Vero Beach Barrier Island Condos Real Estate Market Report September 2016

The Vero Beach real estate market report for condos on the Barrier Island in September 2016 shows that sale prices are declining despite the increase this month. Sales activity increased in September 2016 but still remains lower that the same period the last 3 years despite the higher inventory levels .

Vero Beach Real Estate Market Highlights – September 2016


In September 2016, 18 condos were sold on the island in Vero Beach more than in August but 35% fewer than he 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 - September 2016 DATA SOURCE: MLS data as of 10/2/2016. 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 6 months sales have remained subdued which is not a good sign for the market this fall season.

Vero Beach Real Estate Market Statistics – September 2016

Market Statistics - Vero Beach Island Condos September 2016 DATA SOURCE: MLS data as of 10/2/2016. 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 7.5 for condos on the barrier island in Vero Beach indicating that a market activity has slowed down. The list to sale ratio of 90.6% is slightly below average and lower than the last few months, another indicator of a slowing market. The 161 DOM is below average suggesting demand for condos on the Vero Beach barrier island is not that strong.

Vero Beach Real Estate Market Analysis – September 2016


The median sold price for Vero Beach Barrier Island condos in September 2016 was $431,000 with an average of 161 DOM. The median of sale prices slightly increased this month by 3% compared to the same period in 2015 but the market is softening as the following chart shows.

Market Statistics - Island Condos Median of Sale Prices - September 2016 DATA SOURCE: MLS data as of 10/2/2016. 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. Condos priced from $600,000 to $650,000 were sold the fastest with an average of 59 DOM.

Market Statistics - Island Condos - Sold vs Expired and DOM - September 2016 DATA SOURCE: MLS data as of 10/2/2016. Data believed to be accurate but not guaranteed.

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.

Sales activity has followed the seasonal trends with lower volumes during the summer months, this season’s softening sales raises some warnings of a weaker market moving forward .

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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