The Vero Beach real estate market for condos was also active in 2012. More condos were sold in 2012 than in the previous year. The following section provides a detail view of the Vero Beach real estate market for condominiums on the Barrier Island (zip code 32963).
Real Estate Market Highlights
The number of properties sold was the highest in the last 6 years while the inventory of available condos for sale was the lowest in 3 years, indicating an increase in demand as the chart below illustrates 
DATA SOURCE: IRC Tax Records & MLS data as of 1/3/2013. Data believed to be accurate but not guaranteed.
Despite the increase in sales and decrease in inventory, the pending sales is only 6% and there are more than 12 months of remaining inventory of condos in many areas in Vero Beach Barrier Island, indicating that demand for condos does not keep up with supply in these areas.
The chart below shows that the inventory of available condos for sale is less than the beginning of the year, while the number of condos sold each month remains fairly steady, picking as expected in March through June due to seasonality. More condos have entered the market since October 2012, indicating sellers have been encouraged from the market activity.
DATA SOURCE: MLS data as of 1/3/2013. Data believed to be accurate but not guaranteed.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 1/3/2013. Data believed to be accurate but not guaranteed.
Notes: (1) This is the average of all 12 months of inventory and (2) This is the average DOM in 12 month period.
Real Estate Market Analysis
The month of December, 15 condos were sold on the barrier island in Vero Beach and more than the same month the year before. Overall, there were more sales this year than the previous 2 years, which is good news for the market moving forward. The chart below shows the trends of condo sales during any given month and over 3 year period.
DATA SOURCE: MLS data as of 1/3/2013. Data believed to be accurate but not guaranteed.
The median sale price for condominiums on the island in Vero Beach was 26% higher in December 2012 than it was in December 2011. The median sold price for the last 30 days was $298,250 with an average DOM of 211 days. The sale prices are still trending down and trying to form a bottom (see the chart below).
DATA SOURCE: MLS data as of 1/3/2013. 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 (all of 2012) and DOM of condos sold.
DATA SOURCE: MLS data as of 1/3/2013. Data believed to be accurate but not guaranteed.
Notice that condos in the $700K to $900K price range were sold the fastest with an average of 83 DOM. More condos failed to sell (expired) than sold in $450K to $500K and over $550K price ranges.
The real estate market for condos on the barrier island is strengthening between $300K to $350K and $400K to $450K.
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.
For sellers I provide detailed price analysis report specific to each area and a complimentary no-obligation price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report and the no-obligation price analysis consultation.
Report Request Form:
[…] more active and is strengthening between $300,000 to $450,000 price range (see more details in Vero Beach Barrier Island Condos Real Estate Market Report December 2012). Overall Housing MarketThe chart below shows the Existing Home Sales for Single Family Homes, […]