The Vero Beach real estate market for homes on the mainland lost momentum in November 2014 with fewer sales and more inventory. Sales prices are still appreciating and increased by 5.3% compared to the same period in 2013. The increase in inventory may put some pressure in price appreciation.
This is an active market but we need to see more sales and further reduction of inventory to maintain price appreciation as we move forward into 2015.
Vero Beach Real Estate Market Highlights – November 2014
Sales increased by 14.4% from September and 9% from last year in Vero Beach mainland. However, inventory levels are still higher than 2013 and this fact has somewhat affected price appreciation.
DATA SOURCE: MLS data as of 12/2/2014. 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 decreasing the last few months. Total home sales decreased by 9% compared to last year.
Vero Beach Real Estate Market Statistics – November 2014
DATA SOURCE: MLS data as of 12/2/2014. 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 (94.9%) was slightly decreased , and the absorption rate, or months of inventory (7.5) indicates that we are bin a balanced market.
Vero Beach Real Estate Market Analysis – November 2014
This November, 151 homes were sold in Vero Beach mainland, 30% lower than in October and 2% lower than last year. The reduction in sales follows the overall seasonal trend of the last 3 years.The chart below shows that , sale prices are slightly appreciating .
DATA SOURCE: MLS data as of 12/2/2014. Data believed to be accurate but not guaranteed.
The median sold price for November was $172,000 with an average DOM of 114 days.
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 $75,000 to $100,000 and $175,000 to $200,000 price ranges were sold the fastest with an average of 75 DOM.
DATA SOURCE: MLS data as of 12/2/2014. 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 took the longest to sell with an average of 330 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 real estate market in Vero Beach mainland lost some momentum in November but the seasonally strong winter months of 2015 may reverse this trend. We will monitor the market next few month for any changes in the current trend and will alert our readers.
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.
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