The Vero Beach real estate market for condos on the Barrier Island in October 2015 was not as active as the previous months with sales prices that are still decreasing but stabilizing. However, sales increased by 33% in October 2015 compared to the same time last year but fewer than 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 – October 2015
In October 2015 20 condos were sold in Vero Beach barrier island, a 33% increase from the same period in 2014. Inventory also increased this month which is encouraging as we need more condos in some price ranges that are in demand as we are getting ready for the 2016 season.
DATA SOURCE: MLS data as of 11/2/2015. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available condos for sale while decreasing for the last 7 months, it got a boost in September and October which may help sales and sale prices moving forward.
Vero Beach Real Estate Market Statistics – October 2015
DATA SOURCE: MLS data as of 11/2/2015. 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 6.4 for condos on the barrier island in Vero Beach which indicates a balanced market. The list to sale ratio of 93.8% is slightly above the average indicating that condos are priced well with the market. The 191 DOM is above average suggesting subdued demand for condos on the Vero Beach barrier island.
Vero Beach Real Estate Market Analysis – October 2015
The median sold price for Vero Beach Barrier Island condos in August was $320,000 with an average of 191 DOM. The sale prices have been decreasing the last few months but they show signs that they are stabilizing as the following chart shows.
DATA SOURCE: MLS data as of 11/2/2015. 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 11/2/2015. Data believed to be accurate but not guaranteed.
Condos priced from $450,000 to $500,000 were sold the fastest with an average of 109 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 252 DOM.
The market action the next 2 months will determine the strength of the market for condos on the island as we are heading towards the 2016 season.
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.