The Vero Beach real estate market for homes in mainland slowed down a bit in May 2016 with fewer sales than in April and fewer sales than the same period last year. However, sale prices are still rising and increased by 11.7% compared to the same period last year. The increase in sale prices is good news for the sellers as we have entered the summer season.
Vero Beach Real Estate Market Highlights – May 2016
In May 2016, 178 homes were sold in Vero Beach mainland, 18.4% fewer than the same period in 2015 and fewer than April . Inventory continues at lower levels than the last 3 years.
DATA SOURCE: MLS data as of 6/2/2016. 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 almost steady the last 12 months. Sales increased by 15% compared to April and sellers market continues all the way to $350,000. The slight inventory decrease we saw in May, could affect sales and sale prices.
Vero Beach Real Estate Market Statistics – May 2016
DATA SOURCE: MLS data as of 6/2/2016. 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 May 2016, the absorption rate or months of remaining inventory was 3.8 indicating a seller’s market for Vero Beach mainland homes.
The list to sale price ratio (95.4%) is close to the average indicating that homes prices are reaching equilibrium and list prices are not expected to increase that much.
Vero Beach Real Estate Market Analysis – May 2016
The chart below shows that sale prices are still rising and increased 11.7% compared to the same period in 2015. Sellers market continues for all price ranges up to $250K and expanding in the $300K to $400K price ranges.
DATA SOURCE: MLS data as of 6/2/2016. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $171,000 with an average DOM of 109 days.
The recent 30-day average 109 DOM is at par with the average of 109 days and indicates steady demand for homes in Vero Beach mainland. 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 6/2/2016. Data believed to be accurate but not guaranteed.
Homes up to $200,000 price range were sold the fastest with an average of 93 DOM. Weak demand for homes above $400,000 continues for almost a year.
The lack of inventory and buyers’ demand for Vero Beach homes continues to drive prices up and the seller’s market in many areas and price ranges.
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.