The September Vero Beach real estate market report for single family homes on the barrier shows slight increase in inventory but continued price appreciation. The demand has increased but has not put a significant dent in the available inventory. However, there are areas and price points where the demand is greater that the supply, and a seller’s market.
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.
Real Estate Market Highlights
. Total home sales for September 2013 were more than twice the number of last year as we entered the seasonally adjusted rate of sales. Median of sale prices rose slightly from the same period in 2012. The pending sales ratio is still less than 50% and months of remaining inventory is above 9 in some areas, meaning we are still in a buyer’s market in those areas.
DATA SOURCE: MLS data as of 10/2/2013. Data believed to be accurate but not guaranteed.
We can see from the above chart that inventory of available single family home on the barrier island in Vero Beach has been declining the last 4 months, with a slight increase in September 2013. The inventory is declining the last 4 months, but it has been tapered off the last 2 months. We need to see more decrease in inventory declines and increased demand for more price appreciation.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 10/2/2013. 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.
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 real estate market for single family homes on the barrier island In Vero Beach shows a list to sale ratio of 90.5% , indicating that homes are priced closer to the market and the buyers are willing to make offers closer to the asking price.
Real Estate Market Analysis
The month of September 28 single family homes were sold on the island in Vero Beach, a 3.4% increase from the previous month. The recent increases in mortgage rates may have started affecting sales. We are keeping a close eye on the recent activity of mortgage originations and interest rate increases for possible impact on the housing recovery.Median of sale prices rose by 5.4% from the previous month, but 7.5% lower than the same period last year. The median sold price for the last 30 days was $817,000 with an average of 176 Days On the Market (DOM). The high DOM number indicates that demand for single family homes on the island is waning, but the sale prices are starting to appreciate (see the chart below).
DATA SOURCE: MLS data as of 10/2/2013. 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 10/2/2013. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $350,000 to $400,000 price range were sold the fastest with an average of 54 and 105 DOM respectively.
More single family homes failed to sell (expired) than sold in $450K to $500K and above $700K price range. Homes above $2 Million took the longest to sell with 397 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, or owner decided not to sell.
The real estate market for single family homes on the barrier island has become more normal and a seller’s market is forming in some price ranges.
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.
For sellers I provide detailed price analysis report specific to each area and a complimentary no-obligation price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report and the no-obligation price analysis consultation.