The market activity for condos on the barrier island slowed down even more in November 2014 as we saw a 40% reduction in sales compared to October and the same period last year. Demand has remained steady for lower priced condos and for condos priced from $500,000 to $550,000.
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 – November 2014
The seller’s market continues below $300,000 in the $500,000 to $550,000 and $700,000 to $900,000 price ranges . Inventory remains below 2013 levels and continues to decrease which may allow further price appreciation.
DATA SOURCE: MLS data as of 12/2/2014. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory has been decreasing the last 8 months, but it is still at higher levels compared to sales.
Vero Beach Real Estate Market Statistics – November 2014
DATA SOURCE: MLS data as of 12/2/2014. 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 16.8 indicates market activity slowed way down in November for condos on the barrier island. The list to sale ratio of 93.2% is increasing, indicating that condos are selling close to the asking price. The demand for condos on the barrier island has waned in November.
Vero Beach Real Estate Market Analysis – November 2014
In November, only 9 condos were sold on the island in Vero Beach, a 40% decrease from October and the same period in 2013. The sale prices have stabilized and have been appreciating albeit in a slower pace as seen in the chart below.
DATA SOURCE: MLS data as of 12/2/2014. 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 the Days On The Market (DOM) of condos sold.
DATA SOURCE: MLS data as of 12/2/2014. Data believed to be accurate but not guaranteed.
More condos failed to sell (expired) than sold in $250,000 to $300,000, $550,000 to $600,000, $650,000 to $700,000 and above $2M price ranges. Condos above $900,000 took the longest to sell with an average of 687 DOM.
The The decrease in market activity in November 2014 follows the seasonal trends the past few years, but the expectation is that the market activity will accelerate again as we enter the seasonally strong months the winter of 2015. 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.
For sellers I provide detailed price analysis report specific to each area and a complimentary no-obligation price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report and the no-obligation price analysis consultation.