The Vero Beach real estate market was hot for condos on the beach in April 2014. Vero Beach real estate market activity picked up speed with an impressive 59% increase in sales compared to March and 25% increase compared to the same period in 2013.
The strong market activity for Vero Beach condos in April may indicate a continuation of the good market performance we experienced in 2013 and will determine the strength of the real estate market for condos on the barrier island moving forward.
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 – April 2014
The seller’s market continues in prices below $300,000 and in the $600,000 to $650,000 price ranges. The reduction in inventory and the increase in sales bodes well for the real estate market of condos on the barrier island.
DATA SOURCE: MLS data as of 5/2/2014. Data believed to be accurate but not guaranteed.
The chart above shows that the, inventory has been decreasing the last 3 months, but it is still at higher levels compared to sales. The reversal of this trend in conjunction with the jump in sales is a welcoming sign.
Vero Beach Real Estate Market Statistics – April 2014
DATA SOURCE: MLS data as of 5/2/2014. Data believed to be accurate but not guaranteed.
Notes: (1) This is the average of all 12 months of inventory, (2) This is the average of all 12 months of List Price to Sale Price Ratio & (3) This is the average DOM in 12 month period.
The List (asking price) to Sale Price ratio is a useful statistic that shows the strength of a particular real estate market. The closer the sale price to list or asking price, the stronger the market is.
The real estate market for condos on the barrier island In Vero Beach shows a ratio of 93% indicating a strong market and that buyers are making offers closer to the asking price for condos that are priced well with the market. The list to sale ratio is improving, a goog sign for the market moving forward. The 148 Days on the Market (DOM) is below the average of 223 days which indicates the demand for condos on the barrier island in March remained steady and may be increasing .
Vero Beach Real Estate Market Analysis – April 2014
In April, 51 condos were sold on the island in Vero Beach, a 59% jump from March . The sale prices have stabilized and have been appreciating and increased by 15.7% compared to the same period last year (see the chart below).
DATA SOURCE: MLS data as of 5/2/2014. 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) provides a useful statistic for the overall health of the real estate market for condominiums on the barrier island (zip code 32963) in Vero Beach. The chart below presents the number of condos Sold vs. Expired (failed to sell) the last 12 months and DOM of condos sold.
DATA SOURCE: MLS data as of 5/2/2014. 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 123 DOM. More condos failed to sell (expired) than sold in $250,000 to $400,000, $650,000 to $700,000 and above $2,000,000 price ranges. Condos above $900K took the longest to sell with an average of 825 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, or owner decided not to sell.
We have a seller’s market for condos on the barrier island in Vero Beach priced below $300,000 and in the $600,000 to $650,000 price range. Subscribe to the detailed market report below to see where the market for condos on the island is stronger.
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.
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