The market in Vero Beach mainland continued the momentum started late in 2012 into the 2013 season with increases in sales and declines in inventory. May 2013 was a strong month. The following sections provide a detail view of the Vero Beach mainland real estate market.
Real Estate Market Highlights
A strong market has developed below $300,000 in Vero Beach mainland, and it is strengthening between $350,000 and $450,000. Median of home prices has increased 21.8% from a year ago. The continuing increase in sales and decrease in inventory has resulted in pending sales exceeding the 50% ratio which means that demand is getting higher than supply and price appreciation expected to continue the rest of the year.
DATA SOURCE: MLS data as of 6/3/2013. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale is declining the last few months, while the number of homes sold each month has increased the last 3 months, with more homes sold in May than the previous 3 months, and 21.5% more than April.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 6/3/2013. 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 sale price is very close to the list price (95%)and increasing, indicating continued strong demand for homes and a seller’s market in many areas and price ranges.
Real Estate Market Analysis
The month of May, 192 homes were sold in Vero Beach mainland, a 15% increase from the same period last year. The increase in sales and decrease in inventory create a seller’s market and bodes well for the real estate market in Vero Beach moving forward. Buyers are finding that there are fewer homes to choose from in some price ranges.The median for the last 30 days was $165,000 with average days on the market (DOM) of 105 days. The sale prices are increasing. The median price for homes in Vero Beach mainland was 1.8% higher in May 2013 than in April and 21.8% from a the same month in 2012 (see the chart below).
DATA SOURCE: MLS data as of 6/3/2013. 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 $75,000 to $100,000 price range were sold the fastest with an average of 97 DOM.
DATA SOURCE: MLS data as of 6/3/2013. Data believed to be accurate but not guaranteed.
More homes failed to sell (expired) than sold above the $350,000 price range in Vero Beach mainland. Homes above 500,000 took the longest to sell with 343 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, in poor condition, or owner decided not to sell.
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.