The real estate market for Vero Beach condos on the Barrier Island in September 2015 was very active with a jump in sales but not in sale prices. Sales increased by 22% in September 2015 compared to the same time last year and 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 – September 2015
In September 2015 27 condos were in Vero Beach barrier island, a 22% increase from August . The jump in sales this month is encouraging as we are getting ready for the winter season.
DATA SOURCE: MLS data as of 10/2/2015. 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 which may help sales and sale prices moving forward.
Vero Beach Real Estate Market Statistics – September 2015
DATA SOURCE: MLS data as of 10/2/2015. 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 4.5 for condos on the barrier island in Vero Beach which indicates a seller’s market due to the increase in sales.
The list to sale ratio of 93.9% is slightly above the average indicating that condos that are priced well within the market and are selling reasonably fast as the 123 DOM is below average of 168 days.
Vero Beach Real Estate Market Analysis – September 2015
The median sold price for Vero Beach Barrier Island condos in August was $285,000 with an average of 123 DOM. The sale prices have been declining the last few months as the median price in September 2015 was 4.4% lower than the same period in 2014 as the following chart shows.
DATA SOURCE: MLS data as of 10/2/2015. 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 10/2/2015. Data believed to be accurate but not guaranteed.
Notice that condos priced from $450,000 to $500,000 were sold the fastest with an average of 106 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 283 DOM.
We have now entered the fall season, a precursor to the winter season. The market action in the fall will determine the strength of the market for condos on the island.
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.