In August 2016 the Vero Beach real estate market report for condos on the Barrier Island shows that sales were anemic despite the recent increase in the inventory. Sales activity has followed the seasonal trends with lower volumes during the summer months than the last 3 years.
Vero Beach Real Estate Market Highlights – August 2016
In August 2016, only 9 condos were sold on the island in Vero Beach, fewer than in July and the same period in last 3 years. Despite the recent increase in the inventory, we have not seen more sales this year compared to 2015.
DATA SOURCE: MLS data as of 9/2/2016. Data believed to be accurate but not guaranteed.
The above chart shows that although the inventory of available condos for sale has been declining the last 5 months sales also decreased which is not a good sign for the market as we enter the fall season.
Vero Beach Real Estate Market Statistics – August 2016
DATA SOURCE: MLS data as of 9/2/2016. 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 15 for condos on the barrier island in Vero Beach indicating that a market that is slowing down and a buyer’s market. The list to sale ratio of 90.8% is slightly below average, lower than the last few months and another indicator of a slowing market. The 117 DOM is below average suggesting steady demand for condos on the Vero Beach barrier island.
Vero Beach Real Estate Market Analysis – August 2016
The median sold price for Vero Beach Barrier Island condos in April was $255,000 with an average of 117 DOM. The sale prices have softened and started to decrease as the median of sale prices in August 2016 was 17% lower than the same time in 2015 as the following chart shows.
DATA SOURCE: MLS data as of 9/2/2016. 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 9/2/2016. Data believed to be accurate but not guaranteed.
Condos priced from $600,000 to $650,000 were sold the fastest with an average of 59 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos in the $900,000 to $2M took the longest to sell with an average of 220 DOM.
Although sales activity has followed the seasonal trends with lower volumes during the summer months, this month’s anemic sales raises some warnings of a soft market.
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.