November 2015 was not an active month for the real estate market for Vero Beach condos on the Barrier Island, but sale prices are stabilizing and slightly increased compared to the same period in 2014. Sales decreased compared to last month.
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 2015
In November 2015, only 11 condos were sold on the island in Vero Beach, almost 50% fewer than in October . So far, sales this year are not as strong as the last year, but the increase in the inventory is good news for the market.
DATA SOURCE: MLS data as of 12/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available condos for sale is increasing the last 3 months which may help sales and sale prices moving forward.
Vero Beach Real Estate Market Statistics – November 2015
DATA SOURCE: MLS data as of 12/2/2015. 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 12.6 for condos on the barrier island in Vero Beach which indicates a buyer’s market. The list to sale ratio of 93.8% is slightly above the average indicating that condos are priced close to the market. The 128 DOM is below average suggesting steady but subdued demand for condos on the Vero Beach barrier island.
Vero Beach Real Estate Market Analysis – November 2015
The median sold price for Vero Beach Barrier Island condos in August was $340,000 with an average of 128 DOM. The sale prices are stabilizing and November’s median sale price was 3.8 higher than the same period last year as the following chart shows.
DATA SOURCE: MLS data as of 12/2/2015. 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 12/2/2015. Data believed to be accurate but not guaranteed.
Condos priced from $450,000 to $500,000 were sold the fastest with an average of 121 DOM.
More condos failed to sell (expired) than sold above $2M price range. Condos in $500,000 to $550,000 took the longest to sell with an average of 259 DOM.
The inventory level has improved along with the sale prices which show signs of stabilization.
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 buyers and sellers I provide detailed market analysis report specific to each area. For sellers, I can provide a complimentary no-obligation property price analysis consultation. Use the request form below and indicate that you wish to receive the detailed report or the no-obligation price analysis consultation.