Vero Beach real estate market report for condos on the barrier island in October 2013 showed signs of cooling off in October 2013. This month we saw a slight increase in inventory and significant reduction in sales.
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
Market is very active below $200,000 and improving in $200,000 to $250,000 and $400,000 to $450,000 price ranges. We have a seller’s market below $200K and in the $250K to $300K price ranges. 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 meaning we are still in extreme buyer’s market for those.
DATA SOURCE: MLS data as of 11/2/2013. Data believed to be accurate but not guaranteed.
The chart above shows that although the inventory of available condos for sale had been declining the last 7 months,we saw a slight increase in inventory the last 2 months, but still a 26% reduction in the inventory since the beginning of this year.
Vero Beach Real Estate Market Statistics
DATA SOURCE: MLS data as of 11/2/2013. 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 condos on the barrier island In Vero Beach shows a ratio of 90.4% indicating that condos are priced with the market and offers are placed closer to the asking price. The list to sale ratio is improving. The 325 Days on the Market (DOM) is well above the average of 230 days which indicates the demand for condos on the barrier island may not be as strong.
Vero Beach Real Estate Market Analysis
In October, 12 condos were sold on the island in Vero Beach, a 29% decrease from the same month in 2012 and 42% decrease from September. The sale prices are stabilizing and have started to appreciate. However, average sale price is 24.8% lower than the same period in 2012 (see the chart below).
DATA SOURCE: MLS data as of 11/2/2013. 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 11/2/2013. Data believed to be accurate but not guaranteed.
Notice that condos in the $400,000 to $450,000 price range were sold the fastest with an average of 97 DOM. More condos failed to sell (expired) than sold in $300,000 to $350,000, $450,000 to $550,000 and above $600,000 price ranges. Condos above $900,000 took the longest to sell with 882 DOM. Homes may expire for many reasons such as being priced too high, inadequately marketed, or owner decided not to sell.
A seller’s market has formed for condos on the barrier island in Vero beach priced below $200,000 and in the $250,000 to $300,000 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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