In August 2015, the real estate market for Vero Beach condos on the Barrier Island took a little break as sales and sale prices are declining. Sales decreased by 21% in August 2015 compared to July but slightly increased compared to the same time last year. The low inventory levels in some price ranges has affected sales.
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 – August 2015
In August 2015 15 condos were in Vero Beach barrier island, a 21% decrease from July . Year to date, sales of condos on the barrier island in Vero Beach are not as strong as in 2014.
DATA SOURCE: MLS data as of 9/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available condos for sale is decreasing the last several months as sales are also decreasing at the same time.
Vero Beach Real Estate Market Statistics – August 2015
DATA SOURCE: MLS data as of 9/2/2015. 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 7.5 for condos on the barrier island in Vero Beach which indicates a balanced market. The list to sale ratio of 93.8% remains steady indicating that condos that are priced well within the market and are selling reasonably fast as the 151 DOM is below average of 187 days.
Vero Beach Real Estate Market Analysis – August 2015
The median sold price for Vero Beach Barrier Island condos in August was $300,000 with an average of 151 DOM. The sale prices have declining the last few months as the median price in August 2015 was 15.2% lower than the same period in 2014 as the following chart shows.
DATA SOURCE: MLS data as of 9/2/2015. 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) 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 9/2/2015. Data believed to be accurate but not guaranteed.
Notice that condos priced from $400,000 to $450,000 were sold the fastest with an average of 148 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos in $500,000 to $550,000 took the longest to sell with an average of 310 DOM.
Demand has remained steady for lower priced condos and oceanfront condos but the lack of inventory is definitely affecting sales and price appreciation.
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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