The real estate market on the mainland in Vero Beach was very active in June 2015 but with slightly fewer sales than last year and continued price appreciation. Sale prices increased by 8.1% compared to the same period last year. The market action in June was encouraging with increases in pending sales despite the transition to the traditionally slow summer period.
Vero Beach Real Estate Market Highlights – June 2015
Sales of Vero Beach homes on the mainland decreased slightly in June 2015 compared to the same period last year. The reduction in sales may be attributed to the lower inventory levels.
DATA SOURCE: MLS data as of 7/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale in Vero Beach mainland was reduced the last 4 months. Further reduction in the inventory in some price ranges, especially those on the high-end of price range will help the market with further price appreciation.
Vero Beach Real Estate Market Statistics – June 2015
DATA SOURCE: MLS data as of 7/2/2015. 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.
The Absorption Rate or months of remaining inventory was 3.7 in June and increasing indicating a continuation of a very active market in Vero Beach mainland.
The list to sale price ratio (95.3%) shows that homes are priced well within the market and buyers are anxious to place offers.
Vero Beach Real Estate Market Analysis – June 2015
In June 2015, 196 homes were sold in Vero Beach mainland, slightly fewer than the same period last year . The lack of inventory and buyers’ demand for Vero Beach homes have contributed to higher sale prices and the seller’s market.
The chart below shows that Sale prices are still appreciating and increased by 8.1% compared to last year.
DATA SOURCE: MLS data as of 7/2/2015. Data believed to be accurate but not guaranteed.
The median sold price for the last 30 days was $144,000 with an average DOM of 121 days.
The recent 30-day average DOM is below the 12 month average indicates demand is steady. 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 from $400,000 to $450,000 price range took the longest to sell with 245 DOM .
DATA SOURCE: MLS data as of 7/2/2015. Data believed to be accurate but not guaranteed.
More homes failed to sell (expired) above $450,000 price range, than sold in Vero Beach mainland. We saw a very active market in the $150K to $200K price ranges . The last few months the DOM of homes priced from $400,000 to $450,000 is very high indicating weaker demand.
Seller’s market is all areas and all price ranges up to $300,000 and in the $400,000 to $450,000 price range.
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.
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