The Vero Beach real estate market activity for condos on the Barrier Island in August 2017 got hot again with 88% more sales compared to the same period in 2016 and last month . Sales have been decreasing the last couple of months which suggests that that the prices have approached the plateau and we are seeing some buyer fatigue.
Vero Beach Real Estate Market Highlights – August 2017
In August 2017, only 9 condos were sold on the island in Vero Beach, almost 50% fewer than the same period last year. This month’s increase in sales was a result of strong increase in Pending sales last month.
DATA SOURCE: MLS data as of 9/2/2017. Data believed to be accurate but not guaranteed.
The above chart shows that although the inventory levels decreased the last few months sales jumped in August 2017. The good news is that Pending Sales continue to show, a good sign for the market during as we are entering the fall in preparation for the traditionally active winter season.
Vero Beach Real Estate Market Statistics – August 2017
DATA SOURCE: MLS data as of 9/2/2017. 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 8.0 for condos on the barrier island in Vero Beach indicating a balanced market. The list to sale ratio of 94.4% is slightly higher than the average, indicating that condos on the island are priced closed to the market. The 199 DOM is above the average of 173 indicating steady demand for condos on the island.
Vero Beach Real Estate Market Analysis – August 2017
The median of sale prices for Vero Beach Barrier Island condos in August 2017 was $375,000 with an average of 199 DOM. The median of sale prices increase by 47% in August 2017 compared to the same period last year but prices are stabilizing as the following chart shows.
DATA SOURCE: MLS data as of 9/2/2017. 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 9/2/2017. Data believed to be accurate but not guaranteed.
Condos Condos priced from $650,000 to $700,000 were sold the fastest with an average of 93 DOM.
More condos failed to sell (expired) than sold in some price ranges. Condos over $2M took the longest to sell with an average of 299 DOM.
Pending Sales continue strong and at the same level as last year which is good news for the market as we are entering the fall season.
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