In January 2017 the Vero Beach real estate market activity for homes in mainland in continues to show strength. However, the appreciation of sale prices is slowing down indicating that sale prices may be reaching a plateau.
The recent increases in mortgage rates may also impact sales although demand is still intact. The low inventory and the traditionally strong winter season may still boost sales.
Vero Beach Real Estate Market Highlights – January 2017
In January 2017, 135 homes were sold in Vero Beach mainland, 7% more than the same period in 2016 but fewer than in December. The increase in sales this month maybe attributed to the start of the traditionally strong winter season and buyers looking to lock in low mortgage rates before the inevitable increase in 2017.
DATA SOURCE: MLS data as of 2/2/2017. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale has remained steady the last few months. However, as prices continue to increase demand is diminishing and impact price appreciation.
Vero Beach Real Estate Market Statistics – January 2017
DATA SOURCE: MLS data as of 2/2/2017. 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 January 2017, the absorption rate or months of remaining inventory was 5.3 indicating that the seller’s market continues for Vero Beach mainland homes.
The list to sale price ratio (95.5%) is at par with the average indicating steady demand and market activity.
Vero Beach Real Estate Market Analysis – January 2017
The chart below shows that sale prices increased by 8% compared to the same period last year, but stabilizing. Sellers market continues for all price ranges up all the way up to $250,000.
DATA SOURCE: MLS data as of 2/2/2017. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $165,000 with an average DOM of 92 days. The inventory of available homes remains below levels seen the last 3 years.
The recent 30-day average of 92 DOM is slightly below average of 103 days and indicates demand remains intact. 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 2/2/2017. Data believed to be accurate but not guaranteed.
Homes up to $200,000 price range were sold the fastest with an average of 87 DOM. Homes in over $500K took the longest to sell with 187 DOM.
Low inventory levels continue to drive up sale prices albeit at a slower pace.
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.