The Vero Beach real estate market activity on the mainland in December 2018 continues strong with more sales and higher prices than the same period last year. However, inventory keeps increasing the last few months and at levels above those of last 3 years which may put a break in price appreciation.
Vero Beach Real Estate Market Highlights – December 2018
In December 2018, 183 homes were sold in Vero Beach mainland, 17% fewer than the same period in 2017. Sales pattern indicates that demand for homes on the mainland remains intact as Vero Beach continues to attract retirees and migration of barrier island residents to the mainland continues.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
The chart above shows that the continues to increase the last few months and increased by 29% compared to last year. The increase in the inventory is the result of increased home equity levels allowing sellers to make the move and the builders to offer newer homes amid constant demand.
Vero Beach Real Estate Market Statistics – December 2018
DATA SOURCE: MLS data as of 1/2/2019. 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 December 2018, the absorption rate or months of remaining inventory was 4.4 indicating that we are still in the seller’s market for Vero Beach mainland homes.
The list to sale price ratio (96.0%) is at par with the average indicating steady demand and market activity.
Vero Beach Real Estate Market Analysis – December 2018
The chart below shows that prices continue to appreciate and this month’s 6% increase shows that demand for homes on the mainland is still intact. Sellers market continues for price ranges up to $350,000.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
The median of sale prices for the last 30 days was $228,000 with an average DOM of 91 days. The recent 30-day average of 91 DOM is close to the average of 96 days and indicates steady demand for homes on the mainland.
An analysis on Price Ranges of homes sold versus homes that failed to sell (expired) and the days these homes were on the market (DOM) gives us a good indication for the overall health of the real estate market on the mainland in Vero Beach. The Vero Beach real estate market chart below presents the number of single family homes Sold vs. Expired (failed to sell) the last 12 months and DOM of homes sold.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
Homes up to $200,000 price range were sold the fastest with an average of 74 DOM. Homes between $450K and $500K took the longest to sell with 188 DO.
Sale prices keep increasing as demand remains intact but inventory is also increasing putting pressure on the prices.
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