The real estate market in Vero Beach mainland is sizzling and the activity makes it feel like we are still in season with more sales than the previous 3 years. This month we saw a continuation of the inventory reduction and increase in sales. The following sections provide a detail view of the Vero Beach mainland real estate market.
Real Estate Market Highlights
Median of home values have increased 9.5% from a year ago in Vero Beach mainland, and a seller’s market in many price ranges.. Inventory (homes available for sale) continues to decline and is the lowest in 3 years. The Pending Ratio (for Sale vs. Pendings) is above 50% meaning demand is getting higher than supply, which means that demand is strong and price appreciation expected to continue the rest of the year.
DATA SOURCE: MLS data as of 8/2/2013. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale has been declining since the beginning of 2013. The number of homes sold each month has increased the last 4 months with slightly more homes sold in July than the previous month.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 8/2/2013. 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 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 (95.5%) is increasing, while the absorption rate, or months of inventory (4.2) is decreasingindicating continued strong demand for homes and a seller’s market in many areas and price ranges.
Real Estate Market Analysis
The month of July, 174 homes were sold in Vero Beach mainland. There were 690 available for sale with 350 pending contracts and a Pending Ratio of over 50%. This is an active market with price appreciation projected to continue the rest of the year. The sales are expected to remain steady the rest of the year, but the interest rate increase may put a break on the trend.The median for the last 30 days was $160,000 with average days on the market (DOM) of 124 days. The sale prices are increasing. The median price for homes in Vero Beach mainland was 9.5% higher in July 2013 from the same month a year ago (see the chart below).
DATA SOURCE: MLS data as of 8/2/2013. 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 $150,000 to $175,000 price range were sold the fastest with an average of 85 DOM.
DATA SOURCE: MLS data as of 8/2/2013. Data believed to be accurate but not guaranteed.
More homes did not sell (expired) above the $350,000 price range, than sold in Vero Beach mainland. Homes above 500,000 took the longest to sell with 258 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 so hot, that defied even the seasonality seeing the last few years..
The sales increase in July 2013 may be attributed to the decrease in inventory levels and buyers having fewer homes to choose from in some price ranges. The current increase in interest rates may affect future sales. We will monitor the market the next few months for any changes in the current trend and will alert our subscribers.
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.