The Vero Beach real estate market activity for condos on the Barrier Island in December 2018 and the whole year followed the same pattern as 2017. Sale prices are declining amid slower demand and increase in inventory. On the other hand, 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 2018
In December 2018, 18 condos were sold on the island in Vero Beach, 12% more than the same period in 2017. This month’s sales increase is encouraging, but the decrease in pending sales casts a doubt in the market’s strength.
DATA SOURCE: MLS data as of 1/2/2019. Data believed to be accurate but not guaranteed.
The chart above shows that the inventory of available condos for sale has increased the last 3 months but sales remain low. Buyers are very selective and cautious in making offers.
Vero Beach Real Estate Market Statistics – December 2018
DATA SOURCE: MLS data as of 1/2/2019. 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 11.1 for condos on the barrier island in Vero Beach indicating a buyer’s market. The list to sale ratio of 95% is almost at par with the 12 month average, indicating that condos on the island are priced closed to the market.
The 137 DOM is below the average of 166 an indication that buyers may be rushing to take advantage of the still low interest.
Vero Beach Real Estate Market Analysis – December 2018
The median of sale prices for Vero Beach Barrier Island condos in December 2018 was $280,000 with an average of 137 DOM. The median of sale prices in December 2018 is at the same level as in the same period last year, as prices are stabilizing and started to decline as the following chart shows.
DATA SOURCE: MLS data as of 1/2/2019. 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 1/2/2019. Data believed to be accurate but not guaranteed.
Condos priced from $550K to $600K were sold the fastest with an average of 79 DOM.
More condos failed to sell (expired) than sold in some price ranges. Condos priced between $900K and $2M took the longest to sell with an average of 292 DOM.
Sales and sale prices remain subdued the last few months an early indication of the shifting market favoring the buyers and not the sellers.
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