The Vero Beach real estate market report for condos on the Barrier Island in April 2016 shows that sale prices continue to appreciate while inventory remains constant. However, low demand in some price ranges is putting some pressure on price appreciation. The good news is that sale prices are still rising and increased by 9% compared to the same period last year.
Vero Beach Real Estate Market Highlights – April 2016
In April 2016, 29 condos were sold in Vero Beach barrier island, 29% fewer than the same time last year but 80% more than in March. The increase in sales is encouraging as low inventory in some price ranges and recent price increases are affecting the market.
DATA SOURCE: MLS data as of 5/2/2016. Data believed to be accurate but not guaranteed.
The above chart shows that although the inventory of available condos for sale has been increasing the last 7 months, sales are not increasing by much.
Vero Beach Real Estate Market Statistics – April 2016
DATA SOURCE: MLS data as of 5/2/2016. 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 5.5 for condos on the barrier island in Vero Beach indicating that buyers were active and we experience a seller’s market in some areas and price ranges. The list to sale ratio of 91% is at par with the average indicating that demand is steady and buyers willing to make offers closer to the asking prices. The 195 DOM on the other hand is above average suggesting that demand may be slowing down.
Vero Beach Real Estate Market Analysis – April 2016
The median sold price for Vero Beach Barrier Island condos in April was $350,000 with an average of 195 DOM. The sale prices are still appreciating and the median of sale prices in April 2016 was 9% higher than the same period in 2015 as the following chart shows.
DATA SOURCE: MLS data as of 5/2/2016. 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.
DATA SOURCE: MLS data as of 5/2/2016. Data believed to be accurate but not guaranteed.
Condos priced from $600,000 to $650,000 were sold the fastest with an average of 84 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos in the $550,000 to $600,000 took the longest to sell with an average of 267 DOM.
We saw an increased interest in condos priced from $500,000 to $550,000 and we are expecting to see continued interest for condos on the island post 2016 winter 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.