The Vero Beach real estate market report in February shows that the market is getting more active as we have entered the traditionally strong season. The gap between available homes for sale and actual sales has widened which has put pressure in price appreciation. We will monitor the market activity this season for clues on market’s strength. The following sections provide a detail view of the Vero Beach mainland real estate market.
Vero Beach Real Estate Market Highlights
Median of home values has decreased by 4.2% from a year ago in Vero Beach mainland. Inventory (homes available for sale) has been increasing and he have seen a 31% increase in inventory during this period. The Pending Ratio (for Sale vs. Pendings) is above 50% in only few price ranges which means that demand is getting weaker and price appreciation is expected to subside for these price points.
DATA SOURCE: MLS data as of 3/2/2014. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale in Vero Beach mainland has been increasing since July of 2013. On the other hand, Sales increased by 34.4% compared to the same period in 2013.
Vero Beach Real Estate Market Statistics
DATA SOURCE: MLS data as of 3/2/2014. 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 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.
In Vero Beach mainland, we see that the list to sale price ratio (94.9%) is steady, the absorption rate, or months of inventory (6.9) indicates that the we are in a balanced market and price appreciation is been subsiding.
Vero Beach Real Estate Market Analysis
In February, 136 homes were sold in Vero Beach mainland. There were 939 homes available for sale with 329 pending contracts and a Pending Ratio of 35% which is below the 50% threshold indicating demand is not keeping up with the supply.The median for the last 30 days was $136,000 with average days on the market (DOM) of 82 days. The sale prices are slightly decreasing. The median of home values has decreased by 4.2% from a year ago. We’ll monitor the price action during the season to determine the trend moving forward (see the chart below).
DATA SOURCE: MLS data as of 3/2/2014. 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 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 bellow $75,000 price range, were sold the fastest with an average of 90 DOM.
DATA SOURCE: MLS data as of 3/2/2014. Data believed to be accurate but not guaranteed.
More homes failed to sell (expired) above the $450,000 price range, than sold in Vero Beach mainland. Homes above 350,000 took the longest to sell with an average of 174 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, in poor condition, or owner decided not to sell.
The market in Vero Beach mainland is still active but price appreciation has taken a break the last 2 months..
The increase in inventory, mortgage rates and lack of investor appetite may have affect sales. We will monitor the market activity as we enter the season for clues on market’s strength and will notify our clients and the subscribers to Vero Beach real estate market reports.
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.