In May 2016 the Vero Beach real estate market report for condos on the Barrier Island shows that sale prices continued to rise while inventory was reduced. However, low demand in some price ranges is putting some pressure on price appreciation. The good news for the market is that sale prices are increasing and pending sales indicate an active summer season.
Vero Beach Real Estate Market Highlights – May 2016
In May 2016, 33 condos were sold in Vero Beach barrier island, 3% more than the same time last year and slightly more than April. The increase in sales is encouraging as low inventory in some price ranges and recent price increases are affecting the market.
DATA SOURCE: MLS data as of 6/2/2016. Data believed to be accurate but not guaranteed.
The above chart shows that although the inventory of available condos for sale has been declining the last 3 months as sales increased, a good sign for the market.
Vero Beach Real Estate Market Statistics – May 2016
DATA SOURCE: MLS data as of 6/2/2016. 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 4.4 for condos on the barrier island in Vero Beach indicating that buyers are still active and we experiencing a seller’s market in some areas and price ranges. The list to sale ratio of 91.1% is almost at par with the average indicating that demand is steady and buyers willing to make offers closer to the asking prices. The 156 DOM is also at par with the average suggesting that demand is steady for condos on the Vero Beach barrier island.
Vero Beach Real Estate Market Analysis – May 2016
The median sold price for Vero Beach Barrier Island condos in April was $370,000 with an average of 156 DOM. The sale prices are still appreciating and increased by 16% compared to the same period last year as the following chart shows.
DATA SOURCE: MLS data as of 6/2/2016. 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 6/2/2016. Data believed to be accurate but not guaranteed.
Condos priced from $600,000 to $650,000 were sold the fastest with an average of 72 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos in the $550,000 to $600,000 took the longest to sell with an average of 249 DOM.
After a slow start of the 2016 season, the sales activity has been accelerated the last 2 months promising a good summer sales season for condos on the island .
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.