Vero Beach Barrier Island Condos Real Estate Market Report February 2017

The Vero Beach real estate market for condos on the Barrier Island in February 2017 remained flat amid increase in the inventory as sales and pending sales were at the same level compared to the same period last year. Sales are still soft but were counter balanced with increases in sale prices, a welcoming sign for the market moving forward.

Vero Beach Real Estate Market Highlights – February 2017


In February 2017, 14 condos were sold on the island in Vero Beach, the same number as in January and 7.7% more than the same period in 2016. The inventory of available condos for sale increased by 8.6% compared to January but was 5.2% lower than the same period last year.

Vero Beach Island Condos Market Statistics - For Sale vs Sold - February 2017 DATA SOURCE: MLS data as of 3/2/2017. Data believed to be accurate but not guaranteed.

The above chart shows that the current inventory levels have not resulted in substantially more sales and it can be attributed to softening of the market..

Vero Beach Real Estate Market Statistics – February 2017

Market Statistics - Vero Beach Island Condos February 2017 DATA SOURCE: MLS data as of 3/2/2017. 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.

This month, the Absorption Rate or months of remaining inventory is 11.7 for condos on the barrier island in Vero Beach indicating a buyer’s market. The list to sale ratio of 93.8% is higher than the average, coinciding with the higher demand during the traditionally strong winter season. The 183 DOM is slightly above the average of 171 indicating steady demand.

Vero Beach Real Estate Market Analysis – February 2017


The median of sale prices for Vero Beach Barrier Island condos in February 2017 was $336,000 with an average of 162 DOM. The median of sale prices increase by 7.5% in February 2017 compared to the same period last year as prices have stabilized as the following chart shows.

Market Statistics - Island Condos Median of Sale Prices - February 2017 DATA SOURCE: MLS data as of 3/2/2017. Data believed to be accurate but not guaranteed.

A Price Range analysis of condos sold versus condos that failed to sell (expired) and the days these properties were on the market (DOM) gives us a good indication for the overall health of the real estate market for condos on Vero Beach barrier island (zip code 32963) for various price ranges.

The chart below presents the number of condos Sold vs. Expired (failed to sell) the last 12 months and the Days On The Market (DOM) of condos sold.

Market Statistics - Island Condos - Sold vs Expired and DOM - February 2017 DATA SOURCE: MLS data as of 3/2/2017. Data believed to be accurate but not guaranteed.

Condos Condos priced from $350,000 to $400,000 were sold the fastest with an average of 96 DOM.

More condos failed to sell (expired) than sold above $2M price range. Condos in the $900,000 to $2M took the longest to sell with an average of 226 DOM.

Although sales and Pending Sales remained flat, the increase in sale prices is good news for the softening market and raises hope for the remaining of 2017. .

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