Despite the decrease in sales, prices are on the rise for Vero Beach condos on the Barrier Island as the real estate market tries to gain strength in February 2016. The good news is that sale prices are still appreciating and increased by almost 50% compared to the same period last year..
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 – February 2016
In February 2016, 13 condos were sold on the island in Vero Beach, 27% fewer than during the same time in 2015. The drop in sales is discouraging and it may be attributed to low inventory in some price ranges that are in demand.
DATA SOURCE: MLS data as of 3/2/2016. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available condos for sale is increasing the last 6 months which may help sales and sale prices moving forward.
Vero Beach Real Estate Market Statistics – February 2016
DATA SOURCE: MLS data as of 3/2/2016. 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 13.3 for condos on the barrier island in Vero Beach due to fewer sales which indicates a buyer’s market. The list to sale ratio of 91.7% is slightly below the average indicating that demand is not as strong and buyers are not willing to make offers close to the asking prices. The 83 DOM on the other hand is below average suggesting that there is still demand for island condos in some price ranges.
Vero Beach Real Estate Market Analysis – February 2016
The median sold price for Vero Beach Barrier Island condos in February was $500,000 with an average of 83 DOM. The sale prices are increasing and February’s median sale price was almost 50% higher than the same period last year as the following chart shows.
DATA SOURCE: MLS data as of 3/2/2016. 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 3/2/2016. Data believed to be accurate but not guaranteed.
Condos priced from $600,000 to $650,000 and above $2M price ranges were sold the fastest with an average of 114 and 49 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 257 DOM.
We saw an increased interest in condos priced from $500,000 to $550,000 and we are expecting to see more demand for condos on the island the rest of the 2016 season.
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.