The pace of sales of Vero Beach condominiums on the barrier island took a break in May. Sales of condos on the barrier island decreased by 35% in May compared to April. The following sections provide a detail view of the Vero Beach real estate market for condos on the Barrier Island (zip code 32963).
Real Estate Market Highlights
Condo units in Vero Beach Barrier Island priced up to $300,000 are selling fast and a seller’s market below $200,000 and in the $250,000 to $300,000 price range. Median of values for condos on the barrier island in Vero Beach has decreased by 6.5% compared to last month, but 37% higher that the beginning of the year. 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 although demand for condos may be coming back, there is still more supply is in these areas.
DATA SOURCE: MLS data as of 6/3/2013. 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 remained flat for this 12 month period, but we saw a dip in sales in May compared to April..
Real Estate Market Statistics
DATA SOURCE: MLS data as of 6/3/2013. 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 88.3% indicating the supply is still higher than the demand which is reflected in lower sale prices. However, the list to sale ratio is improving.
Real Estate Market Analysis
The month of May, 25 condos were sold on the barrier island in Vero Beach. Overall, there were more sales the last 12 months than the same period the last 2 years.The median sale price for condominiums on the island in Vero Beach has increased on the average by 9% the last 4 months, indicating demand is coming back. The median sold price for the last 30 days was $321,000 with an average DOM of 205 days. The sale prices look like are stabilizing and trying to form a bottom (see the chart below).
DATA SOURCE: MLS data as of 6/3/2013. 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 6/3/2013. Data believed to be accurate but not guaranteed.
Notice that condos in the $700,000 to $900,000 price range were sold the fastest with an average of 71 DOM. There were no condos sold in the $650,000 to $700,000 rage in May. More condos failed to sell (expired) than sold in many price ranges in $350,000 to $400,000 and over $450,000 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 below $200,000 and in the $250,000 to $300,000 price range. The market is very active below $200,000 and improving in $500,000 to $650.000 price ranges.
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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