The real estate market for homes in Vero Beach mainland was more active in March 2016 with more sales than in February but still fewer than the same period in 2015. Sale prices are still appreciating and increased by 13% compared to the same period last year. The continued price appreciation is encouraging despite the low inventory.
Vero Beach Real Estate Market Highlights – March 2016
In March 2016, 176 homes were sold in Vero Beach mainland, 17% fewer than the same period in 2015 but more than last month. Inventory remains at lower levels than the last 3 years and is still affecting sales in some areas and price ranges.
DATA SOURCE: MLS data as of 4/2/2016. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale has slightly decreased but remains steady the last 10 months. The inventory levels are lower than the last 3 years, but price increases may be pricing more buyers out of the market.
Vero Beach Real Estate Market Statistics – March 2016
DATA SOURCE: MLS data as of 4/2/2016. 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 March 2016, the absorption rate or months of remaining inventory was 4.4 indicating a seller’s market for Vero Beach mainland.
The list to sale price ratio (95.4%) is at par with the average indicating that homes prices are reaching a plateau and list prices are not increasing that much.
Vero Beach Real Estate Market Analysis – March 2016
The chart below shows that sale prices are still appreciating and increased by 13% compared to the same period in 2015. Sellers continue to experience great market in most areas and price ranges all the way to $250,000.
DATA SOURCE: MLS data as of 4/2/2016. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $155,000 with an average DOM of 97 days.
The recent 30-day average DOM is slightly above the 12 month average of 104 days and indicates steady demand. 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 4/2/2016. Data believed to be accurate but not guaranteed.
Homes up to $200,000 price range were sold the fastest with an average of 91 DOM. The last 9 months the DOM of homes priced from $400,000 to $450,000 and above is very high indicating weak demand.
Pending sales increased by 7.4% compared to February and sellers market continues in some areas and price ranges all the way to $250,000.
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.