The Vero Beach Real Estate Market for single family homes on the island in May 2016 was slightly more active than in April as sales slightly increased and the lack of inventory in the $600,000 to $700,000 price ranges continues to push prices upwards. Sale prices have stabilized and increased by 25% compared to the same period last year but the price increases are affecting sales as some buyers are priced out of that market in some of these price ranges.
Vero Beach Real Estate Market Highlights – May 2016
Sales increased in May 2016 with 38 single family homes that were sold on the island in Vero Beach, more than last month but 40% fewer that the same period in 2015.
DATA SOURCE: MLS data as of 6/2/2016. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes has increased the last few months. We need to see more homes to comer to the market in the $600,000 to $700,000 price ranges where demand is high to keep prices up.
Vero Beach Real Estate Market Statistics – May 2016
DATA SOURCE: MLS data as of 6/2/2016. 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 May 2016 shows that the increase in the inventory we saw the last few months has not substantially helped sales. The List to Sale price ratio of 93% is above the average and increased the last few months indicating that buyers are willing to make offers closer to asking prices.
The Days On the Market (DOM) is slightly below average indicating demand for single family homes on the island is steady.
The Absorption Rate, or months of inventory of 9.8 indicates that we are still in a buyer’s market.
Vero Beach Real Estate Market Analysis – May 2016
Sale prices of single family homes on the island have been fluctuating the last 12 months. However, the median of sale prices have stabilized and increased by 25% compared to the same period in 2015 as the following charts shows.
DATA SOURCE: MLS data as of 6/2/2016. 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 6/2/2016. 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 135 DOM and homes priced above $2M took the longest to sell with 259 DOM. Two homes that was sold in the $200K to $250K range with an average of 423 DOM have skewed the chart.
There are plenty of homes for sale in high price ranges, but the demand is not keeping up with the supply. The good news is that mortgage rates are still low and this may encourage buyers to make offers.
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