The market has lost momentum during the summer months with fewer sales month to month. Sales prices may have stabilized and have started to appreciate again. The real estate market has improved in some areas but lost strength in others. However, the market is still active for homes priced below $175,000.
This is an active market but we need to see more sales and further reduction of inventory to regain price appreciation as we move forward the rest of the year.
Vero Beach Real Estate Market Highlights – September 2014
Sale prices remain flat and decreasing in Vero Beach mainland, while the inventory has remained steady. This will help future sale prices as we approach the winter season.
DATA SOURCE: MLS data as of 10/2/2014. 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 8.75% compared to last year and 4% to August .
Vero Beach Real Estate Market Statistics – September 2014
DATA SOURCE: MLS data as of 10/2/2014. 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 (95.2%) is steady, the absorption rate, or months of inventory (5.5) indicates that the we are back to seller’s market in some areas and price points .
Vero Beach Real Estate Market Analysis – September 2014
This September, 146 homes were sold in Vero Beach mainland, 8.75% fewer than last year and 4% than last month. The decrease in sales is a sign that demand for homes on the mainland is not as strong as last year probably due to renewed interest on homes on the barrier island and the exit of aggressive investors that dominated the market after the market’s downtrend in 2008 to 2011.The chart below shows that sale prices have started appreciating again and the median sale prices increased by 14% compared to the same period in 2013.
DATA SOURCE: MLS data as of 10/2/2014. Data believed to be accurate but not guaranteed.
The median sold price for the last 30 days was $182,000 with an average DOM of 118 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 $175,000 to $200,000 price range were sold the fastest with an average of 76 DOM.
DATA SOURCE: MLS data as of 10/2/2014. Data believed to be accurate but not guaranteed.
More homes failed to sell (expired) above $450,000 price range, than sold in Vero Beach mainland. Homes from $400,000 to $500,000 price range took the longest to sell with an average of 303 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 getting more active and sales and sale prices have started to increase..
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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