The real estate market for homes in Vero Beach mainland slowed down a bit in January 2016 with fewer sales than in December and the same period last year. Sale prices on the other hand increased by 5.3% compared to the same period in 2015. The continued price appreciation is encouraging despite the low inventory.
Vero Beach Real Estate Market Highlights – January 2016
In January 2016, 121 homes were sold in Vero Beach mainland, 12% fewer than the same period in 2015 and fewer than last month. The lack of inventory and buyers’ demand for Vero Beach homes continue to drive prices up.
DATA SOURCE: MLS data as of 2/2/2016. 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 8 months. We saw reduction in inventory which will affect sales especially in some price ranges.
Vero Beach Real Estate Market Statistics – January 2016
DATA SOURCE: MLS data as of 2/2/2016. 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 January 2016, the absorption rate or months of remaining inventory was 6.3 indicating a balanced market for Vero Beach mainland.
The list to sale price ratio (95.6%) is slightly above average indicating that homes are priced well within the market and buyers are willing to make offers close to the asking price.
Vero Beach Real Estate Market Analysis – January 2016
The chart below shows that sale prices are still appreciating and increased by 5.3% compared to the same period in 2015. Sellers experience great market in most areas and price ranges all the way to $250,000.
The median of sale prices for the last 30 days was $156,000 with an average DOM of 114 days.
The recent 30-day average DOM is slightly above the 12 month average of 104 days and indicates steady demand. 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 2/2/2016. Data believed to be accurate but not guaranteed.
Homes up to $200,000 price range were sold the fastest with an average of 94 DOM. The last 8 months the DOM of homes priced from $400,000 to $450,000 and above is very high indicating weaker demand.
Pending sales increased by 9% compared to last month and seller’s market continues in some areas and price ranges all the way to $250,000.
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.