In December 2016 the Vero Beach real estate market for condos on the Barrier Island was a little more active with increase in sales compared to the same period in 2015. However, the anemic Pending Sales figure along with the softening market raises some concerns as we are entering the 2017 season amid higher mortgage rates.
Vero Beach Real Estate Market Highlights – December 2016
In December 2016, 19 condos were sold on the island in Vero Beach more than in November and 18.7% more than he same period last year . Pending sales are declining and were 17% less that the same period in 2015.
DATA SOURCE: MLS data as of 1/2/2017. Data believed to be accurate but not guaranteed.
The above chart shows that although the inventory of available condos for sale has remained constant the last few months while sales remain subdued.
Vero Beach Real Estate Market Statistics – December 2016
DATA SOURCE: MLS data as of 1/2/2017. 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 7.8 for condos on the barrier island in Vero Beach indicating a balanced market. The list to sale ratio of 94% is considerably higher than the average, indicating that buyers may have decided to close the deal before the inevitable increase in mortgage rates during 2017. The 141 DOM is also below the average of 163 also supporting this market action.
Vero Beach Real Estate Market Analysis – December 2016
The median of sale prices for Vero Beach Barrier Island condos in December 2016 was $305,000 with an average of 141 DOM. The median of sale prices declined by 11.8% in December 2016 compared to the same period in 2015 as the market continues to soften as the following chart shows.
DATA SOURCE: MLS data as of 1/2/2017. 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 1/2/2017. Data believed to be accurate but not guaranteed.
Condos priced from $600,000 to $650,000 were sold the fastest with an average of 74 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 261 DOM.
Sale prices are declining but stabilizing as the market for condos on the island has soften. .
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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