In March, the Vero Beach real estate market for single family homes on the barrier island continued the momentum of the previous month. Monthly home sales in March increased by 44% compared to last month. 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
The real estate market is strengthening between $500K – $550K and $650K – $700K. The median of home sales of single family homes on the barrier island increased 18% from the same period last year. Despite the increase in sales and decrease in inventory, the pending sales is still less than 50% and there are more than 12 months of remaining inventory in some areas in Vero Beach barrier island, indicating that demand for homes does not keep up with supply in these areas.
DATA SOURCE: MLS data as of 4/3/2013. Data believed to be accurate but not guaranteed.
The above chart shows that there is a steady inventory of available homes for sale the last 4 months. The number of single family homes for sale however, has been on the rise the last 6 months, while the number of homes sold each month remains flat, but with more homes sold in March than the last 2 months. More single family homes have entered the market since October 2012, a trend that continued during the 1st quarter of this year, indicating more sellers are encouraged from the market activity and have entered the market.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 4/3/2013. 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 ratio of only 87 indicating the supply is still higher than the demand which is reflected in lower sale prices.
Real Estate Market Analysis
There were 39 single family homes sold on the barrier island in Vero Beach, an increase of 44% increase from February. Overall, there were more sales this year than the previous 2 years, which is good news for the market moving forward.The median sale price for single family homes on the island in Vero Beach was 18% higher from the same period last year. The median sold price for the last 30 days was $710,000 with an average DOM of 170 days. The sale prices are still declining (refer to previous section), but stabilizing and trying to form a bottom (see the chart below).
DATA SOURCE: MLS data as of 4/3/2013. 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 4/3/2013. Data believed to be accurate but not guaranteed.
Notice that homes in the $600K to $650K price range were sold the fastest with an average of 118 DOM. More single family homes failed to sell (expired) in $450K to $500K and above $700K price ranges. Homes above $2 Million took the longest to sell with 359 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 is strengthening between $500K to $550K and $650K to $700K.
Detailed Real Estate Market Reports for single family homes on the 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.