Vero Beach Barrier Island Condos Real Estate Market Report November 2016

The Vero Beach real estate market report for condos on the Barrier Island in November 2016 shows that sale prices are declining and the market is soft despite the increase in sales by 27% compared to the same period last year. The increase in sales has not translated in higher prices as inventory continues to increase.

Vero Beach Real Estate Market Highlights – November 2016


In November 2016, 14 condos were sold on the island in Vero Beach more than in October and 27% more than he same period last year . Pending sales are also declining and were 20% less that the same period in 2015.

Vero Beach Island Condos Market Statistics - For Sale vs Sold - November 2016 DATA SOURCE: MLS data as of 12/2/2016. Data believed to be accurate but not guaranteed.

The above chart shows that although the inventory of available condos for sale has remained constant the last few months while sales remain subdued.

Vero Beach Real Estate Market Statistics – November 2016

Market Statistics - Vero Beach Island Condos November 2016 DATA SOURCE: MLS data as of 12/2/2016. 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 10.6 for condos on the barrier island in Vero Beach indicating that the market is soft . The list to sale ratio of 91.1% is slightly above average, another indicator of a stagnant market. The 215 DOM is above average of 166 suggesting weakening demand for condos on the Vero Beach barrier island.

Vero Beach Real Estate Market Analysis – November 2016


The median of sale prices for Vero Beach Barrier Island condos in November 2016 was $311,000 with an average of 215 DOM. The median of sale prices declined by 8.5% in November 2016 compared to the same period last year as the market is softening as the following chart shows.

Market Statistics - Island Condos Median of Sale Prices - November 2016 DATA SOURCE: MLS data as of 12/2/2016. 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 - November 2016 DATA SOURCE: MLS data as of 12/2/2016. 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 289 DOM. One sale in the $2M+ range was sold in 20 days.

Although sales activity has followed the seasonal trends with lower volumes during the off-season months, the softening market raises some concerns as we are entering the 2017 season.

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 are 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.

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