The Vero Beach real estate market activity for homes on the mainland in July 2017 continues to be active. The appreciation in sale prices is slowing down indicating that sale prices may be reaching a high point . The low inventory and the steady demand for homes in Vero Beach may keep pushing sale prices even higher.
Vero Beach Real Estate Market Highlights – July 2017
In July 2017, 170 homes were sold in Vero Beach mainland, 5% fewer than the same period in 2016 and much fewer than in June. Sales have been really good so far this year indicating demand for homes on the mainland is strong. The decrease in sales this month maybe attributed to buyer fatigue and higher asking prices.
DATA SOURCE: MLS data as of 8/2/2017. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale has been increasing the last few months. Sales have been really good so far this year indicating demand for homes on the mainland is strong.
Demand for homes on the mainland remains intact but the market is challenging for homes in higher sale prices as they are competing with competitive priced homes on the island.
Vero Beach Real Estate Market Statistics – July 2017
DATA SOURCE: MLS data as of 8/2/2017. 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 July 2017, the absorption rate or months of remaining inventory was 3.8 indicating that we are still in the seller’s market for Vero Beach mainland homes.
The list to sale price ratio (95.7%) is almost at par with the average indicating steady demand and market activity.
Vero Beach Real Estate Market Analysis – July 2017
The chart below shows that sale prices increased by 3.5% compared to the same period in 2016 and stabilizing. Sellers market continues for all price ranges up all the way up to $350,000.
DATA SOURCE: MLS data as of 8/2/2017. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $207,000 with an average DOM of 86 days. The low inventory levels continue to drive up demand and sale prices.
An analysis on Price Ranges of homes sold versus homes that failed to sell (expired) and the days these homes were on the market (DOM) gives us a good indication for the overall health of the real estate market on the barrier island (zip code 32963) in Vero Beach. The Vero Beach real estate market chart below presents the number of single family homes Sold vs. Expired (failed to sell) the last 12 months and DOM of homes sold.
DATA SOURCE: MLS data as of 8/2/2017. 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 180 DOM.
New construction in several developments continues to offer options to buyers.
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