The Vero Beach real estate market on the mainland in May 2015 was very active with slightly fewer sales than last year but continued price appreciation. Sale prices increased by 16% compared to the same period last year. The continuation of low mortgage rates is good news for the market and for the sellers of homes in Vero Beach mainland for the rest of 2015 and into 2016.
Vero Beach Real Estate Market Highlights – May 2015
Sales of Vero Beach homes on the mainland jumped by 8% in May 2015 compared to the same period last year. The increase in sales is encouraging at the end of the season predicting more sales moving forward.
DATA SOURCE: MLS data as of 6/2/2015. 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 3 months. Lower inventory levels may be affecting sales especially on the high end of price range.
Vero Beach Real Estate Market Statistics – May 2015
DATA SOURCE: MLS data as of 6/2/2015. 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.
In May 2015, the Absorption Rate or months of remaining inventory is 3.6 and increasing indicating a strong market activity for Vero Beach homes on the mainland.
The list to sale price ratio (95.4%) shows a steady increase month to month indicating that homes are priced well within the market and buyers are willing to make offers.
Vero Beach Real Estate Market Analysis – May 2015
In May 2015, 203 homes were sold in Vero Beach mainland, slightly fewer than the same period last year. The continuation of strong sales despite the lower inventory levels is encouraging as we entered the slow summer months.The chart below shows that Sale prices are still appreciating and increased by 16% compared to 2014.
DATA SOURCE: MLS data as of 6/2/2015. Data believed to be accurate but not guaranteed.
The median sold price for the last 30 days was $152,000 with an average DOM of 89 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 up to $200,000 price ranges were sold the fastest with an average of 83 DOM.
DATA SOURCE: MLS data as of 6/2/2015. 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 288 DOM. We have noticed that the DOM of homes priced from $400,000 to $450,000 the last few months is very high indicating weaker demand for homes in that price range.
Sellers experience great market in all areas and most price ranges all the way to $500,000.
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.
For buyers and sellers I provide detailed market analysis report specific to each area. For sellers, I can provide a complimentary no-obligation property price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report or the no-obligation price analysis consultation.