In July 2015 the Vero Beach real estate market for single family homes on the barrier island was active with increases in sales as buyers are aggressively going after well priced homes. Sales in July increased by 19% compared to the same period last year. The demand for Vero Beach single family homes on the barrier island has remained steady for homes price up to $450,000 and is increasing for homes priced from $600,000 to $700,000.
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 – July 2015
Seller’s market continues for homes up to $450,000, in $500,000 to $550,000 and $600,000 to $700,000 price ranges. Inventory decreased by 9% compared to last year and 7% compared to June, a good sign for the sellers of single family homes on the island, but not for the buyers.
DATA SOURCE: MLS data as of 8/2/2015. Data believed to be accurate but not guaranteed.
We can see from the chart above that the number of available homes for sale is decreasing the last 5 months and inventory is low in some price ranges. The number of homes sold the last few months is increasing indicating demand is still intact for single family homes on the barrier island.
Vero Beach Real Estate Market Statistics – July 2015
DATA SOURCE: MLS data as of 8/2/2015. 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 July 2015 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 90.3% is slightly above average indicating that homes are priced with the market.
The Days On the Market (DOM) is almost at the average indicating that demand for single homes on the island remains steady and we are in a balanced market.
Vero Beach Real Estate Market Analysis – July 2015
In July 2015, 43 single family homes were sold on the island in Vero Beach, 19% more compared to the same period in 2014. The increase in sales despite the reduction in the inventory is encouraging indicating continued demand for single family homes on the barrier island.Median of sale prices have stabilized but increased compared to the same period last year . Sale prices have stabilized but not appreciating as the lack of inventory in some areas and price ranges has affected sales and sale prices as the following charts shows.
DATA SOURCE: MLS data as of 8/2/2015. 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 8/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes $650,000 to $700,000 were sold the fastest with an average of 108 DOM.
More Vero Beach single family homes failed to sell (expired) than sold above $2M price range. Homes above $2M took the longest to sell with 302 DOM.
Buyers are still interested in buying homes in good locations and communities, and in some cases there are multiple offers on well priced properties that are getting offers as soon as the hit the market.
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