The December 2014 real estate market report for condos on Vero Beach Barrier Island shows that the market activity regained strength and the seller’s market continues below $300,000 in the $500,000 to $550,000 and $700,000 to $900,000 price ranges . Demand has remained steady for lower priced condos and for condos priced from $500,000 to $550,000.
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 – December 2014
In December, 28 condos were sold on the island in Vero Beach, a 280% increase in sales compared to last month and 55% increase compared to the same period last year . Inventory remains below 2013 levels and continues to decrease which may allow further price appreciation.
DATA SOURCE: MLS data as of 1/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory has been decreasing the last 10 months, while sales jumped.
Vero Beach Real Estate Market Statistics – December 2014
DATA SOURCE: MLS data as of 1/2/2015. 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 Absorption Rate or moths of remaining inventory is 5.4 indicates increased market activity in December for condos on the barrier island and a seller’s market. The list to sale ratio of 93.1% is increasing, indicating that condos are selling close to the asking price. The demand for condos on the barrier island increased in December.
Vero Beach Real Estate Market Analysis – December 2014
In December, The median sold price for the last 30 days was $345,000 with an average DOM of 135 days. The sale prices have been appreciating and been steadily increasing compared to the same period last year as the following chart shows.
DATA SOURCE: MLS data as of 1/2/2015. 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) 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 the Days On The Market (DOM) of condos sold.
DATA SOURCE: MLS data as of 1/2/2015. Data believed to be accurate but not guaranteed.
Notice that condos in the $400,000 to $450,000 and $600,000 to $650,000 price ranges were sold the fastest with an average of 103 and 107 DOM.
More condos failed to sell (expired) than sold in $550,000 to $600,000 and above $2M price ranges. Condos above $2MK took the longest to sell with an average of 1023 DOM.
The jump in real estate market activity for condos on the barrier island in December 2014 follows the seasonal trends the past few years, and is expected to as we enter the seasonally strong winter months of 2015. 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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