The real estate market for home in Vero Beach mainland continues been active in November 2015 but with fewer sales due to low inventory. Sale prices are still appreciating and increased by 8.5% compared to the same period in 2014. The continued price appreciation is encouraging as we are heading into the 2016 season.
Vero Beach Real Estate Market Highlights – November 2015
In November 2015, 125 homes were sold in Vero Beach mainland, 7.4% fewer than the same period in 2014. The decrease in sales may be attributed to seasonality and lower inventory levels. The lack of inventory and buyers’ demand for Vero Beach homes continue to drive prices up and have created a seller’s market in many areas and price points.
DATA SOURCE: MLS data as of 12/2/2015. Data believed to be accurate but not guaranteed.
The inventory increase we saw this month is a welcoming sign. Demand for homes in Vero Beach mainland remains steady but we need to see more activity on higher price ranges to sustain price appreciation.
Vero Beach Real Estate Market Statistics – November 2015
DATA SOURCE: MLS data as of 12/2/2015. 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 November 2015, the absorption rate or months of remaining inventory was 6.1 indicating an active but balanced market but the continuation of the seller’s market in some areas in Vero Beach mainland.
The list to sale price ratio (95.5%) is slightly above average indicating that homes are priced well within the market and buyers are willing to make offers close to the asking price.
Vero Beach Real Estate Market Analysis – November 2015
Sale prices are still rising despite the low inventory levels. This is good news for sellers in Vero Beach mainland.
The chart below shows that sale prices are still appreciating and increased by 8.5% compared to the same period last year.
DATA SOURCE: MLS data as of 12/2/2015. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $160,000 with an average DOM of 118 days.
The recent 30-day average DOM is slightly above the 12 month average of 102 days and 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. Homes up to $200,000 price range were sold the fastest with an average of 92 DOM.
DATA SOURCE: MLS data as of 12/2/2015. Data believed to be accurate but not guaranteed.
More homes failed to sell (expired) than sold above $500,000 price range in Vero Beach mainland. The last 6 months the DOM of homes priced from $400K to $450K is very high indicating weaker demand .
Sellers experience great market in most areas and price ranges all the way to $250,000.
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.
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