Vero Beach real estate market report for condos on the barrier island showed signs of slowing down in August 2013. The inventory (condos available for sale) continues to decline, but there was a reduction in sales compared to the previous 3 months. Total condominium sales in August 2013 were 26% lower than in July but 30.8% higher than the previous year. The following sections provide a detail view of the Vero Beach real estate market for condos on the Barrier Island (zip code 32963).
Real Estate Market Highlights
The real estate market for condos on the island in Vero Beach was very active below $200K and improving in $400K – $650K price ranges. We have a seller’s market below $200K and in the $250K to $300K price range. The pending sales for condos is still less than 50% and there are more than 12 months of remaining inventory in some areas in Vero Beach barrier island, indicating that although demand for condos may be coming back, there is still more supply is in these areas.
DATA SOURCE: MLS data as of 9/3/2013. Data believed to be accurate but not guaranteed.
The above chart shows that the inventory of available condos for sale is declining for the last 6 months and far less than the beginning of the 12 month period. We have seen a 34% reduction in the inventory since the beginning of this year.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 9/3/2013. 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 single family homes on the barrier island In Vero Beach shows a ratio of only 89.7% indicating the supply is still higher than the demand which is reflected in lower sale prices. However, the list to sale ratio is improving. The 268 Days on the Market (DOM) is well above the average of 211 that also indicates the demand for condos on the barrier island may be waning due to seasonality.
Real Estate Market Analysis
The month of August, 17 condos were sold on the island in Vero Beach, a 26% decrease from July. The median sold price for the last 30 days was $340,000 with an average DOM of 268 days. The sale prices are stabilizing and are trying to form a bottom. Sale prices have increased by 1.7% from the same period in 2012 (see the chart below).
DATA SOURCE: MLS data as of 9/3/2013. 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 9/3/2013. Data believed to be accurate but not guaranteed.
Notice that condos in the $450K to $500K price range were sold the fastest with an average of 98 DOM. More condos failed to sell (expired) than sold in $300K to $400K and $450K to $550K price ranges. Condos above $900K took the longest to sell with 840 DOM. Homes may expire for many reason such as being priced too high, inadequately marketed, or owner decided not to sell.
A seller’s market has formed for condos on the barrier island priced below $200K and in the $250K to $300K price range. The market is improving in $400,000 to $600,000 price ranges.
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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