The Vero Beach real estate market activity for condos on the barrier island slowed down in July 2014 as we saw a 12% decrease in sales compared to the same period last year. However demand has remained steady for lower priced condos and has increased for condos priced from $500,000 to $700,000.
The market has changed and has entered a period where demand for second home is increasing as mortgage rates remain low and the economy has improved.
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 – July 2014
The seller’s market continues below $300,000 in the $500,000 to $550,000 and in the $600,000 to $650,000 price ranges. Inventory is getting reduced while sales remain fairly constant, a trend that has resulted in further price appreciation.
DATA SOURCE: MLS data as of 8/2/2014. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory has been decreasing the last 6 months, but it is still at higher levels compared to sales.
Vero Beach Real Estate Market Statistics – July 2014
DATA SOURCE: MLS data as of 8/2/2014. 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 List (asking price) to Sale Price ratio is a useful statistic that shows the strength of a particular real estate market. The closer the sale price to list or asking price, the stronger the market is.
The Absorption Rate or moths of remaining inventory is 7.7 indicates a the market slowed down in July for condos on the barrier island. The list to sale ratio of 92.6% is improving, indicating that condos are priced close to the market. The demand for condos on the barrier island remained steady but waned a bit in July .
Vero Beach Real Estate Market Analysis – July 2014
The month of July 21 condos were sold on the island in Vero Beach, a 12% decrease from the same period last year. Sales for condos on the island took a break this month. The sale prices have stabilized and slightly appreciating and increased by an average of 11% compared to the same period last year, although were lower than in June (see the chart below).
DATA SOURCE: MLS data as of 8/2/2014. 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 8/2/2014. Data believed to be accurate but not guaranteed.
More condos failed to sell (expired) than sold in $250,000 to $300,000, $550,000 to $600,000 and above $2M price ranges. Condos above $900,000 took the longest to sell with an average of 738 DOM.
The market for condos on the barrier island in Vero Beach remains active with sale increases and improvement in some areas and low months of remaining inventory (absorption rate). Subscribe to the detailed market report below to see where the market for condos on the island is stronger.
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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