Vero Beach real estate market report for condos on the barrier island in September 2013 showed signs of slowing down. This month we saw a slight increase in inventory and the current demand has not yet put a significant dent in the available inventory.
Condominium sales in September 2013 were 16.7% higher than the same time in 2012 and higher than in August. The following sections provide a detail view of the Vero Beach real estate market for condos on the Barrier Island (zip code 32963).
Real Estate Market Highlights
Market is very active below $200K and improving in $200K – $250K and $400K to $450K price ranges. We have a We have seller’s market below $200K and in the $250K to $300K price range. 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 although demand for condos may be coming back, there is still more supply is in these areas.
DATA SOURCE: MLS data as of 10/2/2013. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available condos for sale is declining the last 7 months while the sales have remained flat. We saw a slight increase in inventory this month, but a 30% reduction in the inventory since the beginning of this year.
Real Estate Market Statistics
DATA SOURCE: MLS data as of 10/2/2013. 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% indicating that condos are priced with the market and offers are placed closer to the asking price and the list to sale ratio is improving. The 352 Days on the Market (DOM) is well above the average of 227 days which indicates the demand for condos on the barrier island may be waning .
Real Estate Market Analysis
The month of September, 21 condos were sold on the island in Vero Beach, a 16.7% increase from August. The median sold price for the last 30 days was $348,000 with an average DOM of 352 days. The sale prices are stabilizing and are starting to appreciate. Sale prices have increased by 11.15% from the same period in 2012 (see the chart below).
DATA SOURCE: MLS data as of 10/2/2013. 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 10/2/2013. Data believed to be accurate but not guaranteed.
Notice that condos in the $450,000 to $500,000 price range were sold the fastest with an average of 98 DOM. More condos failed to sell (expired) than sold in $300,000 to $400,000 and $450,000 to $550,000 and above $650,000 price ranges. Condos above $900,000 took the longest to sell with 827 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. The real estate market is very active below $200,000 and improving in $200,000 to $250,000, and $400,000 to $450,000 price ranges.
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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