In May we saw a continuation in market activity with more sales than in April but at lower level than last year. The demand has remained steady for lower priced homes but has increased for homes priced from $600,000 to $700,000. The demand for homes in the higher price range is increasing meaning that the market is getting better for those price ranges.
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 – May 2014
Total home sales for May 2014 were higher than in April. Prices are on the rise with a 57% increase in median compared to last year mainly due to more sales of high priced homes.
DATA SOURCE: MLS data as of 6/2/2014. Data believed to be accurate but not guaranteed.
We can see from the chart above that the inventory has been decreasing the last 3 months but still at high levels. The number of homes sold the last 5 months has remained steady, but demand is still lower than the supply.
Vero Beach Real Estate Market Statistics – May 2014
DATA SOURCE: MLS data as of 6/2/2014. 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.
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 absorption rate or months of inventory is declining indicating that the real estate market for single family homes on the barrier island in Vero Beach is getting stronger.
Vero Beach Real Estate Market Analysis – May 2014
In May 49 single family homes were sold on the island in Vero Beach, fewer than the same period in 2012 and 2013. Traditionally, the post season activity slows down as we approaching the summer months. However, the market action for high priced homes remains active.Median of sale prices increased by 57% in May compared to the same period last year mainly due to more sales of high priced homes (see the chart below).
DATA SOURCE: MLS data as of 6/2/2014. 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 6/2/2014. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $400,000 to $450,000 price range were sold the fastest with an average of 61 and 107 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 306 DOM.
The market has changed and has become a more normal market with some price appreciation. The nature of the real estate market on the island in Vero Beach has changed from been driven by investors to been driven by second home buyers as the overall economy improves. Subscribe to the detailed market report below to see the hottest markets and price points.
Detailed Real Estate Market Reports for single family homes in 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.
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