The Vero Beach real estate market for single family homes on the island was not as active in November 2015 and followed the seasonal trends with inventory building up in anticipation of the winter season. However, prices are still rising which is good news for the sellers. Seller’s market continues for homes up to $550,000 and $600,000 to $650,000 price ranges.
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 – November 2015
The demand has remained steady for homes up to $500,000 and keeps increasing for homes priced from $600,000 to $700,000. Inventory continues to decline and Vero Beach buyers are competing for fewer available homes for sale in some areas and price ranges.
DATA SOURCE: MLS data as of 12/2/2015. Data believed to be accurate but not guaranteed.
The above chart shows that more homes were available for sale in November 2015. The increase in inventory may boost the market as we get ready to enter the seasonally strong winter period.
Vero Beach Real Estate Market Statistics – November 2015
DATA SOURCE: MLS data as of 12/2/2015. 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 November 2015 Vero Beach real estate market report shows that although the market has stabilized, we are still in a buyer’s market for some areas and price points. The List to Sale price ratio of 90.5% is slightly above average indicating that homes are selling close to the market.
The Days On the Market (DOM) is slightly below the average indicating that demand for single family homes on the island remains steady but it is not increasing.
Vero Beach Real Estate Market Analysis – November 2015
We saw fewer sales of single family homes on the island in November 2015 as 26 were sold 9.3% fewer than the same period in 2014 and 15.8% fewer than last month.
Sale prices continue to rise albeit in slower pace and increased by 9.4% compared to the same period in 2014 as the following charts shows.
DATA SOURCE: MLS data as of 12/2/2015. 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 12/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes $500,000 to $550,000 were sold the fastest with an average of 109 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 338 DOM.
Buyers continue to be interested in homes on the island. The increase in inventory this month will have a positive effect for the real estate market of single family homes on the island and is a good sign for the market moving forward.
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. Subscribe to the detailed market report below to see the hottest markets and price points.
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