It was an active real estate market for condos in Vero Beach in May 2014 as we saw a 13% increase in sales compared to the same period in 2013. The demand remained steady for lower priced condos and has increased for condos priced from $500,000 to $700,000.
The market activity at the tail end of the season was strong and may indicate a continuation of the good market performance which is expected to continue the rest of 2014.
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 – May 2014
We have seller’s market below $300,000 and in the $600,000 to $650,000 price ranges. Inventory is getting reduced while sales are increasing, a trend that if continues, will bring more price appreciation.
DATA SOURCE: MLS data as of 6/2/2014. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory has been decreasing the last 4 months, but it is still at higher levels compared to sales.
Vero Beach Real Estate Market Statistics – May 2014
DATA SOURCE: MLS data as of 6/2/2014. 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 Absorption Rate or moths of remaining inventory is 5.2 which indicates a good market for condos on the barrier island. The list to sale ratio is improving, a good sign for the market moving forward. The demand for condos on the barrier island in May remained steady and may be increasing .
Vero Beach Real Estate Market Analysis – May 2014
The month of May 32 condos were sold on the island in Vero Beach, a 13% increase from the same period in 2013. Sales for condos on the island remain strong. The sale prices have stabilized, appreciating and increased by an average of 12% compared to the same period last year (see the chart below).
DATA SOURCE: MLS data as of 6/2/2014. 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 6/2/2014. Data believed to be accurate but not guaranteed.
Notice that condos in the $600,000 to $650,000 price range were sold the fastest with an average of 123 DOM. More condos failed to sell (expired) than sold in $250,000 to $400,000 and above $2M price ranges. Condos above $900K took the longest to sell with an average of 713 DOM.
We have a seller’s market for condos on the barrier island in Vero Beach priced below $300,000 , in the $500,000 to $550,000 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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