fewer than the same period in 2014. However, the pending sales in January increased by 15% compared to December.Also, median of sale prices jumped by 35% in January compared to the same period last year and show a sign that the buyers are eager to bid for that special homes and pushing prices up as the following charts shows.
DATA SOURCE: MLS data as of 2/2/2015. 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 2/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $350,000 to $400,000 price range were sold the fastest 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. Also, homes above $900,000 took the longest to sell with an average of 267 DOM.
We continue seeing interest in waterfront homes. The improved economy and the continuation of low mortgage rates including jumbo loans have allowed move up buyers to enter the market.
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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