The real estate market report for Vero Beach condos on the Barrier Island in July 2015 shows that sales and prices are declining. Sales decreased by 18% in July 2015 compared to June and 18% compared to the same time last year. The low inventory levels in some price ranges is affecting sales.
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 2015
There were 18 condos sold in July 2015 in Vero Beach barrier island, a 18% fewer than the same period last year and last month. Sales so far in 2015 are not as strong as last year.
DATA SOURCE: MLS data as of 8/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available condos for sale is decreasing the last 6 months but sales also decreased compared to June.
Vero Beach Real Estate Market Statistics – July 2015
DATA SOURCE: MLS data as of 8/2/2015. 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 6.6 for condos on the barrier island in Vero Beach and indicates a balanced market. The list to sale ratio of 93.8% also increased indicating that condos that are priced well within the market are selling reasonably fast as the DOM is below average of 186 days.
Vero Beach Real Estate Market Analysis – July 2015
The median sold price for Vero Beach Barrier Island condos in May was $234,000 with an average of 138 DOM. The sale prices have started to decline as July’s median price was 16.3% lower than the same period last year as the following chart shows.
DATA SOURCE: MLS data as of 8/2/2015. 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) 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 8/2/2015. Data believed to be accurate but not guaranteed.
Notice that condos priced from $400,000 to $450,000 were sold the fastest with an average of 143 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos in $500,000 to $550,000 took the longest to sell with an average of 316 DOM.
We are now in the slow summer months but the expectation is that the sales pending from the last few months will carry over to the rest of the summer months.
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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