The Vero Beach real estate market for condominiums was more active in February than January. Home sales in February increased by 7% compared to last year. The following sections provide a detail view of the Vero Beach real estate market on the Barrier Island (zip code 32963).
Real Estate Market Highlights
The real estate market is strengthening between $250K – $300K and $400K – $450K. Median of values for condos on the barrier island in Vero Beach has decreased by 26% from the same period a year ago. The pending sales is still less than 50% and there are more than 12 months of remaining inventory in all areas in Vero Beach barrier island, indicating that demand for homes does not keep up with supply in these areas.
DATA SOURCE: MLS data as of 3/3/2013. Data believed to be accurate but not guaranteed.
The above chart shows that the inventory of available homes for sale is less than the beginning of the 12 month period. The number of condos for sale however, has been on the rise the last 4 months, while the number of homes sold each month remains flat, with slightly more condos sold in February than January. More condos have entered the market since October 2012, indicating sellers have been encouraged from the market activity.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 3/3/2013. 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 February, 15 condos were sold on the barrier island in Vero Beach and slightly more than the same month the year before. Overall, there were more sales the last 12 months than the same period the previous 2 years, which is good news for the market moving forward.The median sale price for condominiums on the island in Vero Beach was 16% lower in February 2013 from a year ago. The median sold price for the last 30 days was $279,500 with an average DOM of 233 days. The sale prices are still trending down and trying to form a bottom (see the chart below).
DATA SOURCE: MLS data as of 3/3/2013. 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 3/3/2013. 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 71 DOM. More condos failed to sell (expired) than sold in many price ranges, but especially above $250K with the exception of $300K to $350K and $400K to $450K price ranges. Condos above $2 Million took the longest to sell with 739 DOM. Homes may expire for many reason such as being priced too high, inadequately marketed, or owner decided not to sell.
The real estate market for condos on the barrier island is strengthening between $250K to $300K 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.
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