The Vero Beach real estate market for single family homes in September2014 shows an increase in market activity with more sales than the previous 3 years which is a good indicator for a strong upcoming season. The inventory was slightly decreased but still at high levels for high price ranges. The demand has remained steady for lower priced homes but keeps increasing for homes priced from $600,000 to $700,000 is high.
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 – September 2014
Total home sales for September 2014 were higher than in August. Sale prices are appreciating but sales of higher-end homes were reduced in September. We continue having a seller’s market up to $400,000 price range.
DATA SOURCE: MLS data as of 10/2/2014. Data believed to be accurate but not guaranteed.
We can see from the chart above that the inventory has been decreasing the last 6 months but still at high levels. The number of homes sold increased by 21.4% compared to the same period in 2013.
Vero Beach Real Estate Market Statistics – September 2014
DATA SOURCE: MLS data as of 10/2/2014. 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 90.7% is increasing indicating continued market strength.
The absorption rate or months of inventory of 8.9 remained steady in September indicating that the real estate market for single family homes on the barrier island in Vero Beach has taken a break.
Vero Beach Real Estate Market Analysis – September 2014
In September, 34 single family homes were sold on the island in Vero Beach, 21.4% more than the same period in 2013 . The increase in sales can be a good sign for the market as the season approaches.. The market action for high priced homes remains active.Median of sale prices increased by 18% in September compared to the same period last year and the trend remains up as the following chart shows.
DATA SOURCE: MLS data as of 10/2/2014. 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 10/2/2014. Data believed to be accurate but not guaranteed.
Notice that homes below $200,000 and in the $600,000 to $650,000 price range were sold the fastest with an average of 73 and 83 DOM respectively. More Vero Beach single family homes failed to sell (expired) than sold above $900,000 price range. Also, homes above $2 Million took the longest to sell with an average of 277 DOM.
We continue seeing interest in waterfront homes which bodes well for homes on the barrier island. The improved economy, the lifting of the strict lending environment and the proliferation of low interest and mortgage rates has contributed to the changed in the public’s sentiment towards vacation and retirement homes.
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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