In April 2015 the report for Vero Beach estate market for condos on Barrier Island shows that sale prices have taken a break and have started to stabilize, but demand has remained steady for lower priced condos and oceanfront condos from South Beach to Central Beach areas. Seller’s market continues below $450,000 and in $600,000 to $700,000 price ranges and in all areas except North Beach.
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 2015
There were 37 condos sold in April 2015 in Vero Beach barrier island, a 28% fewer than the same period last year but 37% more than last month. Inventory is still decreasing and is affecting sales and prices.
DATA SOURCE: MLS data as of 5/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that although the although the inventory of available condos for sale is decreasing the last 3 months and sales jumped by 37% in April 2015 compared to March.
Vero Beach Real Estate Market Statistics – April 2015
DATA SOURCE: MLS data as of 5/2/2015. 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.
This month, the Absorption Rate or moths of remaining inventory is 3.7 indicates a strong market activity in April 2015 for Vero Beach Condos. The list to sale ratio of 93% is steady indicating that condos are priced well within the market and buyers do not hesitate to make offers.
Vero Beach Real Estate Market Analysis – April 2015
The median sold price in April was $295,000 with an average DOM of 245 days. The sale prices have stabilized and started to decline as April’s median price was 6% lower than last year as the following chart shows.
DATA SOURCE: MLS data as of 5/2/2015. 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 5/2/2015. 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 117 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos in $500K to $550K took the longest to sell with an average of 327 DOM .
We are now exiting the strong winter season and the expectation is that the strong pending sales will have a positive effect in price appreciation and we get into the slower summer 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.
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.