The Vero Beach real estate market in November report shows that the market in the mainland is still active but with fewer sales than the previous 2 years. We have are seeing weakness in previously healthy markets and price points. The market is still active for homes priced below $150,000. The following sections provide a detail view of the Vero Beach mainland real estate market.
Vero Beach Real Estate Market Highlights
Median of home values have increased 17% from a year ago in Vero Beach mainland. Inventory (homes available for sale) has been increasing the last 2 months and we saw a jump of 5.2% in inventory in November compared to last month and 3.7% since the beginning of the year. The Pending Ratio (for Sale vs. Pendings) is above 50% in many price ranges which means that demand is getting weaker and price appreciation is expected to subside for these price points.
DATA SOURCE: MLS data as of 12/2/2013. 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 been declining since the beginning of 2013, but it has increased the last 3 months. Total home sales for November 2013 were 23.7% lower than last month and 15.5% lower than the same month in 2012.
Vero Beach Real Estate Market Statistics
DATA SOURCE: MLS data as of 12/2/2013. 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 list to sale price ratio (95.5%) is increasing, the absorption rate, or months of inventory (6.0) has reversed order and started to increase indicating demand for homes in Vero Beach mainland is waning and the market has changed from a seller’s market to a balanced market.
Vero Beach Real Estate Market Analysis
In November, 109 homes were sold in Vero Beach mainland. There were 875 homes available for sale with 272 pending contracts and a Pending Ratio of 31% and below the 50% threshold indicating demand is decreasing. This is an active market with price appreciation projected to continue the rest of the year, albeit at a slower pace.The median for the last 30 days was $152,000 with average days on the market (DOM) of 98 days. The sale prices are stabilizing. The Median of home values has increased 1.3% from a year ago and the trend shows that prices are still appreciating, but at a much slower rate (see the chart below).
DATA SOURCE: MLS data as of 12/2/2013. 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 bellow $50K price range were sold the fastest with an average of 91 DOM.
DATA SOURCE: MLS data as of 12/2/2013. Data believed to be accurate but not guaranteed.
More homes failed to sell (expired) above the $450,000 price range, than sold in Vero Beach mainland. Homes above 350,000 took the longest to sell with an average of 194 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, in poor condition, or owner decided not to sell.
The market in Vero Beach mainland is still active but has cooled off in November. However, there are markets and price points that are still exhibiting strength..
This is an active market with slight price appreciation and is projected to continue the rest of the year. The increase in inventory, mortgage rates and lack of investor appetite may have affected sales. We will monitor the market activity as we enter the season for clues on market’s strength and will notify our clients and the subscribers to Vero Beach real estate market reports.
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.