The Vero Beach real estate market activity regained its strength in August 2017 with more sales than last month. The appreciation in sale prices has slowed down and appear that have stabilized at least for now. The low inventory and the steady demand for homes in Vero Beach may keep pushing sale prices even higher during the fall in anticipation for the strong winter season.
Vero Beach Real Estate Market Highlights – August 2017
In August 2017, 170 homes were sold in Vero Beach mainland, 5% fewer than the same period in 2016 and much fewer than in June. Sales have been really good so far this year indicating demand for homes on the mainland is strong. The marginal decrease in sales this month maybe attributed to buyer fatigue and higher asking prices.
DATA SOURCE: MLS data as of 9/2/2017. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory continues to decline the last few months despite this month’s increase,/strong>. In August 2017, 201 homes were sold in Vero Beach mainland, only 2% more than the same period in 2016 and more than in July. The low inventory levels continue to drive up demand and sale prices.
Vero Beach Real Estate Market Statistics – August 2017
DATA SOURCE: MLS data as of 9/2/2017. 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 August 2017, the absorption rate or months of remaining inventory was 3.3 indicating that we are still in the seller’s market for Vero Beach mainland homes.
The list to sale price ratio (95.8%) is almost at par with the average indicating steady demand and market activity.
Vero Beach Real Estate Market Analysis – August 2017
The chart below shows that sale prices are stabilizing and almost at the same level compared to the same period in 2016. Sellers market continues for all price ranges up all the way up to $350,000.
DATA SOURCE: MLS data as of 9/2/2017. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $190,000 with an average DOM of 90 days. The low inventory levels may continue to drive up demand and sale prices.
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 9/2/2017. Data believed to be accurate but not guaranteed.
Homes up to $200,000 price range were sold the fastest with an average of 90 DOM. Homes in over $500K took the longest to sell with 174 DOM.
Sale prices have stabilized but strong demand and low inventory may keep pushing prices higher.
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