October 2015 was an active month for real estate market for single family homes on the barrier island in Vero Beach. The Vero Beach real estate market showed continued strength with increases in sale prices and more sales than the same period last year and last month. Prices are still increasing which is good news for the sellers. Buyer are eager to buy single family homes on the island priced up to $500,000 and for homes priced from $600,000 to $700,000.
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 – October 2015
Seller’s market continues for homes up to $550,000 and $600,000 to $700,000 price ranges. 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 11/2/2015. Data believed to be accurate but not guaranteed.
The above charts shows that although the number of available homes for sale is decreasing the last 7 months more homes entered the market in October. However, inventory is still low in some price ranges. On the other hand, the number of homes sold the last few months remains steady and the lack of inventory is affecting sales.
Vero Beach Real Estate Market Statistics – October 2015
DATA SOURCE: MLS data as of 11/2/2015. 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 October 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 90.4% is slightly above average indicating that homes are priced well with the market.
The Days On the Market (DOM) is above the average indicating that home sales are taking longer and demand for single family homes on the island may be decreasing.
Vero Beach Real Estate Market Analysis – October 2015
In October 2015, 38 single family homes were sold on the island in Vero Beach, 19% more than the same period last year and more than last month.
Sale prices continue to appreciate albeit in slower pace and increased by 3.4% compared to the same period in 2014 as the following charts shows.
DATA SOURCE: MLS data as of 11/2/2015. 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 11/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes $500,000 to $550,000 were sold the fastest with an average of 108 DOM.
We continue to see that more homes sold than failed to sell (expired) in all price ranges. However, homes above $2M took the longest to sell with 331 DOM.
Buyers are still interested in buying homes on the island. The lack of inventory in some areas and price ranges has caused some bidding wars on well priced properties .
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