The Vero Beach real estate market for homes in mainland was again active in April 2016 with more sales than in March but fewer than the same period in 2015. Sale prices increased by 12.8% compared to the same period in 2015. The increase in sale prices is good news for the sellers as the season is winding down.
Vero Beach Real Estate Market Highlights – April 2016
In April 2016, 207 homes were sold in Vero Beach mainland, 18.2% fewer than the same period in 2015 but more than last month . Inventory continues at lower levels than the last 3 years.
DATA SOURCE: MLS data as of 5/2/2016. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale has slightly decreased but remains steady the last 11 months. The slight inventory decrease we saw in April will most probably have positive effect on prices.
Vero Beach Real Estate Market Statistics – April 2016
DATA SOURCE: MLS data as of 5/2/2016. 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.
In April 2016, the absorption rate or months of remaining inventory was 3.6 indicating a seller’s market for Vero Beach mainland homes.
The list to sale price ratio (95.4%) is at par with the average indicating that homes prices are reaching a plateau and list prices will not be expected to increase that much.
Vero Beach Real Estate Market Analysis – April 2016
The chart below shows that sale prices are still rising albeit at slower pace but increased 12.8% compared to the same period last year. Sellers continue to experience great market in most areas and price ranges all the way to $350,000.
DATA SOURCE: MLS data as of 5/2/2016. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $158,000 with an average DOM of 110 days.
The recent 30-day average 110 DOM is slightly below the 12 month average of 107 days and indicates demand is intact. The chart below presents the number of homes Sold vs. Expired (failed to sell) the last 12 months and DOM of homes sold.
DATA SOURCE: MLS data as of 5/2/2016. Data believed to be accurate but not guaranteed.
Homes up to $200,000 price range were sold the fastest with an average of 92 DOM. The last 10 months the DOM of homes priced above $400,000 is very high indicating weaker demand for those homes.
The lack of inventory and buyers’ appetite for Vero Beach homes on the mainland continue to drive prices up and creating a seller’s market in many areas and price ranges.
Detailed Real Estate Market Reports for Vero Beach mainland 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 and indicate that you wish to receive market reports in the message box. These reports will be sent to your email the beginning of the each month with market statistics of the previous month.
Detailed market analysis report specific to each area are available upon request. A complimentary no-obligation property price analysis consultation is also available for sellers. Use the request form below and indicate that you wish to receive the detailed report or the no-obligation price analysis consultation.