The Vero Beach real estate market for condominiums was more active in March than the same period last year. Sales of condos on the barrier island increased by 62% in March compared to February. The following sections provide a detail view of the Vero Beach real estate market on the Barrier Island (zip code 32963).
Real Estate Market Highlights
Condo units in Vero Beach Barrier Island priced up to $350,000 are moving fast with low Days On the Market (DOM). Median of values for condos on the barrier island in Vero Beach has decreased by 36% from the same period a year ago. The pending sales for condos is still less than 50% and there are more than 12 months of remaining inventory in some areas in Vero Beach barrier island, indicating that demand for condos does not keep up with supply in these areas.
DATA SOURCE: MLS data as of 4/3/2013. Data believed to be accurate but not guaranteed.
The above chart shows that the inventory of available condos for sale is declining and less than the beginning of the 12 month period. The number of condos sold each month remains flat, with more condos sold in March than February, which is good news for the market. However, more condos have entered the market since October 2012, indicating sellers have been encouraged from the market activity, but also creating an oversupply.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 4/3/2013. 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 real estate market for single family homes on the barrier island In Vero Beach shows a ratio of only 88.1% indicating the supply is still higher than the demand which is reflected in lower sale prices.
Real Estate Market Analysis
The month of March, 24 condos were sold on the barrier island in Vero Beach and more than the previous month. Overall, there were more sales the last 12 months than the same period the previous 2 years, which is good news for the market moving forward.The median sale price for condominiums on the island in Vero Beach was 5% lower in March 2013 than February. The median sold price for the last 30 days was $267,000 with an average DOM of 190 days. The sale prices are still trending down and trying to form a bottom (see the chart below).
DATA SOURCE: MLS data as of 4/3/2013. 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 DOM of condos sold.
DATA SOURCE: MLS data as of 4/3/2013. Data believed to be accurate but not guaranteed.
Notice that condos in the $700K to $900K price range were sold the fastest with an average of 71 DOM. More condos failed to sell (expired) than sold in many price ranges, but especially above $250K with the exception of $300K to $350K and $400K to $450K price ranges. Condos above $2 Million took the longest to sell with 739 DOM. Homes may expire for many reason such as being priced too high, inadequately marketed, or owner decided not to sell.
A seller’s market is forming for condos on the barrier island $250,000 to $300,000. The market is improving in the $400,000 to $450,000 price range.
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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