The Vero Beach real estate market on the mainland was strong in March 2015 with more sales pending and more actual sales than in February and last year. The increase in sales is encouraging as the season comes to an end. Sales prices are still appreciating and increased by 10% compared to the same period in 2014. Sales pending keep increasing and jumped by 19% compared to last month and last year.
Vero Beach Real Estate Market Highlights – March 2015
Sales increased by 11.8% more than in February and 6% more than last year. However, inventory remains at higher levels than the previous 2 years for some price ranges and may affect price appreciation.
DATA SOURCE: MLS data as of 4/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale in Vero Beach mainland has remained steady the last 12 months. The increase in sales is encouraging as we enter the final half of the traditionally strong winter season and we will see with more price appreciation if this trend continues.
Vero Beach Real Estate Market Statistics – March 2015
DATA SOURCE: MLS data as of 4/2/2015. 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 (95.4%) slightly increased, and the absorption rate of 4.4 months indicates that we are still in a seller’s market .
Vero Beach Real Estate Market Analysis – March 2015
In March 2015, 198 homes were sold in Vero Beach mainland, 11.8% more than in February and 6% more than last year. The increase in sales is encouraging as we approaching the end of the traditionally strong winter season.The chart below shows that sale prices are still appreciating, albeit at a slower pace.
DATA SOURCE: MLS data as of 4/2/2015. Data believed to be accurate but not guaranteed.
The median sold price for the last 30 days was $135,000 with an average DOM of 94 days.
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 up to $200,000 price ranges were sold the fastest with an average of 85 DOM.
DATA SOURCE: MLS data as of 4/2/2015. Data believed to be accurate but not guaranteed.
More homes failed to sell (expired) above $500,000 price range, than sold in Vero Beach mainland. Homes from $400,000 to $450,000 price range sat the longest on the market with an average of 321 DOM. In the last few months, the DOM of homes priced from $400K to $450K is very high indicating weak demand for homes in that price range.
The pending sales increased by 25% compared to the same period in 2014 and by 19% from last month. The increase in sales pending is encouraging since it projects future market activity.
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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