The Vero Beach real estate market activity for condos on the Barrier Island in July 2017 got a break with fewer sales compared to the same period in 2016 and last month and the lowest in 3 years. Sales have been decreasing the last couple of months which suggests that that the prices have approached the plateau and we are seeing some buyer fatigue.
Vero Beach Real Estate Market Highlights – July 2017
In July 2017, only 9 condos were sold on the island in Vero Beach, almost 50% fewer than the same period last year. This month’s decrease in sales was a surprise, but the increase in Pending Sales is encouraging more the market moving forward.
DATA SOURCE: MLS data as of 8/2/2017. Data believed to be accurate but not guaranteed.
The above chart shows that although the inventory levels remain almost flat, sales were subdued in July. The good news is that Pending Sales increased by 25% compared to the same period last year, a good sign for the market during the summer.
Vero Beach Real Estate Market Statistics – July 2017
DATA SOURCE: MLS data as of 8/2/2017. 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 15.9 for condos on the barrier island in Vero Beach indicating a buyer’s market. The list to sale ratio of 94.4% is higher than the average, indicating that condos on the island are priced closed to the market. The 131 DOM is below the average of 169 indicating that buyers are still willing to buy condos on the island.
Vero Beach Real Estate Market Analysis – July 2017
The median of sale prices for Vero Beach Barrier Island condos in July 2017 was $350,000 with an average of 131 DOM. The median of sale prices increase by 20% in July 2017 compared to the same period in 2016 but prices are stabilizing as the following chart shows.
DATA SOURCE: MLS data as of 8/2/2017. 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 8/2/2017. Data believed to be accurate but not guaranteed.
Condos Condos priced from $650,000 to $700,000 were sold the fastest with an average of 93 DOM.
More condos failed to sell (expired) than sold in some price ranges. Condos over $2M took the longest to sell with an average of 299 DOM.
Although sales activity decreased in July, Pending Sales increased by 25% which is good news for the market as we are heading to fall season.
Detailed Real Estate Market Reports for Vero Beach Barrier Island condos (zip code 32963) are provided to my clients. These reports offer market insights and market statistics. If you are interested in Vero Beach real estate, use the request form below or call me at 772-532-0945.
For buyers I provide detailed market analysis specific to each area. For sellers, I can provide a complimentary no-obligation property price analysis consultation and use the request form below for your request.