It was a slow Vero Beach Real Estate Market for single family homes on the island in March 2016 with drop in sales as the lack of inventory in the $600,000 to $700,000 price ranges continues to affect sales and price appreciation. Inventory is increasing which may help with future sales. Sale prices are still appreciating albeit in slower pace but the seller’s market continues for homes up to $450,000.
Vero Beach Real Estate Market Highlights – March 2016
Sales dropped in March 2016 with 25 single family homes that were sold on the island in Vero Beach, 25% more than the same period last year and 22% fewer than last month.
DATA SOURCE: MLS data as of 4/2/2016. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes is increasing the last 6months. We need to see more inventory in price ranges that demand is high to sustain price appreciation.
Vero Beach Real Estate Market Statistics – March 2016
DATA SOURCE: MLS data as of 4/2/2016. 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 March 2016 shows that despite the recent uptick in sales and prices, we are still in a buyer’s market for most areas and prices. The List to Sale price ratio of 90.7% is almost at par with the average and is decreasing indicating that homes prices are reaching equilibrium and prices are stabilizing.
The Days On the Market (DOM) is slightly above average indicating demand for single family homes on the island is steady but not increasing.
The Absorption Rate, or months of inventory of 15.3 indicates a buyer’s market.
Vero Beach Real Estate Market Analysis – March 2016
Sale prices have been fluctuating the last 12 months. However, the median of sale prices in March 2016 slight increased by 3.4% compared to the same period last year as the following charts shows.
DATA SOURCE: MLS data as of 4/2/2016. 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 4/2/2016. Data believed to be accurate but not guaranteed.
Homes in the $500,000 to $550,000 price range were sold the fastest with an average of 128 DOM.
More homes sold than expired in all price ranges indicating demand for single family homes on the island is still intact. Homes above $2M took the longest to sell with 334 DOM.
Construction of high-end homes of high-end homes in some communities is encouraging but demand has not caught up with the supply for these homes.
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