The Vero Beach estate market report for condos on Barrier Island in March 2015 shows that the market activity for condos was stronger than February, but sales were not as strong as the same period in 2014 due to lower inventory levels. The seller’s market continues below $400,000 and in $600,000 to $650,000 price ranges and in Beach City and South Beach areas.
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 2015
There were 27 condos sold in March 2015 on the island in Vero Beach, a 18% fewer than the same period last year but 55% more than last month. Inventory still remains below 2013 levels and is decreasing.
DATA SOURCE: MLS data as of 4/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that although the although the inventory of available condos for sale is steady the last 11 months, sales were 30% lower compared to the same period in 2014.
Vero Beach Real Estate Market Statistics – March 2015
DATA SOURCE: MLS data as of 4/2/2015. 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 Absorption Rate or moths of remaining inventory is 5.7 indicates that the market activity was stronger in March. The list to sale ratio of 93.2% is increasing which is good news for the market moving forward.
Vero Beach Real Estate Market Analysis – March 2015
The median sold price in March was $315,000 with an average DOM of 158 days. The sale prices are still appreciating, but at a slower pace in March as they were 7% lower than last year due to sale of lower priced condos as the following chart shows.
DATA SOURCE: MLS data as of 4/2/2015. 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) 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 4/2/2015. 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 129 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos above $2M took the longest to sell with an average of 627 DOM.
We are now into the strong winter season with the expectation for more sales and higher prices. However, the low inventory has affected sales and may influence the market and price activity the rest of 2015.
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.
For sellers I provide detailed price analysis report specific to each area and a complimentary no-obligation price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report and the no-obligation price analysis consultation.