The Vero Beach real estate market for single family homes in March 2015 was active but although we saw more sales than in February, there were 6% fewer sales than the same period in 2014. The lack of inventory has definitely affected sales. The good news is that pending sales increased by 24.7% compared to February.
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 – March 2015
Sales decreased in March compared to last year mostly due to low inventory. We experienced a seller’s market up to $450,000 price range and in some higher price ranges we saw increased interest.
DATA SOURCE: MLS data as of 4/2/2015. Data believed to be accurate but not guaranteed.
We can see from the chart above that inventory is starting to build up, but still remains below the levels seen the previous 3 years. The increase in pending sales is promising and will impact sale prices which have been lagging lately.
Vero Beach Real Estate Market Statistics – March 2015
DATA SOURCE: MLS data as of 4/2/2015. 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 increasing which shows market strength. The closer the sale price to list or asking price the stronger the market is. The List to Sale price ratio of 91.3% is steady indicating that homes are priced close to the market.
The absorption rate or months of available inventory increased in February as sales decreased indicating that homes are selling a little faster than the previous months.
Vero Beach Real Estate Market Analysis – March 2015
In March 2015, 33 single family homes were sold on the island in Vero Beach, 5.7% fewer than the same period in 2014. However, pending sales in March increased by 24.7% compared to February.Also, median of sale prices decreased by 5.2% compared to the same period last year and show a sign that the lack of inventory has started affecting sales and sale prices as the following charts shows.
DATA SOURCE: MLS data as of 4/2/2015. 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 4/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes $650,000 to $700,000 were sold the fastest with an average of 101 DOM.
More Vero Beach single family homes failed to sell (expired) than sold above $900,000 price range. Homes above $2M took the longest to sell with 307 DOM.
The demand has remained steady for lower priced homes but keeps increasing for homes priced from $450,000 to $550,000.
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