The Vero Beach real estate market report for condos on the Barrier Island in March 2016 shows that sale prices continue to increase while inventory is increasing but only for some price ranges with high demand. The good news is that sale prices are still appreciating and increased by almost 10.9% compared to the same period in 2015.
Vero Beach Real Estate Market Highlights – March 2016
In March 2016, 16 condos were sold in Vero Beach barrier island, 40% fewer than during the same time in 2015. The drop in sales is discouraging and it may be attributed to low inventory in some price ranges that are in demand and the recent price increases have priced some buyers out of the market.
DATA SOURCE: MLS data as of 4/2/2016. Data believed to be accurate but not guaranteed.
The above chart shows that although the inventory of available condos for sale has been increasing the last 7 months, sales are not increasing by much.
Vero Beach Real Estate Market Statistics – March 2016
DATA SOURCE: MLS data as of 4/2/2016. 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 10.4 for condos on the barrier island in Vero Beach indicating that we are still in a buyer’s market. The list to sale ratio of 91.4% is slightly above the average indicating that demand is steady and buyers willing to make offers closer to the asking prices. The 83 DOM on the other hand is below average suggesting that there is still demand for island condos in some price ranges.
Vero Beach Real Estate Market Analysis – March 2016
The median sold price for Vero Beach Barrier Island condos in February was $381,000 with an average of 83 DOM. The sale prices are still increasing and the median of sale prices in March 2016 was almost 10.9% higher than the same period in 2015 as the following chart shows.
DATA SOURCE: MLS data as of 4/2/2016. 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 4/2/2016. Data believed to be accurate but not guaranteed.
Condos priced from $600,000 to $650,000 and above $2M price ranges were sold the fastest with an average of 75 and 49 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos in the 900,000 to $2M took the longest to sell with an average of 247 DOM.
We saw an increased interest in condos priced from $500,000 to $550,000 and we are expecting to see more demand for condos on the island as the 2016 season is winding down .
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.
Detailed market analysis report specific to each area are available upon request. A complimentary no-obligation property price analysis consultation is also available for sellers. Use the request form below and indicate that you wish to receive the detailed report or the no-obligation price analysis consultation.