The Vero Beach Real Estate Market for single family homes on the island in January 2016 was again slow with fewer sales than the same time last year. The lack of inventory in some areas and price ranges continues to affect sales, but we expect that the increase in the inventory will have a positive effect the rest of the 2016 season.
Sale prices are increasing 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 – January 2016
January 2016 sales continue to disappoint and decreased by 15% compared to the same period last year . However inventory increased in January but lack of inventory in some areas and price ranges continues to affect sales.
DATA SOURCE: MLS data as of 2/2/2016. Data believed to be accurate but not guaranteed.
The above chart shows that the inventory of available homes is increasing the last 4 months. However, sales continue to disappoint and decreased by 15% compared to the same period last year .
Vero Beach Real Estate Market Statistics – January 2016
DATA SOURCE: MLS data as of 2/2/2016. 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 January 2016 Vero Beach real estate market report shows that although the market has stabilized, we are still in a buyer’s market for some areas and price points. The List to Sale price ratio of 90.7% is slightly above average and is increasing indicating that homes are selling closer to the market.
The Days On the Market (DOM) is slightly above average indicating that demand for single family homes on the island remains steady.
The Absorption Rate, or months of inventory is 16.5 which indicates a buyer’s market.
Vero Beach Real Estate Market Analysis – January 2016
Sales in January 2016 were slow as 22 single family homes were sold on the island in Vero Beach, 15% fewer than the same period last year.
Sale prices have fluctuated the last 12 months and have not appreciated much and the median of sale prices in January was 16% lower than the same period last year as the following charts shows.
DATA SOURCE: MLS data as of 2/2/2016. 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 2/2/2016. 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 123 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 328 DOM.
The demand has remained steady for homes up to $450,000 and for homes priced from $600,000 to $700,000.
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.
For buyers and sellers I provide detailed market analysis report specific to each area. For sellers, I can provide a complimentary no-obligation property price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report or the no-obligation price analysis consultation.