December 2015 was a good month for the real estate market for Vero Beach condos on the Barrier Island as prices have stabilized and have started to increase again. Sales were decreased compared to last year but more condos sold in December than in November.
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 2015
In December 2015, 16 condos were sold on the island in Vero Beach, almost 46% fewer than during the same time in 2014. Sales in 2015 were not as strong as the last year, but the increase in the inventory is good news for the market.
DATA SOURCE: MLS data as of 1/2/2016. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available condos for sale is increasing the last 4 months which may help sales and sale prices moving forward.
Vero Beach Real Estate Market Statistics – December 2015
DATA SOURCE: MLS data as of 1/2/2016. 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 9.4 for condos on the barrier island in Vero Beach which indicates a buyer’s market. The list to sale ratio of 91.3% is below the average indicating that buyers are not willing to make offers close to the asking prices as we are in a buyer’s market. The 185 DOM is above average suggesting subdued demand for condos on the Vero Beach barrier island.
Vero Beach Real Estate Market Analysis – December 2015
The median sold price for Vero Beach Barrier Island condos in August was $381,000 with an average of 185 DOM. The sale prices are appreciating again and December’s median sale price was 10% higher than the same period last year as the following chart shows.
DATA SOURCE: MLS data as of 1/2/2016. 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 1/2/2016. Data believed to be accurate but not guaranteed.
Condos priced from $350,000 to $400,000 were sold the fastest with an average of 117 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 266 DOM.
There was increased interest in condos priced from $600,000 to $650,000 and we are expecting to have a good 2016 season for condos on the island .
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.