The Vero Beach real estate market for condos on the Barrier Island in March 2017 got revitalized as inventory was reduced sales and pending sales increased substantially compared to the same period in 2016, a welcoming sign for the market moving forward.
Vero Beach Real Estate Market Highlights – March 2017
In March 2017, 20 condos were sold on the island in Vero Beach, 25% more than the same period in 2016 and in February. The inventory levels have remained fairly steady the last few months, and the decrease in the inventory this month may encourage buyers on the sidelines to make a move.
DATA SOURCE: MLS data as of 4/2/2017. Data believed to be accurate but not guaranteed.
The above chart shows that the inventory levels has caused a jump in sale prices as buyers are competing for available units.
Vero Beach Real Estate Market Statistics – March 2017
DATA SOURCE: MLS data as of 4/2/2017. 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 7.5 for condos on the barrier island in Vero Beach indicating a balanced market. The list to sale ratio of 94% is higher than the average, indicating a more active market. The 218 DOM is above the average of 176 indicating that buyers are more selective and a little hesitant to commit to the purchase.
Vero Beach Real Estate Market Analysis – March 2017
The median of sale prices for Vero Beach Barrier Island condos in March 2017 was $510,000 with an average of 218 DOM. The median of sale prices increase by 33% in March 2017 compared to the same period last year evidence of low supply and increased demand as the following chart shows.
DATA SOURCE: MLS data as of 4/2/2017. 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 4/2/2017. 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 107 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 226 DOM.
The lack of inventory in some price ranges has caused price increases.
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