The Vero Beach real estate market activity for homes in mainland in November 2016 continues to outpace the activity on the barrier island. Sale prices were modestly higher and increased by 4.5% compared to the same period last year , indicating prices have stabilized and may be reaching a plateau.
Vero Beach Real Estate Market Highlights – November 2016
In November 2016, 158 homes were sold in Vero Beach mainland, 20% more than the same period in 2015 and more than in October. The increase in sales this month maybe attributed to buyers rushing to make offers and lock in low mortgage rates due to the recent increase.
DATA SOURCE: MLS data as of 12/2/2016. 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 below levels seen the last 3 years. However, as prices continue to increase, may be pricing some price conscious buyers out of the market.
Vero Beach Real Estate Market Statistics – November 2016
DATA SOURCE: MLS data as of 12/2/2016. 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 November 2016, the absorption rate or months of remaining inventory was 4.3 indicating that a seller’s market continues for Vero Beach mainland homes.
The list to sale price ratio (95.6%) is at par with the average indicating steady demand and market activity.
Vero Beach Real Estate Market Analysis – November 2016
The chart below shows that sale prices increased modestly by 4.5% compared to the same period last year, but stabilizing . Sellers market continues for all price ranges up all the way up to $350,000.
DATA SOURCE: MLS data as of 12/2/2016. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $181,000 with an average DOM of 105 days. The inventory of available homes remains below levels seen the last 3 years but is increasing.
The recent 30-day average of 105 DOM is almost at average of 107 days and indicates demand remains intact. 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 12/2/2016. Data believed to be accurate but not guaranteed.
Homes up to $200,000 price range were sold the fastest with an average of 89 DOM. The last 12 months the DOM of homes priced above $400,000 is very high indicating weaker demand.
November sales were 20% higher than the same period in 2015 as a jump in mortgage rates may have pushed buyers to make a move.
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.