The Vero Beach estate market for condos on Barrier Island shows that in May 2015 selling has subsided but seller’s market continues below $450,000 and in $500,000 to $550,000 price range and in all areas except North Beach. Demand has remained steady for lower priced condos and oceanfront condos from South Beach to Central Beach areas in Vero Beach Barrier Island.
The following sections provide a detail view of the Vero Beach real estate market for condos on the Barrier Island (zip code 32963).
Vero Beach Real Estate Market Highlights – May 2015
There were 32 condos sold in May 2015 in Vero Beach barrier island, a 3% fewer than the same period last year and 22% fewer than last month. Inventory continues to decrease and is affecting both sales and prices.
DATA SOURCE: MLS data as of 6/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available condos for sale is decreasing the last 4 months but sales also decreased by 22% in May 2015 compared to April.
Vero Beach Real Estate Market Statistics – May 2015
DATA SOURCE: MLS data as of 6/2/2015. 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 4.0 indicates strong market activity in May 2015 for Vero Beach Condos. The list to sale ratio of 93.6% also increased indicating that condos are priced well within the market and buyers are eager to make offers.
Vero Beach Real Estate Market Analysis – May 2015
The median sold price for Vero Beach Barrier Island condos in May was $282,000 with an average of 151 DOM. The sale prices have stabilized and started to decline as May’s median price was 8.7% lower than last year as the following chart shows.
DATA SOURCE: MLS data as of 6/2/2015. 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).
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.
DATA SOURCE: MLS data as of 6/2/2015. Data believed to be accurate but not guaranteed.
Notice that condos in the $400,000 to $450,000 price range were sold the fastest with an average of 136 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos in $900K to $2M took the longest to sell with an average of 360 DOM.
The low inventory has definitely affected sales and may influence the market and price activity the rest of 2015. We will monitor the market activity and alert our subscribers.
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.
For buyers and sellers I provide detailed market analysis report specific to each area. For sellers, I can provide a complimentary no-obligation property price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report or the no-obligation price analysis consultation.