The Vero Beach mainland real estate market report shows that the market is still very active with more sales than the previous 3 years. We have start seeing some weakness in previously strong markets and price points due mainly to interest rate increases and lower mortgage originations. The market is still HOT for homes priced below $150,000. The following sections provide a detail view of the Vero Beach mainland real estate market.
Real Estate Market Highlights
Median of home values have increased 4.2% from a year ago in Vero Beach mainland, and a seller’s market in some price ranges.. Inventory (homes available for sale) continues to decline but it is tapering off. The Pending Ratio (for Sale vs. Pendings) is above 50% in many price ranges, which means that demand is still strong and price appreciation expected to continue the rest of the year.
DATA SOURCE: MLS data as of 10/2/2013. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available homes for sale has been declining since the beginning of 2013, but it is increasing the last 2 months. Total home sales for September 2013 were 14.8% lower than August 2013 but 20% higher from the same month in 2012. If the inventory remains at low level, we may see continued demand for homes in Vero Beach mainland.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 10/2/2013. 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 (95.3%) is increasing, the absorption rate, or months of inventory (5.0) has reversed order and started to increase , and the Days on the Market (DOM) is slightly higher than the average indicating demand for homes in Vero Beach mainland is waning.
Real Estate Market Analysis
The month of September, 144 homes were sold in Vero Beach mainland. There were 723 available for sale with 273 pending contracts and a Pending Ratio of 43% 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. The sales are expected to remain steady the rest of the year, but the mortgage rate increase may have started affecting sales.The median for the last 30 days was $163,000 with average days on the market (DOM) of 145 days. The sale prices are increasing. The Median of home values has increased 4.15% from a year ago and the trend shows that prices are still appreciating, albeit at a slower rate (see the chart below).
DATA SOURCE: MLS data as of 10/2/2013. 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 92 DOM.
DATA SOURCE: MLS data as of 10/2/2013. Data believed to be accurate but not guaranteed.
More homes did not sell (expired) above the $350,000 price range, than sold in Vero Beach mainland. Homes above 450,000 took the longest to sell with 216 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 very active and has continued strong in the summer and the trend continues into the fall..
The slight decrease in sales levels in September 2013 may be attributed to the recent mortgage rate increases and probably the reduction in inventory as buyers having fewer homes to choose from in some price ranges. We will monitor the market the next few months for any changes in the current trend and will alert 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.