Vero Beach real estate market report for condos on the beach in March 2014 shows that the market has built on February’s strength. This month we saw a a 39% increase in sales compared to the same period in 2013.
The market activity for Vero Beach condos in the 1st quarter of 2014 was strong and may indicate a continuation of the good market performance we experienced in 2013 and will determine the strength of the real estate market for condos on the barrier island moving forward.
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 – March 2014
The seller’s market continues in prices below $300,000 and in the $600,000 to $650,000 price ranges. The pending sales for condos are still less than 50% and there are more than 12 months of remaining inventory in some areas in Vero Beach barrier island, indicating that we are still in a buyer’s market.
DATA SOURCE: MLS data as of 4/2/2014. Data believed to be accurate but not guaranteed.
The chart above shows that the, inventory has been decreasing the last 2 months., but it is still at high levels compared to sales, which slightly increased in March.
Vero Beach Real Estate Market Statistics – March 2014
DATA SOURCE: MLS data as of 4/2/2014. 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 real estate market for condos on the barrier island In Vero Beach shows a ratio of 91.9% indicating that buyers are making offers closer to the asking price for condos that are priced well with the market. The list to sale ratio is improving. The 186 Days on the Market (DOM) is below the average of 232 days which indicates the demand for condos on the barrier island in March remained steady but not enough to put a serious dent to the supply.
Vero Beach Real Estate Market Analysis – March 2014
In March, 32 condos were sold on the island in Vero Beach, a 39% increase from the same month in 2013 and 23% from February. The sale prices have stabilized and have been appreciating and increased by 13% compared to the same period last year (see the chart below).
DATA SOURCE: MLS data as of 4/2/2014. 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 DOM of condos sold.
DATA SOURCE: MLS data as of 4/2/2014. Data believed to be accurate but not guaranteed.
Notice that condos in the $400,000 to $450,000 price range were sold the fastest with an average of 86 DOM. More condos failed to sell (expired) than sold in $250,000 to $400,000, $500,000 – $550,000 and above $650,000 price ranges. Condos above $900K took the longest to sell with an average of 752 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, or owner decided not to sell.
We have a seller’s market for condos on the barrier island in Vero Beach priced below $300,000 and in the $600,000 to $650,000 price range. 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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