The Vero Beach real estate market for single family homes in November 2014 shows that the inventory has slightly increased but remains at lower levels than the last 3 years. Demand for homes on the barrier island remains strong. We continue seeing interest in waterfront and high-end homes.
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 – November 2014
This month, there were 16.7% more sales than the same time last year, 12.3% more pending sales than last year and 5% more than last month. Sale prices continue to appreciate albeit in a slower pace. We continue having a seller’s market up to $400,000 price range and in some higher price ranges.
DATA SOURCE: MLS data as of 12/2/2014. Data believed to be accurate but not guaranteed.
We can see from the chart above that inventory remains at low levels and is scarce in certain areas and price ranges. November is usually a month where buyers are starting to look for homes to buy ahead of the traditional winter season.
Vero Beach Real Estate Market Statistics – November 2014
DATA SOURCE: MLS data as of 12/2/2014. 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.
The 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 List to Sale price ratio of 90.8% is increasing indicating continued market strength.
The absorption rate or months of inventory of 11.7 increased in November indicating that it will take longer to sell the remaining inventory unless sales accelerate.
Vero Beach Real Estate Market Analysis – November 2014
In November, 28 single family homes were sold on the island in Vero Beach, 16.7% more than the same period in 2013, but 9% fewer than in October. The slight decrease in sales from last month can be attributed to low inventory levels for certain areas and price ranges.Median of sale prices increased marginally in November compared to the same period last year stabilizing as the following chart shows.
DATA SOURCE: MLS data as of 12/2/2014. 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 12/2/2014. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $450,000 to $500,000 price range were sold the fastest with an average of 89 and 114 DOM respectively.
More Vero Beach single family homes failed to sell (expired) than sold above $700,000 price range. Also, homes above $900,000 took the longest to sell with an average of 272 DOM.
We continue seeing interest in waterfront homes. The improved economy and low mortgage rates including jumbo loans have definitely changed the public’s sentiment towards housing.
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