The Vero Beach real estate market for single family homes in July 2014 shows the market has taken a bit of a break with fewer sales and lower sale prices that last month. The inventory was slightly decreased but still at high levels for high priced homes. The demand has remained steady for lower priced homes and interest on homes priced from $600,000 to $700,000 is high.
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 – July 2014
Total home sales for July 2014 were lower than in June. Sale prices continue are trending higher but the rate is decelerating. We had a seller’s market up to $400,000 price range.
DATA SOURCE: MLS data as of 8/2/2014. Data believed to be accurate but not guaranteed.
We can see from the chart above that the inventory has been decreasing the last 5 months but still at high levels. The number of homes sold the last 6 months has remained steady, but the supply is still higher that the demand which affects price appreciation.
Vero Beach Real Estate Market Statistics – July 2014
DATA SOURCE: MLS data as of 8/2/2014. 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 90.8% is increasing indicating continued market strength.
The absorption rate or months of inventory of 8.9 increased in July indicating that the real estate market for single family homes on the barrier island in Vero Beach slowed down.
Vero Beach Real Estate Market Analysis – July 2014
In July 36 single family homes were sold on the island in Vero Beach, 21% fewer than the same period last year. The drop in sales can be attributed in seasonality and the reduction of inventory. However, the market action for high priced homes remains active.Median of sale prices decrease by 14% in July compared to the same period last year but the trend remains up as the following chart shows.
DATA SOURCE: MLS data as of 8/2/2014. 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 8/2/2014. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $600,000 to $650,000 price range were sold the fastest with an average of 79 and 82 DOM respectively.
More Vero Beach single family homes failed to sell (expired) than sold above $700,000 price range. Also, homes above $2 Million took the longest to sell with an average of 305 DOM. We continue seeing interest in waterfront homes as second or vacation home buyers are replacing the investors of the previous 2 years. The improved economy, the lifting of the strict lending environment and the proliferation of low interest and mortgage rates has contributed to the changed in the public’s sentiment towards vacation and retirement homes.
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