October 2015 was a good month for the real estate market on the mainland in Vero Beach with more price appreciation but fewer sales. Sale prices are still appreciating and increased by 12% compared to the same period in 2014. The market action in October is encouraging as we are heading for the 2016 season.
Vero Beach Real Estate Market Highlights – October 2015
In October 2015, 153 homes were sold in Vero Beach mainland, 20% fewer than the same period last year. The decline in sales may be attributed to 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 11/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale remains at low levels the last few months. We need to see further increase in sales in higher price ranges, to see further price appreciation.
Vero Beach Real Estate Market Statistics – October 2015
DATA SOURCE: MLS data as of 11/2/2015. 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 October 2015, the absorption rate or months of remaining inventory was 4.5 indicating an active market and the continuation of the seller’s market in most areas in Vero Beach mainland.
The list to sale price ratio (95.5%) is increasing indicating that buyers are willing to make offers close to the asking price, a sign of a healthy real estate market in Vero Beach mainland.
Vero Beach Real Estate Market Analysis – October 2015
Sale prices are increasing despite the low inventory levels. This is good news for sellers in Vero Beach mainland.
The chart below shows that sale prices are still going up as they increased by 12% compared to the same period in 2014.
DATA SOURCE: MLS data as of 11/2/2015. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $172,000 with an average DOM of 98 days.
The recent 30-day average DOM is slightly below the 12 month average indicating steady demand. 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 91 DOM.
DATA SOURCE: MLS data as of 11/2/2015. 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. We saw a very active market in Southeast County and in the $125,000 to $150,000 price range .
We have a seller’s market is most areas and all price ranges up 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.
For buyers and sellers I provide detailed market analysis report specific to each area. For sellers, I can provide a complimentary no-obligation property price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report or the no-obligation price analysis consultation.