The market regained its strength in February with more sale pendings and more actual sales than in January. The increase in sales is encouraging as the season unfolds. Sales prices are still appreciating and increased by 14% compared to the same period in 2014. However, inventory still remains at high levels which may put a break on price appreciation.
Vero Beach Real Estate Market Highlights – February 2015
Sales increased by 31% compared to January and by 5% compared to the same time last year. In addition, inventory levels are still higher than 2014 and this fact will eventually affect price appreciation.
DATA SOURCE: MLS data as of 3/2/2015. 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 the last 6 months while sales remain relatively steady. The increase in sales is encouraging as we enter the 2nd half of the traditionally strong winter season with more price appreciation if this trend continues.
Vero Beach Real Estate Market Statistics – February 2015
DATA SOURCE: MLS data as of 3/2/2015. 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 (95.3%) was slightly increased, and the absorption rate, or months of inventory (5.2) indicates that we are back in a seller’s market.
Vero Beach Real Estate Market Analysis – February 2015
This February, 166 homes were sold in Vero Beach mainland, 31% more than in January, 5% more than last year and more than the last 3 years. The increase in sales is encouraging as the season unfolds.The chart below shows that sale prices are still appreciating .
DATA SOURCE: MLS data as of 3/2/2015. Data believed to be accurate but not guaranteed.
The median sold price for the last 30 days was $135,000 with an average DOM of 107 days.
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 up to $200,000 price ranges were sold the fastest with an average of 84 DOM.
DATA SOURCE: MLS data as of 3/2/2015. Data believed to be accurate but not guaranteed.
More homes failed to sell (expired) above $500,000 price range, than sold in Vero Beach mainland. Homes from $400,000 to $450,000 price range took the longest to sell with an average of 321 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, in poor condition, or owner decided not to sell.
Sales pending increased by 8% compared to the same period in 2014 and by 18% from last month. The sales pending tell a good story since they project future market activity.
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.