The Vero Beach real estate market for single family homes on the barrier island continued strong in July 2013. This month we saw more reduction in inventory and a slight price appreciation. The demand has increased but has not put a significant dent in the available inventory as evidenced by the low Pending ratio. However, there are areas and price points where a seller’s market has been formed. 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.
Real Estate Market Highlights
Total home sales for July 2013 was 55% higher that the same period last year, indicating that the market has turned around. The inventory is declining and sales prices are starting to appreciate.The median of home sales of single family homes on the barrier island have stabilized and rose by 6.2% compared to the same period in 2012. The pending sales ratio is still less than 50% and there are more than 9 months of remaining inventory in some areas in Vero Beach barrier island, meaning we are still in a buyer’s market in those areas.
DATA SOURCE: MLS data as of 8/2/2013. Data believed to be accurate but not guaranteed.
We can see from the above chart that inventory of available single family home on the barrier island in Vero Beach is declining while the sales have been steady. The number of homes sold the last 3 months is increasing. If this trend continues, we will see a healthier market and more sales.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 8/2/2013. 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 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 real estate market for single family homes on the barrier island In Vero Beach shows a list to sale ratio of 90% , indicating that demand is getting stronger and the buyers are willing to make offers closer to the asking price.
Real Estate Market Analysis
The month of July 45 single family homes were sold on the island in Vero Beach, a 55% increase from the same period last year. This shows that the housing market recovery is still intact. We will monitor the market the next few months for clues as to the market’s strength for the remainder of the year.Median sale prices rose by 6.2% more in July than the same period in 2012. The median sale price for single family homes on the island in Vero Beach was higher than the average. The median sold price for the last 30 days was $814,000 with an average of 173 Days On the Market (DOM). The sale prices have started to appreciate (see the chart below).
DATA SOURCE: MLS data as of 8/2/2013. 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 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 8/2/2013. 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 64 and 112 DOM respectively. More single family homes failed to sell (expired) in $450,000 to $500,000 and above $700,000 price ranges. Homes above $2 Million took the longest to sell with 375 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, or owner decided not to sell.
The real estate market for single family homes on the barrier island has strengthened and we experience a seller’s market in multiple price ranges.
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.
For sellers I provide detailed price analysis report specific to each area and a complimentary no-obligation price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report and the no-obligation price analysis consultation.