Vero Beach Barrier Island Condos Real Estate Market Report July 2016

In July 2016 the Vero Beach real estate market report for condos on the Barrier Island shows that prices have stabilized while inventory continues to be above 2015 levels amid fewer sales. However, sales activity has followed the seasonal trends with lower volumes during the summer months but interest in Vero Beach condos continues.

Vero Beach Real Estate Market Highlights – July 2016


In July 2016, 24 condos were sold on the island in Vero Beach, fewer than in June and as many as the same period last year. Despite the recent increase in the inventory, we have not seen more sales this year compared to 2015.

Vero Beach Island Condos Market Statistics - For Sale vs Sold - July 2016 DATA SOURCE: MLS data as of 8/2/2016. Data believed to be accurate but not guaranteed.

The above chart shows that although the inventory of available condos for sale has been declining the last 4 months as sales slightly increased a good sign for the market.

Vero Beach Real Estate Market Statistics – July 2016

Market Statistics - Vero Beach Island Condos July 2016 DATA SOURCE: MLS data as of 8/2/2016. 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 7.1 for condos on the barrier island in Vero Beach indicating that the market is slowing down as we are in the middle of the summer season, we are in a balanced but we are still experiencing a seller’s market in some areas and price ranges.

The list to sale ratio of 91.0% is at par with the average indicating that demand remains steady. The 152 DOM is below average suggesting that demand is steady for condos on the Vero Beach barrier island.

Vero Beach Real Estate Market Analysis – July 2016


The median sold price for Vero Beach Barrier Island condos in April was $290,000 with an average of 152 DOM. The sale prices have stabilized but still increased as the median of sale prices in July 2016 was higher than the same period in 2015 as the following chart shows.

Market Statistics - Island Condos Median of Sale Prices - July 2016 DATA SOURCE: MLS data as of 8/2/2016. 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 - July 2016 DATA SOURCE: MLS data as of 8/2/2016. Data believed to be accurate but not guaranteed.

Condos priced from $600,000 to $650,000 were sold the fastest with an average of 59 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 220 DOM.

Sales activity has followed the seasonal trends with lower volumes during the summer months but interest in Vero Beach condos continues.

Detailed Real Estate Market Reports for Condos on the Vero Beach barrier island (zip code 32963) 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. These reports will be sent to your email the beginning of the each month with market statistics of the previous month.

Detailed market analysis report specific to each area is available upon request. A complimentary no-obligation property price analysis consultation is also available for sellers. Use the request form below and indicate that you wish to receive the detailed report or the no-obligation price analysis consultation.

Report Request Form:

First Name:
*
Last Name:
*
Email:
*
Phone:
Message: