The Vero Beach real estate market for single family homes on the barrier island in May 2015 was very active even with lower inventory. Sales in May jumped by 19% compared to the same period last year and by 34% compared to April. The demand for Vero Beach single family homes on the barrier island has remained steady for lower priced homes but keeps increasing for homes priced from $700,000 to $750,000.
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 – May 2015
Seller’s market continues for homes up to $450,000 and $500,000 to $550,000 price ranges. The pending sales in May were also strong which indicates continued demand.
DATA SOURCE: MLS data as of 6/2/2015. Data believed to be accurate but not guaranteed.
We can see from the chart above that the number of available homes for sale has been slightly decreasing the last 3 months and still at high levels ,but the inventory in certain areas and price points remains low. The increase in pending sales is encouraging as we are now in the less active summer months.
Vero Beach Real Estate Market Statistics – May 2015
DATA SOURCE: MLS data as of 6/2/2015. 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 May 2015 shows that we are got into a seller’s market in some areas as indicated by an absorption rate of 5.0. The List to Sale price ratio of 89.7% is below average indicating that sale prices are decreasing.
The Days On the Market (DOM) is almost at par with the average indicating steady demand for single family homes on the barrier island.
Vero Beach Real Estate Market Analysis – May 2015
In May 2015, 62 single family homes were sold on the island in Vero Beach, a 34% increase compared to April and a 19% increase compared to the same period in 2014. The pending sales continued strong in May which is a good indicator for the market moving forward.Median of sale prices have stabilized in May 2015 but decreased by 8.2% compared to the same period in 2014, but increased by 22% compared to April . The prices have stabilized but are trending slightly lower as the following charts shows.
DATA SOURCE: MLS data as of 6/2/2015. 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 6/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes $650,000 to $700,000 were sold the fastest with an average of 112 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 319 DOM.
The demand has remained steady for lower priced homes but keeps increasing for homes priced from $700,000 to $750,000. Demand for newer homes continues strong as new projects are in the works on the barrier island, especially on the high-end and luxury homes.
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