Vero Beach real estate market report for condos on the beach in December shows that the market has exhibited strength at year end. This month we saw a 20% increase in sales compared to last month and the same period in 2012. This can be attributed to the seasonal shift in the market with traditionally slower activity.
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
We have seller’s market below $200,000 and in the $250,000 to $300,000 price ranges. The market is also improving for condos priced over $500,000. 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 meaning we are still in a buyer’s market for those.
DATA SOURCE: MLS data as of 1/2/2014. Data believed to be accurate but not guaranteed.
The chart above shows that the, inventory has increased by 22% the last 4 months, but still 19.3% less since the beginning of 2013.
Vero Beach Real Estate Market Statistics
DATA SOURCE: MLS data as of 1/2/2014. 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 condos on the barrier island In Vero Beach shows a ratio of 91.6% indicating that buyers are making offers closer to the asking price for condos that are priced well with the market. The list to sale ratio is improving. The 343 Days on the Market (DOM) is well above the average of 231 days which indicates the demand for condos on the barrier island is not enough to put a serious dent to the supply.
Vero Beach Real Estate Market Analysis
In December, 18 condos were sold on the island in Vero Beach, a 20% increase from the same month in 2012 and from last month. The sale prices have stabilized and have started to appreciate. The average sale price jumped by an impressive 51% compared to the same period in 2012 (see the chart below).
DATA SOURCE: MLS data as of 1/2/2014. 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 1/2/2014. Data believed to be accurate but not guaranteed.
Notice that condos in the $400,000 to $450,000 price range were sold the fastest with an average of 96 DOM. More condos failed to sell (expired) than sold in $300,000 to $400,000, $500,000 to $550,000 and above $600,000 price ranges. Condos above $900,000 took the longest to sell with an average of 821 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, or owner decided not to sell.
We have a seller’s market for condos on the barrier island in Vero Beach priced below $200,000 and in the $250,000 to $300,000 price range. Subscribe to the detailed market report below to see where the market for condos on the island is stronger.
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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