The Vero Beach Real Estate Market for single family homes the island in December 2018 was subdued as we saw fewer sales than the same period last year. Sale prices have stabilized as sellers are starting to be more willing to negotiate amid increased competition amid increasing inventory. Demand for high-end single family homes on the island continues albeit at slower pace than in 2017.
Vero Beach Real Estate Market Highlights – December 2018
Sales in December 2018 decreased by 25% compared to the same period in 2017. This month 28 homes were sold on the island. Inventory keeps increasing while demand remains subdued.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
The decrease in sales this month indicates a slowdown in buyer’s appetite for single family homes on the island..
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.
The Vero Beach real estate market report for December 2018 shows that the buyers’ appetite for single family homes on the island is waning as the List to Sale price ratio of 87.7% is below the average and decreasing indicating that buyers are more cautious with their offers.
The Days On the Market (DOM) is slightly above average indicating decreasing demand for single family homes on the island.
The Absorption Rate, or months of inventory of 14 is another indicator that the buyers have an upper hand as it indicates a strong buyer’s market.
Vero Beach Real Estate Market Analysis – December 2018
The trend of sale prices is flat but manage a 17% increase over the same period last year and the median of sale prices was $736,000. The jump in sale prices in July was mainly due to sales of high-end and luxury homes, as we saw subdued sales of mid-range priced homes.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
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 barrier island (zip code 32963) 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.
More homes sold than expired in most low price ranges but the trend is changing on higher price ranges. Homes above $2M took the longest to sell with 377 DOM!
Buyers’ appetite for single family homes on the island is waning amid price increases in some areas and price ranges.
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