In September 2015 the Vero Beach real estate market for single family homes on the barrier island showed continued strength with increases in sale prices but slightly fewer sales than the same period last year. Price appreciation continued for a third month in a row, which is good news for the sellers. Demand for Vero Beach single family homes on the island remained intact for homes 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 – September 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 10/2/2015. Data believed to be accurate but not guaranteed.
We can see from the chart above that the number of available homes for sale is decreasing the last 7 months and inventory is low in some price ranges. On the other hand, the number of homes sold the last few months is not increasing indicating that although demand may be steady, the lack of inventory is affecting sales.
Vero Beach Real Estate Market Statistics – September 2015
DATA SOURCE: MLS data as of 10/2/2015. 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 Vero Beach real estate market report for September 2015 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 with the market.
The Days On the Market (DOM) is slightly above the average indicating that steady demand for single homes on the island.
Vero Beach Real Estate Market Analysis – September 2015
In September 2015, 29 single family homes were sold on the island in Vero Beach, 14% fewer than the same period in 2014, but more than last month. The decline in the inventory has affected sales.
Sale prices continue to appreciate and increased by 6.9% compared to the same time last year as the following charts shows.
DATA SOURCE: MLS data as of 10/2/2015. 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 10/2/2015. Data believed to be accurate but not guaranteed.
Notice that homes $500,000 to $550,000 were sold the fastest with an average of 102 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 306 DOM.
Buyers are still interested in buying homes on the island. The decline in the inventory in some areas and price ranges has caused some bidding wars on well priced properties and sometimes they are getting offers as soon as they hit the market.
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