The Vero Beach real estate market was very active in February. The market in Vero Beach mainland saw a continuation of the momentum started in late fall and into year end. The following sections provide a detail view of the Vero Beach mainland real estate market.
Real Estate Market Highlights
The real estate market is strengthening between $250,000 and $350,000. Median of home values has increased 10.5% from a year ago. The continuing increase in sales and decrease in inventory has resulted in pending sales exceeding the 50% ratio which means that the market is becoming more balanced and in some areas has become a seller’s market. However there are still more than 10 months of remaining inventory in some areas in Vero Beach mainland, indicating that demand for homes does not keep up with supply in these areas.
DATA SOURCE: MLS data as of 3/3/2013. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale is declining the last 12 months, while the number of homes sold each month remains steady.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 3/3/2013. 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 DOM in 12 month period.
Real Estate Market Analysis
The month of February, 121 homes were sold in Vero Beach mainland and an increase of 19% from the same month a year before. Overall, there were more sales this year that the previous 2 years, which is good news for the market moving forward.The median for the last 30 days was $140,500 with average days on the market (DOM) of 127 days. The sale prices have stabilized and are increasing. The median price for homes in Vero Beach mainland was 10.5% higher in February 2013 than it was the same time in 2012 (see the chart below).
DATA SOURCE: MLS data as of 3/3/2013. 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 Vero Beach mainland real estate market. The chart below presents the number of homes Sold vs. Expired (failed to sell) the last 12 months and DOM of homes sold. Notice that homes in the $75K to $100K price range were sold the fastest with an average of 86 DOM.
DATA SOURCE: MLS data as of 3/3/2013. Data believed to be accurate but not guaranteed.
More homes failed to sell (expired) than sold above the $350,000 price range in Vero Beach mainland. Homes above $500K took the longest to sell with 356 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, in poor condition, or owner decided not to sell.
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.
For sellers I provide detailed price analysis report specific to each area or zip code 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.