The Vero Beach real estate market activity for condos on the Barrier Island in December 2017 was not as active as during the same period last year. There were 16% fewer sales compared to the same period in 2016 as sale prices have stabilized and started to decrease. At the same time Interest in high-end condos and townhomes on the island continues as new construction of luxury condos has helped the market.
Vero Beach Real Estate Market Highlights – December 2017
In December 2017, 16 condos were sold on the island in Vero Beach, 15% fewer than the same period last year. This month’s lower condo sales along with the decline in sale prices may indicate buyer fatigue and that prices may have gone higher than buyers are willing to pay.
DATA SOURCE: MLS data as of 1/2/2018. Data believed to be accurate but not guaranteed.
The above chart shows that although the inventory levels have increased the last few months sales remain flat. The good news is that Pending Sales increased by 20% compared to last year, a good sign for the market as we are entering the traditionally active winter season.
Vero Beach Real Estate Market Statistics – December 2017
DATA SOURCE: MLS data as of 1/2/2018. 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 10.4 for condos on the barrier island in Vero Beach indicating a buyers market. The list to sale ratio of 94.1% is at par with the 12 month average, indicating that condos on the island are priced closed to the market. The 111 DOM is below the average of 168 an indication that buyers may be rushing to take advantage of the low interest rates and possible tax implications in 2018.
Vero Beach Real Estate Market Analysis – December 2017
The median of sale prices for Vero Beach Barrier Island condos in December 2017 was $304,000 with an average of 111 DOM. The median of sale prices is almost at the same level as last year as prices have stabilized and have started to decrease as the following chart shows.
DATA SOURCE: MLS data as of 1/2/2018. 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 1/2/2018. Data believed to be accurate but not guaranteed.
Condos priced from $650,000 to $700,000 were sold the fastest with an average of 95 DOM.
More condos failed to sell (expired) than sold in some price ranges. Condos over $2M took the longest to sell with an average of 317 DOM.
Sales remain subdued the last few months an early indication of market fatigue and possibly price to value imbalance.
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