Vero Beach Barrier Island Condos Real Estate Market Report October 2016

In October 2016 the Vero Beach real estate market report for condos on the Barrier Island shows that sale prices are declining as the market continues to soften. Sales decreased by 40% in October 2016 compared to last year and remain lower that the same period the last 3 years despite the higher inventory levels . This indicates weaker demand and maybe that the price increases are pricing buyers out of the market.

Vero Beach Real Estate Market Highlights – October 2016


In October 2016, 12 condos were sold on the island in Vero Beach fewer than in September and 40% fewer than he same period in 2015 . Sales are still anemic despite the recent increase in the inventory.

Vero Beach Island Condos Market Statistics - For Sale vs Sold - October 2016 DATA SOURCE: MLS data as of 11/2/2016. 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 have decreased.

Vero Beach Real Estate Market Statistics – October 2016

Market Statistics - Vero Beach Island Condos October 2016 DATA SOURCE: MLS data as of 11/2/2016. 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 11.4 for condos on the barrier island in Vero Beach indicating that a market activity continues to slow down. The list to sale ratio of 90.8% is slightly below average, another indicator of a slowing market. The 192 DOM is above average suggesting demand for condos on the Vero Beach barrier island is weakening.

Vero Beach Real Estate Market Analysis – October 2016


The median of sale prices for Vero Beach Barrier Island condos in October 2016 was $282,000 with an average of 192 DOM. The median of sale prices declined by 11% in October 2016 compared to the same period last year and the market is getting less active as the following chart shows.

Market Statistics - Island Condos Median of Sale Prices - October 2016 DATA SOURCE: MLS data as of 11/2/2016. 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 - October 2016 DATA SOURCE: MLS data as of 11/2/2016. 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 232 DOM.

Although sales activity has followed the seasonal trends with lower volumes during the off-season months, the softening market raises some warnings as we are gearing for 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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