The 2015 season for Vero Beach real estate market continued strong in March despite the low inventory which in some cases is hurting sales. Sales in March 2015 increased by meager 2% compared to the same period last year, while inventory decreased by 12%. Fewer single family homes and condos were sold on the island (zip code 32963), than the same period last year as inventory is drying up.
However, pending sales increased by 13.4% compared to the same period in 2014. Days on the market (DOM) decreased by 11% compared to 2014 and by 9% compared to last month meaning homes are selling faster. The market activity in April will give us a better idea of the market’s strength as we exit the traditionally strong winter season.
Vero Beach Real Estate Market Highlights – March 2015
Overall the median of sales prices for March 2015 remained flat compared to the same period in 2014. Sales were strong on the mainland but not as much on the barrier island, due mainly to low inventory in some areas and price ranges.The activity in each major segment of the Vero Beach real estate painted a different picture in terms of sales, inventory and price action. In Vero Beach mainland, sale prices are still appreciating and increased by 10% compared to the same period in 2014 (see the chart below of Vero Beach Mainland Real Estate Market).
DATA SOURCE: MLS data as of 4/2/2015. Data believed to be accurate but not guaranteed.
In addition, home sales in March 2015 increased by 6.5 compared to the same period in 2014 (see more details in Vero Beach Mainland Real Estate Market Report March 2015).
The market activity for condos on the barrier island in March 2015 was stronger than February and sale prices have been slightly appreciating as the following chart of Vero Beach barrier island condos shows.
DATA SOURCE: MLS data as of 4/2/2015. Data believed to be accurate but not guaranteed.
Seller’s market continues below $400,000 and in $650,000 to $650,000 price ranges (see more details in Vero Beach Barrier Island Condos Real Estate Market Report March 2015).
Vero Beach Real Estate Market Analysis – March 2015
March 2015 was an active month for single family homes on the barrier island in Vero Beach but we saw fewer sales than the same time last year. Median of sale prices also decreased by 5.2% compared to the same period last year . The inventory continues to decline which may boost sale prices the rest of 2015.The following chart shows the price action trend of single family homes in Vero Beach barrier island real estate market the last 12 months.
DATA SOURCE: MLS data as of 4/2/2015. Data believed to be accurate but not guaranteed.
The demand has remained steady for lower priced homes but keeps increasing for homes priced from $450,000 to $500,000 (see more details in Vero Beach Barrier Island Single Family Real Estate Market Report March 2015).
Overall Housing Market – March 2015
The increase in mortgage rates we saw in 1st quarter of 2014 has tapered off in 2014 and the beginning of 2015 as the rate of increases continue to show lower levels. The projection for the rest of 2015 and in 2016 show that rates are not expected to remain at low levels which bodes well for the Vero Beach Real Estate Market with possible increase in sales through the rest of 2015.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Mortgage Rates Forecast – March 2015.
The chart below shows the Fannie Mae Existing Home Sales for Single Family Homes, Condos and Co-Ops from 2014 to present and the projections for the rest of 2015 and 2016.
DATA SOURCE Fannie Mae: Economic and Strategic Research; Existing Home Sales & Forecast – March 2015.
Nationally, the existing home sales increased sharply in Q3 of 2014, but leveled off into 2015. This activity is projected to slightly increase the rest of 2015 and 2016. This activity is projected to level off the rest of 2015 and 2016. The sales activity was strong for the Vero Beach real estate market during the 2015 season but the lack of inventory is affecting sales. The market activity is expected to continue strong post season as indicated by the strong pending sales in March.
Sellers are enjoying an active real estate market with reduced inventory where buyers compete for that right place in sunny and warm Florida.
Detailed Vero Beach Real Estate Market Reports are produced on a monthly basis. If you would like to receive real estate market reports of your area, Vero Beach Mainland or Vero Beach Barrier Island (single family homes or condos), fill in the request form below with your email address and specify the area of interest 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.