The market activity for condos on the barrier island slowed down a bit in October 2014 as we saw a 32% reduction in sales compared to September but 15.4% increase in sales compared to the same period in 2013. Demand has remained steady for lower priced condos and has increased 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 – October 2014
The seller’s market continues below $300,000 in the $500,000 and $700,000 to $900,000 price ranges . Inventory remains below 2013 levels while sales remain fairly constant resulting in price appreciation.
DATA SOURCE: MLS data as of 11/2/2014. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory has been decreasing the last 7 months, but it is still at higher levels compared to sales.
Vero Beach Real Estate Market Statistics – October 2014
DATA SOURCE: MLS data as of 11/2/2014. 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 10.9 indicates market activity slowed down in October 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 remained steady but waned a bit in October.
Vero Beach Real Estate Market Analysis – October 2014
In October, 15 condos were sold on the island in Vero Beach, a 22% decrease from September but slightly more than the same period in 2013. The sale prices have stabilized and slightly appreciating and increased by an average of 10.5% compared to the same period last year as seen in the chart below.
DATA SOURCE: MLS data as of 11/2/2014. 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 11/2/2014. 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 $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 October follows the seasonal trends the past few years, but the expectation is that the market activity will accelerate again as we have seen increased interest for condos on the barrier island from buyers visiting Vero Beach during the winter months. 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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