The estate market report for condos on Vero Beach Barrier Island in January 2015 shows that the market activity slowed down a bit, but sale prices are still on the rise as we saw a 65% increase from the same period last year. The seller’s market continues below $400,000 in the $500,000 to $550,000 and $600,000 to $650,000 price ranges.
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 – January 2015
In January 2015, 14 condos were sold on the island in Vero Beach, a 17% fewer than the same period last year and 50% fewer than last month. Inventory still remains below 2013 levels even with the slight increase this month.
DATA SOURCE: MLS data as of 2/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that although the inventory has been decreasing the last 11 months, is still in higher levels than what is required to sustain the price appreciation we have seen the last 12 months.
Vero Beach Real Estate Market Statistics – January 2015
DATA SOURCE: MLS data as of 2/2/2015. 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 12.4 indicates that the market activity slowed in January and it will take longer for the market to absorb the current inventory . The list to sale ratio of 92.9% is increasing and shows that condos are selling close to the asking price.
Vero Beach Real Estate Market Analysis – January 2015
In January, the median sold price for the last 30 days was $403,000 with an average DOM of 174 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 2/2/2015. 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 2/2/2015. 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 112 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 627 DOM.
We have now entered the strong winter season with the expectation for more sales and higher prices. However, the big price increase and low inventory level may influence the market activity the rest of the season. The market action this season will determine the strength of this market segment the rest of 2015.
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.